Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h +0.023%

Price spread now: Lighter RH against Variational Omni−0.054%7-day average +0.033% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Variational Omni Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.059%+$6 on $10k

Price spread, last 4 days (all we have)+0.146%+$15 · spread now −0.054%, 7d avg +0.033%

Together, before fees+0.204%+ Points / potential airdropVariational Omni: Active · Lighter RH: Points live · farm board+$20 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter RH is 0.087% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.054% now, against its 7-day average of +0.033%). If the spread goes back, that is −$9 on $10k: about 9.0 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni TSM	440.96	0	get 0.0000% / 8h	3h 16m	$546K	$40K	—
Short	Lighter RH TSM	440.72	0.0032	get 0.0004% / 1h	16m 42s	$220K	$676K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH against Variational Omni. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee Variational OmnibpFee Lighter RHbpOrdersPrice spread, now −0.054%Rate

Funding earned: $6.72
Price spread: −0.054% → +0.033%: −$8.68
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$1.96
Costs to cover: 0.000%
Break-even: 9.0 days

Slippage unknown: Variational Omni: RFQ quote, 37 min ago; Lighter RH: live order book, 36 min ago. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Variational Omni RFQ quote, 37 min ago	1.97 bp	doesn't fit	32.8 bp −$328	doesn't fit	doesn't fit
Sell Lighter RH live order book, 36 min ago	1.81 bp	2.2 bp −$2	6.3 bp −$63	doesn't fit	doesn't fit

TSM on 28 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget TSMUSDT	−0.0208%	8h	440.69	−0.061%	$1.8M	$1.5M	20x	as long as short
edgeX TSMUSDC	−0.0059%	4h	440.93	−0.006%	$47K	$216K	10x	as long as short
Aster TSMUSDT	0.0000%	8h	440.65	−0.070%	$82K	$2K	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	440.52	−0.099%	$2.0M	$388K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	440.55	−0.092%	$4.0M	$2.5M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	440.36	−0.136%	$1.7M	$1.1M	100x	as long as short
Variational Omni TSMlong	0.0000%	8h	440.96	long leg	$546K	$40K	—
SunX TSM-USDT	0.0000%	8h	440.65	−0.070%	$1K	$4.2M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	441.01	+0.012%	$9K	$8K	20x	as long as short
Phemex TSMUSDT	0.0000%	8h	440.67	−0.065%	$1.5M	$486K	10x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter TSM	+0.0032%	1h	440.81	−0.034%	$496K	$176K	10x	as long as short
Lighter RH TSMshort	+0.0032%	1h	440.72	−0.054%	$220K	$676K	10x
Vest TSM-USD-PERP	+0.0046%	1h	440.22	−0.167%	—	$583	25x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	440.28	−0.154%	$10.2M	$2.1M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	440.32	−0.145%	$192K	$60K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	440.11	−0.192%	$140	$3K	10x	as long as short
BloFin TSM-USDT	+0.0050%	8h	440.58	−0.086%	$45K	$100K	20x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	439.97	−0.224%	$156K	$23K	10x	as long as short
Extended TSM-USD	+0.0064%	1h	440.59	−0.084%	$4K	$194K	10x	as long as short
Binance TSMUSDT	+0.0066%	8h	440.73	−0.053%	$12.9M	$7.5M	20x	as long as short
GRVT TSM_USDT_Perp	+0.0081%	8h	440.78	−0.039%	$8K	$1.3M	10x	as long as short
Coinbase International TSM-PERP-INTX	+0.0088%	1h	440.03	−0.210%	$367K	$102K	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	440.28	−0.154%	$268K	$312K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	440.47	−0.111%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	440.59	−0.084%	$123	—	10x	as long as short
Phoenix TSM	+0.0199%	1h	440.38	−0.131%	$214K	$5K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	445.45	+1.019%	$6K	$38K	12x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0500%	1h	440.44	−0.117%	$4	$24K	10x	as long as short