Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h +0.010%

Price spread now: Lighter RH against Aster−0.006%7-day average −0.076% · you buy dearer than you sell

Net, funding: paid 7d − costs−$46as in the Funding arb table

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$500.500% of the position

Long on Aster Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days+0.043%+$4 on $10k

Price spread, last 4 days (all we have)−0.098%−$10 · spread now −0.006%, 7d avg −0.076%

Together, before fees−0.055%+ Points / potential airdropAster: Stage 5 · Lighter RH: Points live · farm board−$5 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Lighter RH is 0.070% dearer against Aster than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of −0.076%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster MSFTUSDT	502.13	0	get 0.0000% / 8h	48m 57s	$161K	$116K	20x
Short	Lighter RH MSFT	502.10	0.0032	get 0.0004% / 1h	48m 57s	$641K	$2.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH against Aster. 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 AsterbpFee Lighter RHbpOrdersPrice spread, now −0.006%Rate

Funding earned: $6.72
Price spread: −0.006% → −0.076%: $6.98
Slippage, 4 orders: −$41.96
Fee Aster: 4 bp × 2 orders: −$8
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$36.26
Costs to cover: 0.500%
Break-even: 44.8 days

Slippage from Aster: live order book, 27 min ago; Lighter RH: live order book, 4 min ago.

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 Aster live order book, 27 min ago	9.26 bp	23.7 bp −$24	doesn't fit	doesn't fit	doesn't fit
Sell Lighter RH live order book, 4 min ago	0.40 bp	0.6 bp −$1	3.4 bp −$34	40.8 bp −$4,081	doesn't fit

MSFT on 34 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
Nado MSFT-PERP	−0.0026%	1h	501.91	−0.043%	$414K	$64K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0016%	1h	501.76	−0.074%	$687K	$450K	10x	as long as short
Hotstuff MSFT-PERP	−0.0008%	1h	501.83	−0.060%	$32K	$8K	20x	as long as short
BloFin MSFT-USDT	−0.0002%	8h	502.29	+0.031%	$188K	$209K	20x	as long as short
Aster MSFTUSDTlong	0.0000%	8h	502.13	long leg	$161K	$116K	20x
Extended MSFT_24_5-USD	0.0000%	1h	502.14	+0.002%	$337K	$392K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	502.27	+0.027%	$15.7M	$19.1M	20x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	502.31	+0.035%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.99	−0.028%	$3.2M	$1.6M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	502.30	+0.033%	$3.8M	$2.3M	100x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni MSFT	0.0000%	8h	502.26	+0.025%	$1.3M	$702K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	502.15	+0.004%	$18K	$308K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	503.03	+0.179%	$6K	$4.3M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	502.17	+0.008%	$59K	$227K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.30	+0.033%	$2.2M	$753K	10x	as long as short
Bybit MSFTUSDT	+0.0025%	8h	502.36	+0.045%	$7.4M	$1.7M	100x	as long as short
Lighter RH MSFTshort	+0.0032%	1h	502.10	−0.006%	$641K	$2.1M	20x
Vest MSFT-USD-PERP	+0.0046%	1h	502.04	−0.018%	—	$1K	25x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0049%	1h	502.02	−0.022%	$27K	$101K	10x	as long as short
QFEX MSFT-USD	+0.0049%	1h	502.15	+0.004%	$1.1M	$5.8M	10x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.92	−0.042%	$22.3M	$9.6M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.78	−0.070%	$303K	$678K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	502.17	+0.008%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.87	−0.052%	$529K	$494K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0055%	8h	502.18	+0.009%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	502.03	−0.020%	$11K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.66	−0.094%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.91	−0.044%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	502.13	0.000%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	502.12	−0.002%	$55	—	10x	as long as short
Lighter MSFT	+0.0160%	1h	502.31	+0.035%	$1.1M	$585K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.36	+0.045%	$115K	$45K	30x	as long as short
Arcus MSFT-USD	+0.0286%	1h	502.07	−0.012%	$97K	$109K	10x	as long as short
edgeX MSFTUSDC	+0.0952%	4h	502.25	+0.023%	$102K	$243K	10x	as long as short