Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0160%/8h= +17.5% APRpaid last 24h +0.011%

Price spread now: Lighter against Binance0.000%7-day average −0.044% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$11as in the Price arb table

costs, in and out, $10k−$160.155% of the position

Long on Binance Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.081%+$8 on $10k

Price spread, last 7 days+0.022%+$2 · spread now 0.000%, 7d avg −0.044%

Together, before fees+0.103%+ Points / potential airdropLighter: Season 3 · farm board+$10 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Lighter is 0.044% dearer against Binance than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.044%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance MSFTUSDT	501.90	0	get 0.0000% / 8h	5h 36m	$15.7M	$18.9M	20x
Short	Lighter MSFT	501.90	0.0160	get 0.0020% / 1h	36m 06s	$1.1M	$458K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Binance. 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 BinancebpFee LighterbpOrdersPrice spread, now 0.000%Rate

Funding earned: $33.6
Price spread: 0.000% → −0.044%: $4.4
Slippage, 4 orders: −$5.5
Fee Binance: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: $22.5
Costs to cover: 0.155%
Break-even: 2.3 days

Slippage from Binance: live order book, 5 min ago; Lighter: live order book, 10 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 Binance live order book, 5 min ago	0.20 bp	6.9 bp −$7	13.3 bp −$133	45.6 bp −$4,559	doesn't fit
Sell Lighter live order book, 10 min ago	0.30 bp	1.6 bp −$2	7.4 bp −$74	doesn't fit	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
Hotstuff MSFT-PERP	−0.0080%	1h	501.35	−0.110%	$32K	$8K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0064%	1h	501.24	−0.132%	$679K	$456K	10x	as long as short
Nado MSFT-PERP	−0.0042%	1h	501.47	−0.086%	$414K	$64K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.73	−0.033%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.78	−0.024%	$338K	$891K	17x	as long as short
Binance MSFTUSDTlong	0.0000%	8h	501.90	long leg	$15.7M	$18.9M	20x
Bybit MSFTUSDT	0.0000%	8h	501.85	−0.010%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	502.04	+0.028%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.80	−0.020%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.86	−0.008%	$4.5M	$2.5M	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	501.82	−0.017%	$1.3M	$650K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.90	0.000%	$19K	$297K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.67	+0.153%	$6K	$4.1M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.77	−0.026%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.91	+0.002%	$2.2M	$769K	10x	as long as short
BloFin MSFT-USDT	+0.0028%	8h	501.85	−0.010%	$189K	$204K	20x	as long as short
QFEX MSFT-USD	+0.0030%	1h	501.73	−0.034%	$1.1M	$5.7M	10x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.61	−0.058%	$683K	$2.0M	20x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.64	−0.052%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.65	−0.050%	—	$1K	25x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0049%	1h	501.53	−0.074%	$27K	$41K	10x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.42	−0.096%	$22.1M	$9.1M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.52	−0.076%	$302K	$648K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.82	−0.016%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.40	−0.100%	$525K	$487K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0062%	8h	501.77	−0.026%	$221	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	501.58	−0.064%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.61	−0.058%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.43	−0.094%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.74	−0.032%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.75	−0.029%	$55	—	10x	as long as short
Lighter MSFTshort	+0.0160%	1h	501.90	0.000%	$1.1M	$458K	20x
Injective MSFT/USDC PERP	+0.0220%	1h	503.24	+0.267%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0622%	4h	501.92	+0.004%	$102K	$242K	10x	as long as short