Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h −0.001%

Price spread now: Lighter RH against Binance−0.028%7-day average −0.058% · you buy dearer than you sell

Net, funding: paid 7d − costs−$12as in the Funding arb table

Net, price: spread back to 7d avg − costs−$13as in the Price arb table

costs, in and out, $10k−$160.156% of the position

Long on Binance Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days+0.040%+$4 on $10k

Price spread, last 2 days (all we have)−0.048%−$5 · spread now −0.028%, 7d avg −0.058%

Together, before fees−0.008%+ Points / potential airdropLighter RH: Points live · farm board−$1 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 0.030% dearer against Binance than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.058%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance MSFTUSDT	501.69	0	get 0.0000% / 8h	6h 03m	$15.6M	$18.7M	20x
Short	Lighter RH MSFT	501.55	0.0032	get 0.0004% / 1h	3m 43s	$642K	$2.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH 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 Lighter RHbpOrdersPrice spread, now −0.028%Rate

Funding earned: $6.72
Price spread: −0.028% → −0.058%: $2.98
Slippage, 4 orders: −$5.57
Fee Binance: 5 bp × 2 orders: −$10
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$5.88
Costs to cover: 0.156%
Break-even: 13.1 days

Slippage from Binance: live order book, 7 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 Binance live order book, 7 min ago	0.10 bp	6.7 bp −$7	11.3 bp −$113	43.0 bp −$4,303	doesn't fit
Sell Lighter RH live order book, 4 min ago	1.30 bp	1.4 bp −$1	4.2 bp −$42	38.8 bp −$3,879	doesn't fit

MSFT on 33 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
Deribit MSFT_USDC-PERPETUAL	−0.0129%	1h	501.37	−0.064%	$27K	$41K	10x	as long as short
Nado MSFT-PERP	−0.0031%	1h	501.59	−0.021%	$414K	$64K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0016%	1h	501.24	−0.090%	$679K	$457K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.82	+0.026%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.61	−0.017%	$337K	$899K	17x	as long as short
Binance MSFTUSDTlong	0.0000%	8h	501.69	long leg	$15.6M	$18.7M	20x
Bybit MSFTUSDT	0.0000%	8h	501.73	+0.008%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.90	+0.042%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.58	−0.022%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.74	+0.010%	$4.5M	$2.5M	100x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni MSFT	0.0000%	8h	501.70	+0.001%	$1.3M	$652K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.72	+0.006%	$18K	$296K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.48	+0.157%	$6K	$4.1M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.63	−0.012%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.87	+0.036%	$2.2M	$765K	10x	as long as short
Lighter RH MSFTshort	+0.0032%	1h	501.55	−0.028%	$642K	$2.1M	20x
QFEX MSFT-USD	+0.0038%	1h	501.54	−0.030%	$1.1M	$5.7M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.52	−0.034%	$97K	$109K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.76	+0.014%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.32	−0.074%	$22.1M	$9.3M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.26	−0.086%	$303K	$671K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.60	−0.018%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.32	−0.074%	$522K	$483K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0054%	8h	501.62	−0.014%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.56	−0.026%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.41	−0.056%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.63	−0.012%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.60	−0.018%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.58	−0.023%	$55	—	10x	as long as short
Lighter MSFT	+0.0128%	1h	501.80	+0.022%	$1.1M	$489K	20x	as long as short
Hotstuff MSFT-PERP	+0.0168%	1h	501.36	−0.066%	$32K	$8K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.78	+0.018%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0549%	4h	501.71	+0.003%	$102K	$243K	10x	as long as short