Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0176%/8h= +19.3% APRpaid last 24h +0.019%

Price spread now: Lighter against Bybit+0.042%7-day average +0.001% · you sell dearer than you buy

Net, funding: paid 7d − costs−$14as in the Funding arb table

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$240.239% of the position

Long on Bybit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.101%+$10 on $10k

Price spread, last 7 days+0.021%+$2 · spread now +0.042%, 7d avg +0.001%

Together, before fees+0.122%+ Points / potential airdropLighter: Season 3 · farm board+$12 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 0.041% dearer against Bybit than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.001%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit MSFTUSDT	501.79	0	get 0.0000% / 8h	5h 31m	$7.4M	$1.6M	100x
Short	Lighter MSFT	502.00	0.0176	get 0.0022% / 1h	31m 33s	$1.1M	$459K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Bybit. 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 BybitbpFee LighterbpOrdersPrice spread, now +0.042%Rate

Funding earned: $36.96
Price spread: +0.042% → +0.001%: $4.09
Slippage, 4 orders: −$12.89
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Lighter: 0 bp × 2 orders: $0
Net: $17.16
Costs to cover: 0.239%
Break-even: 3.7 days

Slippage from Bybit: live order book, 1 min ago; Lighter: 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 Bybit live order book, 1 min ago	1.50 bp	9.7 bp −$10	19.2 bp −$192	doesn't fit	doesn't fit
Sell Lighter live order book, 4 min ago	1.00 bp	1.6 bp −$2	4.5 bp −$45	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
Coinbase International MSFT-PERP-INTX	−0.0064%	1h	501.24	−0.110%	$679K	$456K	10x	as long as short
Nado MSFT-PERP	−0.0033%	1h	501.61	−0.037%	$414K	$64K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.84	+0.011%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.74	−0.011%	$338K	$891K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.94	+0.030%	$15.7M	$18.9M	20x	as long as short
Bybit MSFTUSDTlong	0.0000%	8h	501.79	long leg	$7.4M	$1.6M	100x
OKX MSFT-USDT-SWAP	0.0000%	8h	501.96	+0.034%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.73	−0.012%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.79	0.000%	$4.5M	$2.5M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.82	+0.005%	$1.3M	$650K	—	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT MSFT_USDT_Perp	0.0000%	8h	501.87	+0.016%	$18K	$297K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.64	+0.169%	$6K	$4.1M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.79	0.000%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.91	+0.024%	$2.2M	$768K	10x	as long as short
Hotstuff MSFT-PERP	+0.0016%	1h	501.38	−0.082%	$32K	$8K	20x	as long as short
BloFin MSFT-USDT	+0.0024%	8h	501.97	+0.036%	$189K	$204K	20x	as long as short
QFEX MSFT-USD	+0.0030%	1h	501.72	−0.014%	$1.1M	$5.6M	10x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.68	−0.022%	$685K	$2.0M	20x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.63	−0.032%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.68	−0.022%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.41	−0.076%	$22.1M	$9.1M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.48	−0.062%	$302K	$648K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.77	−0.004%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.26	−0.106%	$525K	$486K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0061%	8h	501.76	−0.007%	$221	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	501.58	−0.042%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.66	−0.026%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.19	−0.120%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.73	−0.012%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.72	−0.013%	$55	—	10x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0109%	1h	501.59	−0.040%	$27K	$41K	10x	as long as short
Lighter MSFTshort	+0.0176%	1h	502.00	+0.042%	$1.1M	$459K	20x
Injective MSFT/USDC PERP	+0.0220%	1h	503.24	+0.289%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0990%	4h	501.81	+0.005%	$102K	$244K	10x	as long as short