Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0276%/8h= +30.2% APRpaid last 24h −0.039%

Price spread now: Lighter RH against edgeX−0.036%110s7-day average −0.054% · you buy dearer than you sell

Net, funding: paid 7d − costs−$33as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$240.236% of the position

Long on edgeX Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days−0.098%−$10 on $10k

Price spread, last 4 days (all we have)+0.019%+$2 · spread now −0.036%, 7d avg −0.054%

Together, before fees−0.079%+ Points / potential airdropedgeX: Active · Lighter RH: Points live · farm board−$8 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.054%, so right now this pair is about funding alone: +$8 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.098%, so the current rate has only just turned in your favour. The two prices were read 110 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.098% in total (about -5.1% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX MSFTUSDC	501.23	−0.0244	get 0.0122% / 4h	2h 43m	$102K	$243K	10x
Short	Lighter RH MSFT	501.05	0.0032	get 0.0004% / 1h	43m 34s	$617K	$2.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH against edgeX. 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 edgeXbpFee Lighter RHbpOrdersPrice spread, now −0.036%Rate

Funding earned: $57.91
Price spread: −0.036% → −0.054%: $1.81
Slippage, 4 orders: −$14.56
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Lighter RH: 0 bp × 2 orders: $0
Net: $36.16
Costs to cover: 0.236%
Break-even: 2.6 days

Slippage from edgeX: live order book, 24 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 edgeX live order book, 24 min ago	5.19 bp	9.8 bp −$10	12.1 bp −$121	doesn't fit	doesn't fit
Sell Lighter RH live order book, 4 min ago	1.50 bp	2.0 bp −$2	5.2 bp −$52	42.1 bp −$4,206	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
edgeX MSFTUSDClong	−0.0244%	4h	501.23	long leg	$102K	$243K	10x
Hotstuff MSFT-PERP	−0.0040%	1h	500.82	−0.082%	$32K	$8K	20x	as long as short
BloFin MSFT-USDT	−0.0028%	8h	501.33	+0.019%	$189K	$204K	20x	as long as short
Nado MSFT-PERP	−0.0023%	1h	501.02	−0.042%	$414K	$64K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0016%	1h	500.76	−0.094%	$684K	$449K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.27	+0.007%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.11	−0.025%	$342K	$898K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.20	−0.006%	$15.6M	$18.7M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.07	−0.032%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.24	+0.002%	$3.0M	$2.3M	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate MSFT_USDT	0.0000%	8h	500.94	−0.058%	$3.1M	$1.6M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.35	+0.023%	$4.3M	$2.4M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.24	+0.001%	$1.3M	$677K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.31	+0.015%	$19K	$293K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.06	+0.165%	$6K	$4.1M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.14	−0.018%	$58K	$227K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.35	+0.023%	$2.2M	$757K	10x	as long as short
Lighter RH MSFTshort	+0.0032%	1h	501.05	−0.036%	$617K	$2.0M	20x
QFEX MSFT-USD	+0.0038%	1h	501.18	−0.010%	$1.1M	$5.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.08	−0.030%	$97K	$109K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.11	−0.024%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	500.88	−0.070%	$22.1M	$9.2M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	500.92	−0.062%	$303K	$672K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.13	−0.020%	$60K	$3K	10x	as long as short
Paradex MSFT-USD-PERP	+0.0050%	8h	501.09	−0.027%	$220	—	5x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.85	−0.076%	$513K	$503K	15x	as long as short
Phoenix MSFT	+0.0080%	1h	501.10	−0.026%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	500.83	−0.080%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	500.67	−0.112%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.21	−0.004%	$8K	—	10x	as long as short
Lighter MSFT	+0.0104%	1h	501.29	+0.011%	$1.1M	$488K	20x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.17	−0.013%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.56	+0.065%	$115K	$45K	30x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0269%	1h	501.22	−0.002%	$27K	$41K	10x	as long as short