Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0008%/8h= −0.9% APRpaid last 24h +0.025%

Price spread now: Lighter against GRVT+0.008%108s7-day average −0.019% · you sell dearer than you buy

Net, funding: paid 7d − costs−$4as 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−$150.155% of the position

Long on GRVT Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.110%+$11 on $10k

Price spread, last 4 days (all we have)−0.016%−$2 · spread now +0.008%, 7d avg −0.019%

Together, before fees+0.094%+ Points / potential airdropGRVT: Active · Lighter: Season 3 · farm board+$9 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Lighter is 0.027% dearer against GRVT than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of −0.019%. The two prices were read 108 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT MSFT_USDT_Perp	504.54	0.0040	pay 0.0040% / 8h	7h 03m	$18K	$311K	10x
Short	Lighter MSFT	504.58	0.0032	get 0.0004% / 1h	3m 41s	$1.2M	$534K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against GRVT. 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 GRVTbpFee LighterbpOrdersPrice spread, now +0.008%Rate

Funding earned: −$1.68
Price spread: +0.008% → −0.019%: $2.66
Slippage, 4 orders: −$6.45
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Lighter: 0 bp × 2 orders: $0
Net: −$14.47
Costs to cover: 0.155%
Break-even: never at this rate

Slippage from GRVT: live order book, 29 min ago; Lighter: live order book, 2 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 GRVT live order book, 29 min ago	1.29 bp	6.9 bp −$7	15.3 bp −$153	doesn't fit	doesn't fit
Sell Lighter live order book, 2 min ago	0.20 bp	0.6 bp −$1	4.3 bp −$43	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
edgeX MSFTUSDC	−0.0815%	4h	504.52	−0.003%	$103K	$243K	10x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0056%	1h	504.11	−0.085%	$685K	$442K	10x	as long as short
BloFin MSFT-USDT	−0.0024%	8h	504.65	+0.022%	$191K	$205K	20x	as long as short
Nado MSFT-PERP	−0.0006%	1h	504.26	−0.056%	$415K	$67K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	504.57	+0.007%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	504.71	+0.034%	$336K	$1.9M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	504.85	+0.061%	$16.3M	$19.6M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	504.51	−0.006%	$7.2M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	504.94	+0.079%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	504.50	−0.008%	$3.1M	$1.9M	100x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MSFTUSDT	0.0000%	8h	504.85	+0.061%	$3.9M	$2.8M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	504.53	−0.002%	$1.3M	$394K	—	as long as short
SunX MSFT-USDT	0.0000%	8h	505.36	+0.163%	$6K	$3.5M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	504.23	−0.061%	$27K	$45K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	504.48	−0.012%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	504.64	+0.020%	$2.2M	$860K	10x	as long as short
Phoenix MSFT	+0.0016%	1h	503.86	−0.135%	$11K	$15K	20x	as long as short
QFEX MSFT-USD	+0.0023%	1h	504.69	+0.030%	$1.1M	$4.6M	10x	as long as short
Lighter MSFTshort	+0.0032%	1h	504.58	+0.008%	$1.2M	$534K	20x
Lighter RH MSFT	+0.0032%	1h	504.55	+0.002%	$698K	$1.9M	20x	as long as short
GRVT MSFT_USDT_Perplong	+0.0040%	8h	504.54	long leg	$18K	$311K	10x
Arcus MSFT-USD	+0.0040%	1h	504.50	−0.008%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	504.42	−0.024%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	504.29	−0.050%	$22.4M	$8.9M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	504.19	−0.069%	$304K	$650K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	504.33	−0.042%	$61K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	504.35	−0.038%	$536K	$387K	15x	as long as short
Hotstuff MSFT-PERP	+0.0056%	1h	504.09	−0.089%	$33K	$8K	20x	as long as short
Paradex MSFT-USD-PERP	+0.0062%	8h	504.60	+0.012%	$222	—	5x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.98	−0.111%	$1.6M	$138K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.92	−0.123%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	504.52	−0.004%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	504.52	−0.004%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	504.07	−0.093%	$115K	$45K	30x	as long as short