Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h +0.010%

Price spread now: Lighter RH against HTX+0.026%7-day average −0.045% · you sell dearer than you buy

Net, funding: paid 7d − costs−$15as in the Funding arb table

Net, price: spread back to 7d avg − costs−$15as in the Price arb table

costs, in and out, $10k−$220.219% of the position

Long on HTX Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days+0.069%+$7 on $10k

Price spread, last 4 days (all we have)−0.138%−$14 · spread now +0.026%, 7d avg −0.045%

Together, before fees−0.069%+ Points / potential airdropLighter RH: Points live · farm board−$7 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 0.071% dearer against HTX than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of −0.045%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX MSFT-USDT	501.92	0	get 0.0000% / 8h	3h 28m	$59K	$225K	20x
Short	Lighter RH MSFT	502.05	0.0032	get 0.0004% / 1h	28m 32s	$678K	$2.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH against HTX. 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 HTXbpFee Lighter RHbpOrdersPrice spread, now +0.026%Rate

Funding earned: $6.72
Price spread: +0.026% → −0.045%: $7.12
Slippage, 4 orders: −$9.87
Fee HTX: 6 bp × 2 orders: −$12
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$8.03
Costs to cover: 0.219%
Break-even: 15.4 days

Slippage from HTX: live order book, 23 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 HTX live order book, 23 min ago	2.69 bp	8.8 bp −$9	17.0 bp −$170	doesn't fit	doesn't fit
Sell Lighter RH live order book, 4 min ago	1.39 bp	1.5 bp −$2	3.5 bp −$35	41.8 bp −$4,180	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	−0.0515%	4h	502.04	+0.023%	$102K	$244K	10x	as long as short
Hotstuff MSFT-PERP	−0.0152%	1h	501.90	−0.004%	$32K	$8K	20x	as long as short
Nado MSFT-PERP	−0.0099%	1h	502.15	+0.045%	$415K	$64K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0032%	1h	500.97	−0.189%	$677K	$447K	10x	as long as short
BloFin MSFT-USDT	−0.0028%	8h	502.10	+0.036%	$189K	$204K	20x	as long as short
tradeXYZ xyz:MSFT	−0.0004%	1h	501.91	−0.002%	$22.1M	$8.7M	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	502.15	+0.046%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	502.19	+0.054%	$337K	$881K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	502.35	+0.086%	$15.8M	$19.1M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	502.07	+0.030%	$7.2M	$2.2M	100x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX MSFT-USDT-SWAP	0.0000%	8h	502.32	+0.080%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	502.05	+0.026%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.98	+0.012%	$4.5M	$2.5M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	502.04	+0.023%	$1.3M	$607K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	502.05	+0.025%	$18K	$297K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.82	+0.179%	$6K	$4.0M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.87	−0.010%	$27K	$42K	10x	as long as short
HTX MSFT-USDTlong	0.0000%	8h	501.92	long leg	$59K	$225K	20x
Phemex MSFTUSDT	0.0000%	8h	502.38	+0.092%	$2.2M	$774K	10x	as long as short
Lighter MSFT	+0.0032%	1h	502.30	+0.076%	$1.1M	$503K	20x	as long as short
Lighter RH MSFTshort	+0.0032%	1h	502.05	+0.026%	$678K	$2.0M	20x
QFEX MSFT-USD	+0.0035%	1h	502.30	+0.076%	$1.1M	$4.9M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.79	−0.026%	$96K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	502.21	+0.058%	—	$1K	25x	as long as short
Phoenix MSFT	+0.0048%	1h	501.61	−0.062%	$10K	$15K	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.96	+0.008%	$303K	$701K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.80	−0.024%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.82	−0.020%	$519K	$452K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0051%	8h	502.19	+0.054%	$221	—	5x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.78	−0.028%	$1.6M	$52K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.65	−0.054%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.94	+0.004%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.93	+0.003%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.14	+0.044%	$115K	$45K	30x	as long as short