Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0144%/8h= −15.8% APRpaid last 24h −0.018%

Price spread now: Aster against Lighter−0.021%7-day average +0.033% · you buy dearer than you sell

Net, funding: paid 7d − costs−$58as in the Funding arb table

Net, price: spread back to 7d avg − costs−$56as in the Price arb table

costs, in and out, $10k−$500.504% of the position

Long on Lighter Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days−0.080%−$8 on $10k

Price spread, last 4 days (all we have)+0.079%+$8 · spread now −0.021%, 7d avg +0.033%

Together, before fees−0.001%+ Points / potential airdropLighter: Season 3 · Aster: Stage 5 · farm board$0 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Aster is 0.055% cheaper against Lighter than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.033%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter MSFT	502.28	0.0144	pay 0.0018% / 1h	53m 15s	$1.1M	$585K	20x
Short	Aster MSFTUSDT	502.17	0	get 0.0000% / 8h	53m 15s	$161K	$116K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Lighter. 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 LighterbpFee AsterbpOrdersPrice spread, now −0.021%Rate

Funding earned: −$30.24
Price spread: −0.021% → +0.033%: −$5.45
Slippage, 4 orders: −$42.4
Fee Lighter: 0 bp × 2 orders: $0
Fee Aster: 4 bp × 2 orders: −$8
Net: −$86.09
Costs to cover: 0.504%
Break-even: never at this rate

Slippage from Lighter: live order book, 8 min ago; Aster: live order book, 23 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 Lighter live order book, 8 min ago	1.10 bp	1.8 bp −$2	3.9 bp −$39	doesn't fit	doesn't fit
Sell Aster live order book, 23 min ago	9.26 bp	23.5 bp −$24	doesn't fit	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
Nado MSFT-PERP	−0.0038%	1h	501.92	−0.073%	$414K	$64K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0016%	1h	501.76	−0.104%	$687K	$450K	10x	as long as short
BloFin MSFT-USDT	−0.0013%	8h	502.18	−0.020%	$188K	$210K	20x	as long as short
Aster MSFTUSDTshort	0.0000%	8h	502.17	−0.021%	$161K	$116K	20x
Extended MSFT_24_5-USD	0.0000%	1h	502.11	−0.034%	$337K	$392K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	502.20	−0.015%	$15.7M	$19.1M	20x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	502.31	+0.006%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.95	−0.066%	$3.2M	$1.6M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	502.20	−0.016%	$3.8M	$2.3M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	502.05	−0.045%	$1.3M	$702K	—	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	502.12	−0.032%	$19K	$307K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.97	+0.137%	$6K	$4.3M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.90	−0.076%	$27K	$101K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	502.15	−0.026%	$58K	$228K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.26	−0.004%	$2.2M	$753K	10x	as long as short
Bybit MSFTUSDT	+0.0021%	8h	502.26	−0.004%	$7.4M	$1.7M	100x	as long as short
Lighter RH MSFT	+0.0032%	1h	502.09	−0.038%	$645K	$2.1M	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	502.08	−0.040%	—	$1K	25x	as long as short
QFEX MSFT-USD	+0.0049%	1h	502.07	−0.042%	$1.2M	$5.8M	10x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.78	−0.100%	$22.3M	$9.6M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.69	−0.117%	$303K	$678K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	502.12	−0.032%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.81	−0.094%	$529K	$494K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0055%	8h	502.10	−0.036%	$221	—	5x	as long as short
Hotstuff MSFT-PERP	+0.0056%	1h	501.80	−0.096%	$32K	$8K	20x	as long as short
Phoenix MSFT	+0.0080%	1h	501.80	−0.096%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.62	−0.131%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.86	−0.084%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	502.01	−0.054%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	502.12	−0.032%	$55	—	10x	as long as short
Lighter MSFTlong	+0.0144%	1h	502.28	long leg	$1.1M	$585K	20x
edgeX MSFTUSDC	+0.0216%	4h	502.16	−0.025%	$102K	$242K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.36	+0.016%	$115K	$45K	30x	as long as short
Arcus MSFT-USD	+0.0286%	1h	502.07	−0.042%	$98K	$108K	10x	as long as short