Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0064%/8h= −7.0% APRpaid last 24h −0.008%

Price spread now: Binance against Lighter−0.012%7-day average +0.015% · you buy dearer than you sell

Net, funding: paid 7d − costs−$24as in the Funding arb table

Net, price: spread back to 7d avg − costs−$19as in the Price arb table

costs, in and out, $10k−$160.160% of the position

Long on Lighter Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.077%−$8 on $10k

Price spread, last 2 days (all we have)+0.049%+$5 · spread now −0.012%, 7d avg +0.015%

Together, before fees−0.028%+ Points / potential airdropLighter: Season 3 · farm board−$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Binance is 0.027% cheaper against Lighter than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.015%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter MSFT	501.78	0.0064	pay 0.0008% / 1h	57m 17s	$1.1M	$486K	20x
Short	Binance MSFTUSDT	501.72	0	get 0.0000% / 8h	7h 57m	$15.7M	$18.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now −0.012%Rate

Funding earned: −$13.44
Price spread: −0.012% → +0.015%: −$2.71
Slippage, 4 orders: −$6.03
Fee Lighter: 0 bp × 2 orders: $0
Fee Binance: 5 bp × 2 orders: −$10
Net: −$32.18
Costs to cover: 0.160%
Break-even: never at this rate

Slippage from Lighter: live order book, 9 min ago; Binance: live order book, 14 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, 9 min ago	1.00 bp	1.5 bp −$2	6.7 bp −$67	doesn't fit	doesn't fit
Sell Binance live order book, 14 min ago	0.30 bp	7.0 bp −$7	10.4 bp −$104	42.5 bp −$4,250	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	−0.0008%	1h	501.76	−0.004%	$687K	$448K	10x	as long as short
BloFin MSFT-USDT	−0.0002%	8h	501.85	+0.014%	$188K	$207K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.89	+0.022%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.77	−0.002%	$337K	$378K	17x	as long as short
Binance MSFTUSDTshort	0.0000%	8h	501.72	−0.012%	$15.7M	$18.8M	20x
OKX MSFT-USDT-SWAP	0.0000%	8h	501.99	+0.042%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.58	−0.040%	$3.1M	$1.6M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.89	+0.022%	$3.8M	$2.2M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.66	−0.024%	$1.3M	$692K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.74	−0.008%	$18K	$294K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX MSFT-USDT	0.0000%	8h	502.65	+0.173%	$6K	$4.2M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.72	−0.012%	$27K	$71K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.67	−0.022%	$59K	$227K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.00	+0.044%	$2.2M	$750K	10x	as long as short
Nado MSFT-PERP	+0.0018%	1h	501.74	−0.008%	$414K	$64K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.55	−0.046%	$618K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0044%	1h	501.76	−0.004%	$1.2M	$5.9M	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.63	−0.030%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.53	−0.050%	$22.3M	$9.4M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.53	−0.050%	$303K	$673K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.80	+0.004%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.66	−0.024%	$529K	$492K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0052%	8h	501.88	+0.020%	$221	—	5x	as long as short
Lighter MSFTlong	+0.0064%	1h	501.78	long leg	$1.1M	$486K	20x
Phoenix MSFT	+0.0080%	1h	501.72	−0.012%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.44	−0.068%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.37	−0.082%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.76	−0.004%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.74	−0.008%	$55	—	10x	as long as short
Hotstuff MSFT-PERP	+0.0120%	1h	501.57	−0.042%	$32K	$8K	20x	as long as short
Bybit MSFTUSDT	+0.0137%	8h	501.93	+0.030%	$7.4M	$1.7M	100x	as long as short
Arcus MSFT-USD	+0.0212%	1h	501.74	−0.008%	$97K	$109K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.20	+0.084%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0374%	4h	501.86	+0.016%	$102K	$242K	10x	as long as short