Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0104%/8h= −11.4% APRpaid last 24h −0.022%

Price spread now: Bitget against Lighter−0.008%7-day average +0.036% · you buy dearer than you sell

Net, funding: paid 7d − costs−$29as in the Funding arb table

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$200.200% of the position

Long on Lighter Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.094%−$9 on $10k

Price spread, last 7 days−0.039%−$4 · spread now −0.008%, 7d avg +0.036%

Together, before fees−0.133%+ Points / potential airdropLighter: Season 3 · farm board−$13 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Bitget is 0.044% cheaper against Lighter than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.036%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter MSFT	501.97	0.0104	pay 0.0013% / 1h	41m 03s	$1.1M	$458K	20x
Short	Bitget MSFTUSDT	501.93	0	get 0.0000% / 8h	5h 41m	$4.5M	$2.5M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.008%Rate

Funding earned: −$21.84
Price spread: −0.008% → +0.036%: −$4.42
Slippage, 4 orders: −$7.99
Fee Lighter: 0 bp × 2 orders: $0
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$46.24
Costs to cover: 0.200%
Break-even: never at this rate

Slippage from Lighter: live order book, 5 min ago; Bitget: 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 Lighter live order book, 5 min ago	0.30 bp	0.3 bp $0	3.5 bp −$35	doesn't fit	doesn't fit
Sell Bitget live order book, 2 min ago	0.80 bp	11.2 bp −$11	15.5 bp −$155	59.2 bp −$5,919	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	−0.0064%	1h	501.60	−0.074%	$414K	$64K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0064%	1h	501.24	−0.145%	$679K	$456K	10x	as long as short
Hotstuff MSFT-PERP	−0.0024%	1h	501.46	−0.102%	$32K	$8K	20x	as long as short
BloFin MSFT-USDT	−0.0001%	8h	501.97	0.000%	$189K	$204K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.79	−0.036%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.85	−0.023%	$338K	$891K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.91	−0.012%	$15.7M	$18.9M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.82	−0.030%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	502.04	+0.014%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.82	−0.030%	$3.1M	$1.7M	100x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MSFTUSDTshort	0.0000%	8h	501.93	−0.008%	$4.5M	$2.5M	100x
Variational Omni MSFT	0.0000%	8h	501.90	−0.015%	$1.3M	$650K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	502.03	+0.011%	$19K	$296K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.75	+0.155%	$6K	$4.1M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.83	−0.028%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.99	+0.004%	$2.2M	$770K	10x	as long as short
QFEX MSFT-USD	+0.0030%	1h	501.81	−0.032%	$1.1M	$5.7M	10x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.68	−0.058%	$677K	$2.0M	20x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.68	−0.058%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.73	−0.048%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.44	−0.106%	$22.1M	$9.1M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.54	−0.086%	$302K	$648K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.87	−0.020%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.57	−0.080%	$524K	$487K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0060%	8h	501.82	−0.031%	$221	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	501.77	−0.040%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.66	−0.062%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.57	−0.080%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.88	−0.018%	$8K	—	10x	as long as short
Lighter MSFTlong	+0.0104%	1h	501.97	long leg	$1.1M	$458K	20x
Aevo MSFT-PERP	+0.0104%	1h	501.90	−0.014%	$55	—	10x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0149%	1h	501.72	−0.050%	$27K	$41K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.81	−0.032%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0854%	4h	501.96	−0.001%	$102K	$242K	10x	as long as short