Funding you earn now, next payment 06:00 UTC−0.0032%/8h= −3.5% APRnext payment −$0.04 per $10,000 · paid last 24h −0.016%
Price spread now: Deribit against Lighter−0.077%7-day average — · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 5 days (all we have)—no history yet
+Price spread, last 7 days—no price history on both exchanges yet
=Together, before fees—+ Points / potential airdropLighter: Season 3 · farm boardneeds both histories
Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Deribit is 0.077% cheaper against Lighter than usual: you would sell low and buy high (−$8 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Lighter MSFT | 503.23 | 0.0032 | pay 0.0004% / 1h | 53m 48s | $1.2M | $495K | 20x |
| Short | Deribit MSFT_USDC-PERPETUAL | 502.84 | 0 | get 0.0000% / 1h | 53m 48s | $27K | $42K | 10x |
Lighter MSFT
Deribit MSFT_USDC-PERPETUALFunding history
latest
Range statsloading…
Price spread between the two exchanges
Deribit against Lighter. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$6.72
- Price spread: −0.077% → 0.000%
- −$7.75
- Slippage, 4 orders
- no order book: not counted
- Fee Lighter: 0 bp × 2 orders
- $0
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Net
- −$21.47
- Costs to cover
- 0.070%
- Break-even
- never at this rate
Slippage unknown: Lighter: live order book, 2 min ago; Deribit: no order-book sample. Net counts fees only.
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, 2 min ago | 0.99 bp | 2.2 bp −$2 | 9.0 bp −$90 | doesn't fit | doesn't fit |
| Sell Deribit no order-book sample | — | — | — | — | — |
Deribit: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.
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 | −0.0064% | 1h | 503.29 | +0.012% | $685K | $461K | 10x | as long as short |
| Nado MSFT-PERP | −0.0049% | 1h | 502.90 | −0.065% | $412K | $66K | 20x | as long as short |
| BloFin MSFT-USDT | −0.0008% | 8h | 503.14 | −0.018% | $190K | $205K | 20x | as long as short |
| Aster MSFTUSDT | 0.0000% | 8h | 502.88 | −0.070% | $161K | $116K | 20x | as long as short |
| Extended MSFT_24_5-USD | 0.0000% | 1h | 503.08 | −0.029% | $341K | $1.2M | 17x | as long as short |
| Binance MSFTUSDT | 0.0000% | 8h | 503.13 | −0.019% | $15.8M | $19.3M | 20x | as long as short |
| Bybit MSFTUSDT | 0.0000% | 8h | 502.94 | −0.058% | $7.2M | $2.2M | 100x | as long as short |
| OKX MSFT-USDT-SWAP | 0.0000% | 8h | 503.35 | +0.024% | $3.0M | $2.3M | 20x | as long as short |
| Gate MSFT_USDT | 0.0000% | 8h | 502.98 | −0.050% | $3.1M | $1.7M | 100x | as long as short |
| Bitget MSFTUSDT | 0.0000% | 8h | 503.14 | −0.018% | $4.4M | $2.6M | 100x | as long as short |
Coinbase International MSFT-PERP-INTX
Nado MSFT-PERP
BloFin MSFT-USDT
Aster MSFTUSDT
Extended MSFT_24_5-USD
Binance MSFTUSDT
Bybit MSFTUSDT
OKX MSFT-USDT-SWAP
Gate MSFT_USDT
Bitget MSFTUSDTShow all 34 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Variational Omni MSFT | 0.0000% | 8h | 503.19 | −0.009% | $1.3M | $493K | — | as long as short |
| GRVT MSFT_USDT_Perp | 0.0000% | 8h | 503.45 | +0.045% | $19K | $307K | 10x | as long as short |
| SunX MSFT-USDT | 0.0000% | 8h | 503.97 | +0.147% | $6K | $4.0M | 20x | as long as short |
| Deribit MSFT_USDC-PERPETUALshort | 0.0000% | 1h | 502.84 | −0.077% | $27K | $42K | 10x | |
| HTX MSFT-USDT | 0.0000% | 8h | 503.10 | −0.026% | $59K | $225K | 20x | as long as short |
| Phemex MSFTUSDT | 0.0000% | 8h | 503.56 | +0.066% | $2.2M | $791K | 10x | as long as short |
| Hotstuff MSFT-PERP | +0.0024% | 1h | 502.80 | −0.085% | $32K | $8K | 20x | as long as short |
| Lighter MSFTlong | +0.0032% | 1h | 503.23 | long leg | $1.2M | $495K | 20x | |
| Lighter RH MSFT | +0.0032% | 1h | 502.96 | −0.054% | $679K | $2.0M | 20x | as long as short |
| QFEX MSFT-USD | +0.0036% | 1h | 503.16 | −0.014% | $1.1M | $4.8M | 10x | as long as short |
| Arcus MSFT-USD | +0.0040% | 1h | 503.11 | −0.024% | $97K | $110K | 10x | as long as short |
| Vest MSFT-USD-PERP | +0.0046% | 1h | 503.15 | −0.016% | — | $1K | 25x | as long as short |
| Phoenix MSFT | +0.0048% | 1h | 503.13 | −0.020% | $11K | $15K | 20x | as long as short |
| tradeXYZ xyz:MSFT | +0.0050% | 1h | 502.66 | −0.113% | $22.2M | $8.9M | 20x | as long as short |
| Polymarket Perps MSFT-USD | +0.0050% | 1h | 502.84 | −0.077% | $303K | $713K | 10x | as long as short |
| SoDEX MSFT-USD | +0.0050% | 1h | 502.95 | −0.056% | $60K | $3K | 10x | as long as short |
| Ondo Perps MSFT-USD.P | +0.0050% | 1h | 502.83 | −0.079% | $513K | $463K | 15x | as long as short |
| Paradex MSFT-USD-PERP | +0.0052% | 8h | 503.04 | −0.038% | $221 | — | 5x | as long as short |
| KuCoin MSFTUSDTM | +0.0100% | 8h | 502.89 | −0.068% | $1.6M | $57K | 20x | as long as short |
| ApeX Omni MSFTUSDT | +0.0100% | 1h | 503.22 | −0.002% | $160K | $7K | 50x | as long as short |
| Orderly PERP_MSFT_USDC_mythos | +0.0100% | 8h | 503.01 | −0.044% | $8K | — | 10x | as long as short |
| Aevo MSFT-PERP | +0.0104% | 1h | 503.07 | −0.032% | $55 | — | 10x | as long as short |
| edgeX MSFTUSDC | +0.0118% | 4h | 503.66 | +0.085% | $102K | $242K | 10x | as long as short |
| Injective MSFT/USDC PERP | +0.0220% | 1h | 503.24 | +0.002% | $115K | $45K | 30x | as long as short |
Variational Omni MSFT
GRVT MSFT_USDT_Perp
SunX MSFT-USDT
HTX MSFT-USDT
Phemex MSFTUSDT
Hotstuff MSFT-PERP
Lighter RH MSFT
QFEX MSFT-USD
Arcus MSFT-USD
Vest MSFT-USD-PERP
Phoenix MSFT
tradeXYZ xyz:MSFT
Polymarket Perps MSFT-USD
SoDEX MSFT-USD
Ondo Perps MSFT-USD.P
Paradex MSFT-USD-PERP
KuCoin MSFTUSDTM
ApeX Omni MSFTUSDT
Orderly PERP_MSFT_USDC_mythos
Aevo MSFT-PERP
edgeX MSFTUSDC
Injective MSFT/USDC PERP