Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0544%/8h= −59.6% APRpaid last 24h +0.048%

Price spread now: edgeX against Lighter+0.018%49s7-day average +0.013% · you sell dearer than you buy

Net, funding: paid 7d − costs−$22as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$250.248% of the position

Long on Lighter Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.026%+$3 on $10k

Price spread, last 3 days (all we have)−0.009%−$1 · spread now +0.018%, 7d avg +0.013%

Together, before fees+0.017%+ Points / potential airdropLighter: Season 3 · edgeX: Active · farm board+$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.013%, so right now this pair is about funding alone: −$16 a day on $10k at the current rate. The two prices were read 49 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.026% in total (about 1.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter MSFT	501.68	0.0032	pay 0.0004% / 1h	14m 19s	$1.1M	$653K	20x
Short	edgeX MSFTUSDC	501.77	−0.0512	pay 0.0256% / 4h	2h 14m	$102K	$244K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now +0.018%Rate

Funding earned: −$114.21
Price spread: +0.018% → +0.013%: $0.5
Slippage, 4 orders: −$15.82
Fee Lighter: 0 bp × 2 orders: $0
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$138.53
Costs to cover: 0.248%
Break-even: never at this rate

Slippage from Lighter: live order book, 6 min ago; edgeX: live order book, 8 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, 6 min ago	1.10 bp	2.0 bp −$2	15.9 bp −$159	doesn't fit	doesn't fit
Sell edgeX live order book, 8 min ago	5.28 bp	10.0 bp −$10	12.4 bp −$124	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
edgeX MSFTUSDCshort	−0.0512%	4h	501.77	+0.018%	$102K	$244K	10x
Coinbase International MSFT-PERP-INTX	−0.0040%	1h	501.47	−0.042%	$690K	$433K	10x	as long as short
Hotstuff MSFT-PERP	−0.0016%	1h	501.41	−0.054%	$32K	$8K	20x	as long as short
Nado MSFT-PERP	−0.0009%	1h	501.42	−0.051%	$414K	$64K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.95	+0.055%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.76	+0.015%	$372K	$369K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.82	+0.028%	$15.7M	$19.3M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.93	+0.050%	$7.4M	$1.7M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.78	+0.020%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.56	−0.024%	$3.1M	$1.5M	100x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MSFTUSDT	0.0000%	8h	501.85	+0.034%	$3.8M	$2.2M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.80	+0.024%	$1.3M	$726K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.70	+0.005%	$19K	$328K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.59	+0.181%	$6K	$4.4M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.71	+0.006%	$59K	$230K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.29	+0.122%	$2.2M	$766K	10x	as long as short
BloFin MSFT-USDT	+0.0007%	8h	501.77	+0.018%	$188K	$210K	20x	as long as short
Lighter MSFTlong	+0.0032%	1h	501.68	long leg	$1.1M	$653K	20x
Lighter RH MSFT	+0.0032%	1h	501.61	−0.014%	$652K	$2.2M	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.65	−0.006%	—	—	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.41	−0.054%	$22.2M	$10.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.34	−0.068%	$309K	$683K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.70	+0.004%	$60K	$3K	10x	as long as short
Paradex MSFT-USD-PERP	+0.0050%	8h	501.70	+0.003%	$221	—	5x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.34	−0.068%	$521K	$485K	15x	as long as short
QFEX MSFT-USD	+0.0050%	1h	501.71	+0.006%	$1.2M	$5.7M	10x	as long as short
Phoenix MSFT	+0.0096%	1h	501.66	−0.004%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.20	−0.096%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.42	−0.052%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.68	0.000%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.79	+0.023%	$55	—	10x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0109%	1h	501.67	−0.002%	$27K	$104K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.89	+0.042%	$115K	$45K	30x	as long as short
Arcus MSFT-USD	+0.0531%	1h	501.60	−0.016%	$109K	$90K	10x	as long as short