Funding you earn now, next payment 05:00 UTC−0.0032%/8h= −3.5% APRnext payment −$0.04 per $10,000 · paid last 24h −0.018%
Price spread now: Extended against Lighter−0.035%7-day average −0.006% · 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−$18as in the Price arb table
costs, in and out, $10k−$150.147% of the position
Funding, last 7 days−0.097%−$10 on $10k
+Price spread, last 4 days (all we have)+0.028%+$3 · spread now −0.035%, 7d avg −0.006%
=Together, before fees−0.069%+ Points / potential airdropLighter: Season 3 · Extended: Active · farm board−$7 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Extended is 0.030% cheaper against Lighter than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.006%). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Lighter MSFT | 501.39 | 0.0032 | pay 0.0004% / 1h | 53m 23s | $1.1M | $498K | 20x |
| Short | Extended MSFT_24_5-USD | 501.21 | 0 | get 0.0000% / 1h | 53m 23s | $337K | $883K | 17x |
Lighter MSFT
Extended MSFT_24_5-USDFunding history
latest
Range statsloading…
Price spread between the two exchanges
Extended 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: −0.035% → −0.006%
- −$2.97
- Slippage, 4 orders
- −$9.73
- Fee Lighter: 0 bp × 2 orders
- $0
- Fee Extended: 2.5 bp × 2 orders
- −$5
- Net
- −$24.42
- Costs to cover
- 0.147%
- Break-even
- never at this rate
Slippage from Lighter: live order book, 3 min ago; Extended: live order book, 65 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, 3 min ago | 0.30 bp | 2.6 bp −$3 | 9.2 bp −$92 | doesn't fit | doesn't fit |
| Sell Extended live order book, 65 min ago | 0.60 bp | 5.7 bp −$6 | 32.9 bp −$329 | 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 MSFTUSDC | −0.0270% | 4h | 501.26 | −0.027% | $102K | $243K | 10x | as long as short |
| Nado MSFT-PERP | −0.0126% | 1h | 501.24 | −0.030% | $414K | $64K | 20x | as long as short |
| tradeXYZ xyz:MSFT | −0.0040% | 1h | 500.92 | −0.094% | $22.1M | $8.7M | 20x | as long as short |
| Coinbase International MSFT-PERP-INTX | −0.0032% | 1h | 500.97 | −0.084% | $677K | $450K | 10x | as long as short |
| BloFin MSFT-USDT | −0.0004% | 8h | 501.34 | −0.010% | $189K | $204K | 20x | as long as short |
| Aster MSFTUSDT | 0.0000% | 8h | 501.25 | −0.029% | $161K | $116K | 20x | as long as short |
| Extended MSFT_24_5-USDshort | 0.0000% | 1h | 501.21 | −0.035% | $337K | $883K | 17x | |
| Binance MSFTUSDT | 0.0000% | 8h | 501.36 | −0.007% | $15.8M | $19.0M | 20x | as long as short |
| Bybit MSFTUSDT | 0.0000% | 8h | 501.06 | −0.066% | $7.2M | $2.2M | 100x | as long as short |
| OKX MSFT-USDT-SWAP | 0.0000% | 8h | 501.32 | −0.014% | $3.0M | $2.3M | 20x | as long as short |
edgeX MSFTUSDC
Nado MSFT-PERP
tradeXYZ xyz:MSFT
Coinbase International MSFT-PERP-INTX
BloFin MSFT-USDT
Aster MSFTUSDT
Binance MSFTUSDT
Bybit MSFTUSDT
OKX MSFT-USDT-SWAPShow all 34 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Gate MSFT_USDT | 0.0000% | 8h | 501.21 | −0.036% | $3.1M | $1.7M | 100x | as long as short |
| Bitget MSFTUSDT | 0.0000% | 8h | 501.25 | −0.028% | $4.5M | $2.5M | 100x | as long as short |
| Variational Omni MSFT | 0.0000% | 8h | 501.25 | −0.028% | $1.3M | $607K | — | as long as short |
| GRVT MSFT_USDT_Perp | 0.0000% | 8h | 501.30 | −0.019% | $19K | $300K | 10x | as long as short |
| SunX MSFT-USDT | 0.0000% | 8h | 502.14 | +0.150% | $6K | $4.0M | 20x | as long as short |
| Deribit MSFT_USDC-PERPETUAL | 0.0000% | 1h | 501.03 | −0.072% | $27K | $42K | 10x | as long as short |
| HTX MSFT-USDT | 0.0000% | 8h | 501.26 | −0.026% | $59K | $225K | 20x | as long as short |
| Phemex MSFTUSDT | 0.0000% | 8h | 501.46 | +0.014% | $2.2M | $770K | 10x | as long as short |
| Hotstuff MSFT-PERP | +0.0024% | 1h | 500.93 | −0.092% | $32K | $8K | 20x | as long as short |
| Lighter MSFTlong | +0.0032% | 1h | 501.39 | long leg | $1.1M | $498K | 20x | |
| Lighter RH MSFT | +0.0032% | 1h | 501.14 | −0.050% | $678K | $2.0M | 20x | as long as short |
| QFEX MSFT-USD | +0.0035% | 1h | 501.24 | −0.030% | $1.1M | $4.9M | 10x | as long as short |
| Arcus MSFT-USD | +0.0040% | 1h | 501.04 | −0.070% | $96K | $111K | 10x | as long as short |
| Vest MSFT-USD-PERP | +0.0046% | 1h | 501.35 | −0.008% | — | $1K | 25x | as long as short |
| Phoenix MSFT | +0.0048% | 1h | 501.06 | −0.066% | $10K | $15K | 20x | as long as short |
| Polymarket Perps MSFT-USD | +0.0050% | 1h | 500.97 | −0.084% | $302K | $697K | 10x | as long as short |
| SoDEX MSFT-USD | +0.0050% | 1h | 501.24 | −0.030% | $60K | $3K | 10x | as long as short |
| Ondo Perps MSFT-USD.P | +0.0050% | 1h | 500.94 | −0.090% | $518K | $452K | 15x | as long as short |
| Paradex MSFT-USD-PERP | +0.0054% | 8h | 501.29 | −0.019% | $221 | — | 5x | as long as short |
| KuCoin MSFTUSDTM | +0.0100% | 8h | 500.76 | −0.126% | $1.6M | $48K | 20x | as long as short |
| ApeX Omni MSFTUSDT | +0.0100% | 1h | 501.20 | −0.038% | $160K | $7K | 50x | as long as short |
| Orderly PERP_MSFT_USDC_mythos | +0.0100% | 8h | 501.19 | −0.040% | $8K | — | 10x | as long as short |
| Aevo MSFT-PERP | +0.0104% | 1h | 501.25 | −0.027% | $55 | — | 10x | as long as short |
| Injective MSFT/USDC PERP | +0.0220% | 1h | 502.70 | +0.261% | $115K | $45K | 30x | as long as short |
Gate MSFT_USDT
Bitget MSFTUSDT
Variational Omni MSFT
GRVT MSFT_USDT_Perp
SunX MSFT-USDT
Deribit MSFT_USDC-PERPETUAL
HTX MSFT-USDT
Phemex MSFTUSDT
Hotstuff MSFT-PERP
Lighter RH MSFT
QFEX MSFT-USD
Arcus MSFT-USD
Vest MSFT-USD-PERP
Phoenix 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
Injective MSFT/USDC PERP