Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0076%/8h= +8.3% APRpaid last 24h −0.025%

Price spread now: GRVT against Lighter−0.063%48s7-day average +0.018% · you buy dearer than you sell

Net, funding: paid 7d − costs−$33as 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−$220.215% of the position

Long on Lighter Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days−0.110%−$11 on $10k

Price spread, last 4 days (all we have)+0.034%+$3 · spread now −0.063%, 7d avg +0.018%

Together, before fees−0.076%+ Points / potential airdropLighter: Season 3 · GRVT: Active · farm board−$8 on $10k · with fees, hour by hour

Funding pays, the price is against you. GRVT is 0.081% cheaper against Lighter than usual: you would sell low and buy high (spread −0.063% now, against its 7-day average of +0.018%). If the spread goes back, that is −$8 on $10k: about 3.6 days of funding at the current rate (+$2 a day). Mind the row above: over the last 7 days funding on this pair cost −0.110%, so the current rate has only just turned in your favour. The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter MSFT	504.66	0.0032	pay 0.0004% / 1h	52m 31s	$1.2M	$509K	20x
Short	GRVT MSFT_USDT_Perp	504.34	0.0108	get 0.0108% / 8h	7h 52m	$18K	$318K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now −0.063%Rate

Funding earned: $15.96
Price spread: −0.063% → +0.018%: −$8.12
Slippage, 4 orders: −$12.52
Fee Lighter: 0 bp × 2 orders: $0
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$13.67
Costs to cover: 0.215%
Break-even: 13.0 days

Slippage from Lighter: live order book, 3 min ago; GRVT: live order book, 45 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	0.50 bp	2.3 bp −$2	5.5 bp −$55	doesn't fit	doesn't fit
Sell GRVT live order book, 45 min ago	1.19 bp	8.7 bp −$9	17.4 bp −$174	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	−0.0612%	4h	504.11	−0.110%	$103K	$243K	10x	as long as short
Nado MSFT-PERP	−0.0066%	1h	504.65	−0.002%	$415K	$67K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0056%	1h	504.42	−0.048%	$694K	$477K	10x	as long as short
Hotstuff MSFT-PERP	−0.0040%	1h	504.24	−0.083%	$33K	$8K	20x	as long as short
BloFin MSFT-USDT	−0.0014%	8h	504.93	+0.054%	$191K	$206K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	504.36	−0.060%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	504.68	+0.004%	$339K	$1.9M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	504.42	−0.048%	$15.9M	$19.1M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	504.34	−0.063%	$7.2M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	504.67	+0.002%	$3.0M	$2.4M	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate MSFT_USDT	0.0000%	8h	504.54	−0.024%	$3.1M	$1.8M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	504.43	−0.046%	$3.9M	$2.9M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	503.97	−0.136%	$1.3M	$392K	—	as long as short
SunX MSFT-USDT	0.0000%	8h	505.64	+0.194%	$6K	$3.7M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	504.69	+0.006%	$27K	$44K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	504.47	−0.038%	$59K	$224K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	504.99	+0.065%	$2.2M	$825K	10x	as long as short
Phoenix MSFT	+0.0016%	1h	504.07	−0.117%	$11K	$15K	20x	as long as short
QFEX MSFT-USD	+0.0023%	1h	504.68	+0.004%	$1.1M	$4.6M	10x	as long as short
Lighter MSFTlong	+0.0032%	1h	504.66	long leg	$1.2M	$509K	20x
Lighter RH MSFT	+0.0032%	1h	504.68	+0.004%	$706K	$1.8M	20x	as long as short
Arcus MSFT-USD	+0.0040%	1h	504.24	−0.083%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	504.68	+0.004%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	504.00	−0.131%	$22.5M	$8.8M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	504.15	−0.101%	$304K	$704K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	504.62	−0.008%	$61K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	504.35	−0.061%	$513K	$426K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0052%	8h	504.71	+0.010%	$222	—	5x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	504.09	−0.113%	$1.6M	$89K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.79	−0.172%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	504.74	+0.016%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	504.71	+0.009%	$56	—	10x	as long as short
GRVT MSFT_USDT_Perpshort	+0.0108%	8h	504.34	−0.063%	$18K	$318K	10x
Injective MSFT/USDC PERP	+0.0220%	1h	503.87	−0.157%	$115K	$45K	30x	as long as short