Funding you earn now, next payment 02:00 UTC−0.0080%/8h= −8.8% APRnext payment −$0.10 per $10,000 · paid last 24h −0.096%
Price spread now: Hotstuff against Lighter−0.104%7-day average — · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 3 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 · Hotstuff: Active · farm boardneeds both histories
Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Hotstuff is 0.104% cheaper against Lighter than usual: you would sell low and buy high (−$10 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 | 501.75 | 0.0176 | pay 0.0022% / 1h | 24m 30s | $1.1M | $489K | 20x |
| Short | Hotstuff MSFT-PERP | 501.23 | 0.0096 | get 0.0012% / 1h | 24m 30s | $32K | $8K | 20x |
Lighter MSFT
Hotstuff MSFT-PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Hotstuff 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
- −$16.8
- Price spread: −0.104% → 0.000%
- −$10.36
- Slippage, 4 orders
- no order book: not counted
- Fee Lighter: 0 bp × 2 orders
- $0
- Fee Hotstuff: 2.5 bp × 2 orders
- −$5
- Net
- −$32.16
- Costs to cover
- 0.050%
- Break-even
- never at this rate
Slippage unknown: Lighter: live order book, 1 min ago; Hotstuff: 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, 1 min ago | 0.90 bp | 1.7 bp −$2 | 4.3 bp −$43 | doesn't fit | doesn't fit |
| Sell Hotstuff no order-book sample | — | — | — | — | — |
Hotstuff: 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 33 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 | −0.0016% | 1h | 500.87 | −0.175% | $684K | $451K | 10x | as long as short |
| Aster MSFTUSDT | 0.0000% | 8h | 501.51 | −0.047% | $161K | $116K | 20x | as long as short |
| Extended MSFT_24_5-USD | 0.0000% | 1h | 501.51 | −0.049% | $337K | $899K | 17x | as long as short |
| Binance MSFTUSDT | 0.0000% | 8h | 501.64 | −0.022% | $15.6M | $18.8M | 20x | as long as short |
| Bybit MSFTUSDT | 0.0000% | 8h | 501.52 | −0.046% | $7.4M | $1.6M | 100x | as long as short |
| OKX MSFT-USDT-SWAP | 0.0000% | 8h | 501.71 | −0.008% | $3.0M | $2.3M | 20x | as long as short |
| Gate MSFT_USDT | 0.0000% | 8h | 501.45 | −0.060% | $3.1M | $1.6M | 100x | as long as short |
| Bitget MSFTUSDT | 0.0000% | 8h | 501.45 | −0.060% | $4.5M | $2.5M | 100x | as long as short |
| Variational Omni MSFT | 0.0000% | 8h | 501.54 | −0.042% | $1.3M | $682K | — | as long as short |
| GRVT MSFT_USDT_Perp | 0.0000% | 8h | 501.52 | −0.046% | $18K | $295K | 10x | as long as short |
Coinbase International MSFT-PERP-INTX
Aster MSFTUSDT
Extended MSFT_24_5-USD
Binance MSFTUSDT
Bybit MSFTUSDT
OKX MSFT-USDT-SWAP
Gate MSFT_USDT
Bitget MSFTUSDT
Variational Omni MSFT
GRVT MSFT_USDT_PerpShow all 33 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| SunX MSFT-USDT | 0.0000% | 8h | 502.39 | +0.128% | $6K | $4.1M | 20x | as long as short |
| HTX MSFT-USDT | 0.0000% | 8h | 501.47 | −0.056% | $59K | $226K | 20x | as long as short |
| Phemex MSFTUSDT | 0.0000% | 8h | 501.66 | −0.018% | $2.2M | $765K | 10x | as long as short |
| Nado MSFT-PERP | +0.0009% | 1h | 501.33 | −0.084% | $414K | $64K | 20x | as long as short |
| Lighter RH MSFT | +0.0032% | 1h | 501.47 | −0.056% | $620K | $2.0M | 20x | as long as short |
| QFEX MSFT-USD | +0.0038% | 1h | 501.50 | −0.050% | $1.1M | $5.8M | 10x | as long as short |
| Arcus MSFT-USD | +0.0040% | 1h | 501.36 | −0.078% | $97K | $109K | 10x | as long as short |
| Vest MSFT-USD-PERP | +0.0046% | 1h | 501.34 | −0.082% | — | $1K | 25x | as long as short |
| tradeXYZ xyz:MSFT | +0.0050% | 1h | 501.20 | −0.110% | $22.1M | $9.2M | 20x | as long as short |
| Polymarket Perps MSFT-USD | +0.0050% | 1h | 501.23 | −0.104% | $303K | $671K | 10x | as long as short |
| SoDEX MSFT-USD | +0.0050% | 1h | 501.49 | −0.052% | $60K | $3K | 10x | as long as short |
| Ondo Perps MSFT-USD.P | +0.0050% | 1h | 501.15 | −0.120% | $521K | $518K | 15x | as long as short |
| Paradex MSFT-USD-PERP | +0.0056% | 8h | 501.51 | −0.047% | $221 | — | 5x | as long as short |
| Phoenix MSFT | +0.0080% | 1h | 501.33 | −0.084% | $10K | $15K | 20x | as long as short |
| Hotstuff MSFT-PERPshort | +0.0096% | 1h | 501.23 | −0.104% | $32K | $8K | 20x | |
| KuCoin MSFTUSDTM | +0.0100% | 8h | 501.20 | −0.110% | $1.5M | $19K | 20x | as long as short |
| ApeX Omni MSFTUSDT | +0.0100% | 1h | 501.07 | −0.136% | $159K | $7K | 50x | as long as short |
| Orderly PERP_MSFT_USDC_mythos | +0.0100% | 8h | 501.43 | −0.064% | $8K | — | 10x | as long as short |
| Aevo MSFT-PERP | +0.0104% | 1h | 501.49 | −0.051% | $55 | — | 10x | as long as short |
| Lighter MSFTlong | +0.0176% | 1h | 501.75 | long leg | $1.1M | $489K | 20x | |
| Deribit MSFT_USDC-PERPETUAL | +0.0209% | 1h | 501.43 | −0.064% | $27K | $41K | 10x | as long as short |
| Injective MSFT/USDC PERP | +0.0220% | 1h | 501.78 | +0.006% | $115K | $45K | 30x | as long as short |
| edgeX MSFTUSDC | +0.0992% | 4h | 501.51 | −0.049% | $102K | $242K | 10x | as long as short |
SunX MSFT-USDT
HTX MSFT-USDT
Phemex MSFTUSDT
Nado MSFT-PERP
Lighter RH MSFT
QFEX MSFT-USD
Arcus MSFT-USD
Vest MSFT-USD-PERP
tradeXYZ xyz:MSFT
Polymarket Perps MSFT-USD
SoDEX MSFT-USD
Ondo Perps MSFT-USD.P
Paradex MSFT-USD-PERP
Phoenix MSFT
KuCoin MSFTUSDTM
ApeX Omni MSFTUSDT
Orderly PERP_MSFT_USDC_mythos
Aevo MSFT-PERP
Deribit MSFT_USDC-PERPETUAL
Injective MSFT/USDC PERP
edgeX MSFTUSDC