Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0040%/8h= −4.4% APRpaid last 24h −0.022%

Price spread now: HTX against Lighter−0.054%7-day average +0.003% · 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−$28as in the Price arb table

costs, in and out, $10k−$220.221% of the position

Long on Lighter Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.109%−$11 on $10k

Price spread, last 3 days (all we have)+0.065%+$6 · spread now −0.054%, 7d avg +0.003%

Together, before fees−0.044%+ Points / potential airdropLighter: Season 3 · farm board−$4 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 HTX is 0.057% cheaper against Lighter than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.003%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter MSFT	501.71	0.0040	pay 0.0005% / 1h	53m 27s	$1.1M	$454K	20x
Short	HTX MSFT-USDT	501.44	0	get 0.0000% / 8h	5h 53m	$59K	$225K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.054%Rate

Funding earned: −$8.4
Price spread: −0.054% → +0.003%: −$5.68
Slippage, 4 orders: −$10.07
Fee Lighter: 0 bp × 2 orders: $0
Fee HTX: 6 bp × 2 orders: −$12
Net: −$36.16
Costs to cover: 0.221%
Break-even: never at this rate

Slippage from Lighter: live order book, 2 min ago; HTX: 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, 2 min ago	0.80 bp	2.6 bp −$3	6.8 bp −$68	doesn't fit	doesn't fit
Sell HTX live order book, 8 min ago	2.69 bp	8.7 bp −$9	14.3 bp −$143	doesn't fit	doesn't fit

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
edgeX MSFTUSDC	−0.0733%	4h	501.55	−0.031%	$102K	$242K	10x	as long as short
Nado MSFT-PERP	−0.0138%	1h	501.51	−0.040%	$414K	$64K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0064%	1h	501.24	−0.094%	$679K	$456K	10x	as long as short
Deribit MSFT_USDC-PERPETUAL	−0.0049%	1h	501.29	−0.084%	$27K	$41K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.76	+0.009%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.48	−0.046%	$338K	$891K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.60	−0.022%	$15.6M	$18.7M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.68	−0.006%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.80	+0.018%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.41	−0.060%	$3.1M	$1.6M	100x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MSFTUSDT	0.0000%	8h	501.59	−0.024%	$4.5M	$2.5M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.53	−0.036%	$1.3M	$650K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.63	−0.015%	$18K	$293K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.39	+0.136%	$6K	$4.1M	20x	as long as short
HTX MSFT-USDTshort	0.0000%	8h	501.44	−0.054%	$59K	$225K	20x
Phemex MSFTUSDT	0.0000%	8h	501.75	+0.008%	$2.2M	$762K	10x	as long as short
tradeXYZ xyz:MSFT	+0.0007%	1h	501.21	−0.100%	$22.1M	$9.1M	20x	as long as short
QFEX MSFT-USD	+0.0030%	1h	501.46	−0.050%	$1.1M	$5.7M	10x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.47	−0.048%	$660K	$2.0M	20x	as long as short
Lighter MSFTlong	+0.0040%	1h	501.71	long leg	$1.1M	$454K	20x
Arcus MSFT-USD	+0.0040%	1h	501.41	−0.060%	$97K	$109K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.60	−0.022%	—	$1K	25x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.23	−0.096%	$303K	$646K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.48	−0.046%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.12	−0.118%	$522K	$481K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0053%	8h	501.57	−0.027%	$221	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	501.46	−0.050%	$10K	$15K	20x	as long as short
Hotstuff MSFT-PERP	+0.0080%	1h	501.25	−0.092%	$32K	$8K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.32	−0.078%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.25	−0.092%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.47	−0.048%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.50	−0.043%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.87	+0.032%	$115K	$45K	30x	as long as short