Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0068%/8h= −7.4% APRpaid last 24h +0.008%

Price spread now: KuCoin against Lighter−0.038%7-day average −0.059% · you buy dearer than you sell

Net, funding: paid 7d − costs−$156as in the Funding arb table

Net, price: spread back to 7d avg − costs−$161as in the Price arb table

costs, in and out, $10k−$1631.631% of the position

Long on Lighter Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.076%+$8 on $10k

Price spread, last 7 days−0.108%−$11 · spread now −0.038%, 7d avg −0.059%

Together, before fees−0.031%+ Points / potential airdropLighter: Season 3 · farm board−$3 on $10k · with fees, hour by hour

The price spread pays, funding is against you. KuCoin is 0.021% dearer against Lighter than usual: you sell high and buy low (spread −0.038% now, against its 7-day average of −0.059%): +$2 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 25 hours. Mind the row above: over the last 7 days funding on this pair paid +0.076%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter MSFT	501.10	0.0168	pay 0.0021% / 1h	6m 44s	$1.1M	$479K	20x
Short	KuCoin MSFTUSDTM	500.91	0.0100	get 0.0100% / 8h	5h 06m	$1.5M	$19K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.038%Rate

Funding earned: −$14.28
Price spread: −0.038% → −0.059%: $2.12
Slippage, 4 orders: −$151.13
Fee Lighter: 0 bp × 2 orders: $0
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$175.28
Costs to cover: 1.631%
Break-even: never at this rate

Slippage from Lighter: live order book, 4 min ago; KuCoin: live order book, 9 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, 4 min ago	1.20 bp	3.0 bp −$3	6.5 bp −$65	doesn't fit	doesn't fit
Sell KuCoin live order book, 9 min ago	10.08 bp	59.2 bp −$59	doesn't fit	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
Coinbase International MSFT-PERP-INTX	−0.0064%	1h	500.97	−0.026%	$678K	$458K	10x	as long as short
Nado MSFT-PERP	−0.0034%	1h	500.94	−0.033%	$414K	$64K	20x	as long as short
BloFin MSFT-USDT	−0.0005%	8h	501.11	+0.002%	$189K	$204K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.17	+0.015%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	500.92	−0.036%	$337K	$892K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.07	−0.006%	$15.7M	$19.0M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	500.84	−0.052%	$7.2M	$2.1M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.20	+0.020%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	500.95	−0.030%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.09	−0.002%	$4.5M	$2.5M	100x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni MSFT	0.0000%	8h	501.10	−0.001%	$1.3M	$647K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.19	+0.017%	$18K	$299K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	501.92	+0.164%	$6K	$4.1M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	500.83	−0.054%	$27K	$41K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	500.98	−0.024%	$58K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.44	+0.068%	$2.2M	$773K	10x	as long as short
QFEX MSFT-USD	+0.0030%	1h	501.06	−0.008%	$1.1M	$5.6M	10x	as long as short
Lighter RH MSFT	+0.0032%	1h	500.87	−0.046%	$682K	$2.0M	20x	as long as short
Arcus MSFT-USD	+0.0040%	1h	500.93	−0.034%	$96K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	500.97	−0.026%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	500.66	−0.088%	$22.1M	$8.8M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	500.71	−0.078%	$301K	$648K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	500.97	−0.026%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.83	−0.054%	$516K	$494K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0057%	8h	501.04	−0.013%	$220	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	500.87	−0.046%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTMshort	+0.0100%	8h	500.91	−0.038%	$1.5M	$19K	20x
ApeX Omni MSFTUSDT	+0.0100%	1h	500.85	−0.050%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.00	−0.020%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	500.98	−0.024%	$55	—	10x	as long as short
Hotstuff MSFT-PERP	+0.0128%	1h	500.74	−0.072%	$32K	$8K	20x	as long as short
Lighter MSFTlong	+0.0168%	1h	501.10	long leg	$1.1M	$479K	20x
Injective MSFT/USDC PERP	+0.0220%	1h	501.73	+0.126%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0731%	4h	501.12	+0.003%	$102K	$242K	10x	as long as short