Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0068%/8h= +7.4% APRpaid last 24h +0.006%

Price spread now: Orderly against Lighter−0.022%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Lighter Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 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 · farm boardneeds both histories

Funding pays, the price is against you. Orderly is 0.022% cheaper against Lighter than usual: you would sell low and buy high (spread −0.022% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$2 on $10k: about 26 hours of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter MSFT	501.33	0.0032	pay 0.0004% / 1h	52m 09s	$1.1M	$498K	20x
Short	Orderly PERP_MSFT_USDC_mythos	501.22	0.0100	get 0.0100% / 8h	3h 52m	$8K	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.022%Rate

Funding earned: $14.28
Price spread: −0.022% → 0.000%: −$2.19
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Orderly: 3 bp × 2 orders: −$6
Net: $6.09
Costs to cover: 0.060%
Break-even: 4.0 days

Slippage unknown: Lighter: live order book, 4 min ago; Orderly: 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, 4 min ago	0.30 bp	2.6 bp −$3	9.2 bp −$92	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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 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	−0.015%	$102K	$243K	10x	as long as short
Nado MSFT-PERP	−0.0122%	1h	501.19	−0.028%	$414K	$64K	20x	as long as short
tradeXYZ xyz:MSFT	−0.0035%	1h	500.90	−0.086%	$22.1M	$8.7M	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0032%	1h	500.97	−0.072%	$677K	$450K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.24	−0.017%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.20	−0.026%	$337K	$883K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.33	0.000%	$15.7M	$19.0M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.11	−0.044%	$7.2M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.32	−0.002%	$3.0M	$2.3M	20x	as long as short
Hotstuff MSFT-PERP	0.0000%	1h	500.92	−0.082%	$32K	$8K	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	501.21	−0.024%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.25	−0.016%	$4.5M	$2.5M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.25	−0.016%	$1.3M	$607K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.30	−0.007%	$19K	$300K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.10	+0.154%	$6K	$4.0M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.06	−0.054%	$27K	$42K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.22	−0.022%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.46	+0.026%	$2.2M	$770K	10x	as long as short
BloFin MSFT-USDT	+0.0022%	8h	501.32	−0.002%	$189K	$204K	20x	as long as short
Lighter MSFTlong	+0.0032%	1h	501.33	long leg	$1.1M	$498K	20x
Lighter RH MSFT	+0.0032%	1h	501.08	−0.050%	$677K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0035%	1h	501.24	−0.018%	$1.1M	$4.9M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.04	−0.058%	$96K	$111K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.33	0.000%	—	$1K	25x	as long as short
Phoenix MSFT	+0.0048%	1h	501.06	−0.054%	$10K	$15K	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	500.94	−0.078%	$302K	$697K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.20	−0.026%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.94	−0.078%	$518K	$452K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0054%	8h	501.25	−0.016%	$221	—	5x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	500.77	−0.112%	$1.6M	$49K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.20	−0.026%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythosshort	+0.0100%	8h	501.22	−0.022%	$8K	—	10x
Aevo MSFT-PERP	+0.0104%	1h	501.25	−0.015%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.54	+0.042%	$115K	$45K	30x	as long as short