Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0054%/8h= −5.9% APRpaid last 24h −0.005%

Price spread now: Paradex against Lighter−0.044%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 Paradex

What this pair did over the last

the charts below follow

Funding, last 4 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 · Paradex: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Paradex is 0.044% cheaper against Lighter than usual: you would sell low and buy high (−$4 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	501.32	0.0104	pay 0.0013% / 1h	45m 29s	$1.1M	$487K	20x
Short	Paradex MSFT-USD-PERP	501.10	0.0050	get 0.0050% / 8h	6h 45m	$220	—	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.044%Rate

Funding earned: −$11.26
Price spread: −0.044% → 0.000%: −$4.38
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$19.63
Costs to cover: 0.040%
Break-even: never at this rate

Slippage unknown: Lighter: live order book, 5 min ago; Paradex: 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, 5 min ago	1.00 bp	1.6 bp −$2	4.0 bp −$40	doesn't fit	doesn't fit
Sell Paradex no order-book sample	—	—	—	—	—

Paradex: 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	−0.0244%	4h	501.23	−0.017%	$102K	$243K	10x	as long as short
Hotstuff MSFT-PERP	−0.0048%	1h	500.87	−0.090%	$32K	$8K	20x	as long as short
BloFin MSFT-USDT	−0.0028%	8h	501.33	+0.002%	$189K	$204K	20x	as long as short
Nado MSFT-PERP	−0.0026%	1h	500.98	−0.068%	$414K	$64K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0016%	1h	500.76	−0.112%	$684K	$449K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.31	−0.003%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.16	−0.031%	$342K	$898K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.28	−0.008%	$15.6M	$18.7M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.16	−0.032%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.24	−0.016%	$3.0M	$2.3M	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	500.95	−0.074%	$3.1M	$1.6M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.27	−0.010%	$4.3M	$2.4M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.24	−0.016%	$1.3M	$677K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.31	−0.002%	$19K	$293K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.07	+0.150%	$6K	$4.1M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.17	−0.030%	$58K	$227K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.35	+0.006%	$2.2M	$758K	10x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.06	−0.052%	$620K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0038%	1h	501.18	−0.028%	$1.1M	$5.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.09	−0.046%	$97K	$109K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.09	−0.046%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	500.86	−0.092%	$22.1M	$9.2M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	500.92	−0.080%	$303K	$672K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.17	−0.030%	$60K	$3K	10x	as long as short
Paradex MSFT-USD-PERPshort	+0.0050%	8h	501.10	−0.044%	$220	—	5x
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.86	−0.092%	$513K	$502K	15x	as long as short
Phoenix MSFT	+0.0080%	1h	501.10	−0.044%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	500.85	−0.094%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	500.67	−0.130%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.17	−0.030%	$8K	—	10x	as long as short
Lighter MSFTlong	+0.0104%	1h	501.32	long leg	$1.1M	$487K	20x
Aevo MSFT-PERP	+0.0104%	1h	501.16	−0.032%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.56	+0.048%	$115K	$45K	30x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0389%	1h	501.22	−0.020%	$27K	$41K	10x	as long as short