Funding you earn now, next payment 01:00 UTC−0.0088%/8h= −9.6% APRpaid last 24h −0.020%
Price spread now: Phemex against Lighter+0.054%7-day average +0.060% · you sell dearer than you buy
Net, funding: paid 7d − costs−$77as in the Funding arb table
Net, price: spread back to 7d avg − costs−$67as in the Price arb table
costs, in and out, $10k−$670.667% of the position
Funding, last 7 days−0.107%−$11 on $10k
+Price spread, last 3 days (all we have)+0.006%+$1 · spread now +0.054%, 7d avg +0.060%
=Together, before fees−0.102%+ Points / potential airdropLighter: Season 3 · farm board−$10 on $10k · with fees, hour by hour
The price spread sits at its 7-day average of +0.060%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Lighter MSFT | 501.75 | 0.0088 | pay 0.0011% / 1h | 36m 08s | $1.1M | $486K | 20x |
| Short | Phemex MSFTUSDT | 502.02 | 0 | get 0.0000% / 8h | 7h 36m | $2.2M | $758K | 10x |
Lighter MSFT
Phemex MSFTUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phemex 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
- −$18.48
- Price spread: +0.054% → +0.060%
- −$0.58
- Slippage, 4 orders
- −$54.71
- Fee Lighter: 0 bp × 2 orders
- $0
- Fee Phemex: 6 bp × 2 orders
- −$12
- Net
- −$85.77
- Costs to cover
- 0.667%
- Break-even
- never at this rate
Slippage from Lighter: live order book, 5 min ago; Phemex: live order book, 2 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, 5 min ago | 0.30 bp | 0.7 bp −$1 | 7.8 bp −$78 | doesn't fit | doesn't fit |
| Sell Phemex live order book, 2 min ago | 0.20 bp | 31.5 bp −$31 | 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 | |
|---|---|---|---|---|---|---|---|---|
| edgeX MSFTUSDC | −0.0276% | 4h | 501.71 | −0.008% | $102K | $242K | 10x | as long as short |
| Coinbase International MSFT-PERP-INTX | −0.0008% | 1h | 501.50 | −0.050% | $679K | $451K | 10x | as long as short |
| Nado MSFT-PERP | −0.0003% | 1h | 501.42 | −0.067% | $414K | $64K | 20x | as long as short |
| Aster MSFTUSDT | 0.0000% | 8h | 501.65 | −0.021% | $161K | $116K | 20x | as long as short |
| Extended MSFT_24_5-USD | 0.0000% | 1h | 501.71 | −0.008% | $337K | $927K | 17x | as long as short |
| Binance MSFTUSDT | 0.0000% | 8h | 501.70 | −0.010% | $15.7M | $18.7M | 20x | as long as short |
| Bybit MSFTUSDT | 0.0000% | 8h | 501.58 | −0.034% | $7.4M | $1.6M | 100x | as long as short |
| OKX MSFT-USDT-SWAP | 0.0000% | 8h | 501.96 | +0.042% | $3.0M | $2.3M | 20x | as long as short |
| Gate MSFT_USDT | 0.0000% | 8h | 501.46 | −0.058% | $3.1M | $1.6M | 100x | as long as short |
| Bitget MSFTUSDT | 0.0000% | 8h | 501.76 | +0.002% | $3.8M | $2.2M | 100x | as long as short |
edgeX MSFTUSDC
Coinbase International MSFT-PERP-INTX
Nado MSFT-PERP
Aster MSFTUSDT
Extended MSFT_24_5-USD
Binance MSFTUSDT
Bybit MSFTUSDT
OKX MSFT-USDT-SWAP
Gate MSFT_USDT
Bitget MSFTUSDTShow all 34 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Variational Omni MSFT | 0.0000% | 8h | 501.74 | −0.002% | $1.3M | $690K | — | as long as short |
| GRVT MSFT_USDT_Perp | 0.0000% | 8h | 501.86 | +0.022% | $19K | $295K | 10x | as long as short |
| SunX MSFT-USDT | 0.0000% | 8h | 502.57 | +0.163% | $6K | $4.2M | 20x | as long as short |
| Deribit MSFT_USDC-PERPETUAL | 0.0000% | 1h | 501.44 | −0.062% | $27K | $41K | 10x | as long as short |
| HTX MSFT-USDT | 0.0000% | 8h | 501.57 | −0.036% | $58K | $227K | 20x | as long as short |
| Phemex MSFTUSDTshort | 0.0000% | 8h | 502.02 | +0.054% | $2.2M | $758K | 10x | |
| BloFin MSFT-USDT | +0.0029% | 8h | 501.89 | +0.028% | $188K | $206K | 20x | as long as short |
| Lighter RH MSFT | +0.0032% | 1h | 501.56 | −0.038% | $619K | $2.0M | 20x | as long as short |
| QFEX MSFT-USD | +0.0044% | 1h | 501.69 | −0.012% | $1.1M | $5.9M | 10x | as long as short |
| Vest MSFT-USD-PERP | +0.0046% | 1h | 501.62 | −0.026% | — | $1K | 25x | as long as short |
| tradeXYZ xyz:MSFT | +0.0050% | 1h | 501.40 | −0.070% | $22.3M | $9.1M | 20x | as long as short |
| Polymarket Perps MSFT-USD | +0.0050% | 1h | 501.38 | −0.074% | $303K | $675K | 10x | as long as short |
| SoDEX MSFT-USD | +0.0050% | 1h | 501.72 | −0.006% | $60K | $3K | 10x | as long as short |
| Ondo Perps MSFT-USD.P | +0.0050% | 1h | 501.08 | −0.134% | $527K | $488K | 15x | as long as short |
| Paradex MSFT-USD-PERP | +0.0051% | 8h | 501.57 | −0.035% | $221 | — | 5x | as long as short |
| Hotstuff MSFT-PERP | +0.0064% | 1h | 501.53 | −0.044% | $32K | $8K | 20x | as long as short |
| Phoenix MSFT | +0.0080% | 1h | 501.66 | −0.018% | $10K | $15K | 20x | as long as short |
| Lighter MSFTlong | +0.0088% | 1h | 501.75 | long leg | $1.1M | $486K | 20x | |
| KuCoin MSFTUSDTM | +0.0100% | 8h | 501.61 | −0.028% | $1.5M | $19K | 20x | as long as short |
| ApeX Omni MSFTUSDT | +0.0100% | 1h | 501.52 | −0.046% | $160K | $7K | 50x | as long as short |
| Orderly PERP_MSFT_USDC_mythos | +0.0100% | 8h | 501.65 | −0.020% | $8K | — | 10x | as long as short |
| Aevo MSFT-PERP | +0.0104% | 1h | 501.67 | −0.016% | $55 | — | 10x | as long as short |
| Arcus MSFT-USD | +0.0212% | 1h | 501.64 | −0.022% | $97K | $109K | 10x | as long as short |
| Injective MSFT/USDC PERP | +0.0220% | 1h | 502.40 | +0.130% | $115K | $45K | 30x | as long as short |
Variational Omni MSFT
GRVT MSFT_USDT_Perp
SunX MSFT-USDT
Deribit MSFT_USDC-PERPETUAL
HTX MSFT-USDT
BloFin MSFT-USDT
Lighter RH MSFT
QFEX 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
Hotstuff MSFT-PERP
Phoenix MSFT
KuCoin MSFTUSDTM
ApeX Omni MSFTUSDT
Orderly PERP_MSFT_USDC_mythos
Aevo MSFT-PERP
Arcus MSFT-USD
Injective MSFT/USDC PERP