Funding you earn now, next payment 02:00 UTC−0.0130%/8h= −14.3% APRnext payment −$0.16 per $10,000 · paid last 24h −0.008%
Price spread now: QFEX against Lighter−0.048%7-day average −0.008% · you buy dearer than you sell
Net, funding: paid 7d − costs—under 7 days of funding history
Net, price: spread back to 7d avg − costs−$20as in the Price arb table
costs, in and out, $10k−$160.164% of the position
Funding, last 3 days (all we have)−0.038%−$4 on $10k
+Price spread, last 7 days+0.007%+$1 · spread now −0.048%, 7d avg −0.008%
=Together, before fees−0.031%+ Points / potential airdropLighter: Season 3 · farm board−$3 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and QFEX is 0.040% cheaper against Lighter than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.008%). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Lighter MSFT | 501.85 | 0.0168 | pay 0.0021% / 1h | 20m 06s | $1.1M | $489K | 20x |
| Short | QFEX MSFT-USD | 501.61 | 0.0038 | get 0.0005% / 1h | 20m 06s | $1.1M | $5.8M | 10x |
Lighter MSFT
QFEX MSFT-USDFunding history
latest
Range statsloading…
Price spread between the two exchanges
QFEX 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
- −$27.37
- Price spread: −0.048% → −0.008%
- −$3.97
- Slippage, 4 orders
- −$6.42
- Fee Lighter: 0 bp × 2 orders
- $0
- Fee QFEX: 5 bp × 2 orders
- −$10
- Net
- −$47.76
- Costs to cover
- 0.164%
- Break-even
- never at this rate
Slippage from Lighter: live order book, 1 min ago; QFEX: live order book, 4 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, 1 min ago | 1.00 bp | 1.4 bp −$1 | 6.2 bp −$62 | doesn't fit | doesn't fit |
| Sell QFEX live order book, 4 min ago | 1.60 bp | 6.6 bp −$7 | 6.6 bp −$66 | 12.9 bp −$1,289 | 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 | −0.0679% | 4h | 501.55 | −0.060% | $102K | $242K | 10x | as long as short |
| Hotstuff MSFT-PERP | −0.0016% | 1h | 501.34 | −0.102% | $32K | $8K | 20x | as long as short |
| Coinbase International MSFT-PERP-INTX | −0.0016% | 1h | 501.22 | −0.126% | $679K | $457K | 10x | as long as short |
| Aster MSFTUSDT | 0.0000% | 8h | 501.81 | −0.008% | $161K | $116K | 20x | as long as short |
| Extended MSFT_24_5-USD | 0.0000% | 1h | 501.63 | −0.043% | $337K | $899K | 17x | as long as short |
| Binance MSFTUSDT | 0.0000% | 8h | 501.77 | −0.017% | $15.6M | $18.8M | 20x | as long as short |
| Bybit MSFTUSDT | 0.0000% | 8h | 501.68 | −0.034% | $7.4M | $1.6M | 100x | as long as short |
| OKX MSFT-USDT-SWAP | 0.0000% | 8h | 501.91 | +0.012% | $3.0M | $2.3M | 20x | as long as short |
| Gate MSFT_USDT | 0.0000% | 8h | 501.59 | −0.052% | $3.1M | $1.7M | 100x | as long as short |
| Bitget MSFTUSDT | 0.0000% | 8h | 501.66 | −0.038% | $4.5M | $2.5M | 100x | as long as short |
edgeX MSFTUSDC
Hotstuff MSFT-PERP
Coinbase International MSFT-PERP-INTX
Aster MSFTUSDT
Extended MSFT_24_5-USD
Binance MSFTUSDT
Bybit MSFTUSDT
OKX MSFT-USDT-SWAP
Gate MSFT_USDT
Bitget MSFTUSDTShow all 33 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Variational Omni MSFT | 0.0000% | 8h | 501.69 | −0.031% | $1.3M | $682K | — | as long as short |
| GRVT MSFT_USDT_Perp | 0.0000% | 8h | 501.56 | −0.058% | $19K | $295K | 10x | as long as short |
| SunX MSFT-USDT | 0.0000% | 8h | 502.54 | +0.137% | $6K | $4.1M | 20x | as long as short |
| HTX MSFT-USDT | 0.0000% | 8h | 501.64 | −0.042% | $59K | $226K | 20x | as long as short |
| Phemex MSFTUSDT | 0.0000% | 8h | 501.99 | +0.028% | $2.2M | $765K | 10x | as long as short |
| Nado MSFT-PERP | +0.0005% | 1h | 501.60 | −0.051% | $414K | $64K | 20x | as long as short |
| Deribit MSFT_USDC-PERPETUAL | +0.0009% | 1h | 501.64 | −0.042% | $27K | $41K | 10x | as long as short |
| Lighter RH MSFT | +0.0032% | 1h | 501.59 | −0.052% | $622K | $2.0M | 20x | as long as short |
| QFEX MSFT-USDshort | +0.0038% | 1h | 501.61 | −0.048% | $1.1M | $5.8M | 10x | |
| Arcus MSFT-USD | +0.0040% | 1h | 501.47 | −0.076% | $97K | $109K | 10x | as long as short |
| Vest MSFT-USD-PERP | +0.0046% | 1h | 501.63 | −0.044% | — | $1K | 25x | as long as short |
| tradeXYZ xyz:MSFT | +0.0050% | 1h | 501.41 | −0.088% | $22.1M | $9.3M | 20x | as long as short |
| Polymarket Perps MSFT-USD | +0.0050% | 1h | 501.41 | −0.088% | $303K | $671K | 10x | as long as short |
| SoDEX MSFT-USD | +0.0050% | 1h | 501.63 | −0.044% | $60K | $3K | 10x | as long as short |
| Ondo Perps MSFT-USD.P | +0.0050% | 1h | 501.29 | −0.112% | $522K | $518K | 15x | as long as short |
| Paradex MSFT-USD-PERP | +0.0056% | 8h | 501.67 | −0.036% | $221 | — | 5x | as long as short |
| Phoenix MSFT | +0.0080% | 1h | 501.33 | −0.104% | $10K | $15K | 20x | as long as short |
| KuCoin MSFTUSDTM | +0.0100% | 8h | 501.44 | −0.082% | $1.5M | $19K | 20x | as long as short |
| ApeX Omni MSFTUSDT | +0.0100% | 1h | 501.24 | −0.122% | $160K | $7K | 50x | as long as short |
| Orderly PERP_MSFT_USDC_mythos | +0.0100% | 8h | 501.69 | −0.032% | $8K | — | 10x | as long as short |
| Aevo MSFT-PERP | +0.0104% | 1h | 501.66 | −0.037% | $55 | — | 10x | as long as short |
| Lighter MSFTlong | +0.0168% | 1h | 501.85 | long leg | $1.1M | $489K | 20x | |
| Injective MSFT/USDC PERP | +0.0220% | 1h | 501.78 | −0.014% | $115K | $45K | 30x | as long as short |
Variational Omni MSFT
GRVT MSFT_USDT_Perp
SunX MSFT-USDT
HTX MSFT-USDT
Phemex MSFTUSDT
Nado MSFT-PERP
Deribit MSFT_USDC-PERPETUAL
Lighter RH MSFT
Arcus 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
Phoenix MSFT
KuCoin MSFTUSDTM
ApeX Omni MSFTUSDT
Orderly PERP_MSFT_USDC_mythos
Aevo MSFT-PERP
Injective MSFT/USDC PERP