Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h −0.010%

Price spread now: Aster against Lighter RH+0.035%7-day average +0.075% · you sell dearer than you buy

Net, funding: paid 7d − costs−$48as in the Funding arb table

Net, price: spread back to 7d avg − costs−$48as in the Price arb table

costs, in and out, $10k−$440.437% of the position

Long on Lighter RH Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days−0.043%−$4 on $10k

Price spread, last 4 days (all we have)+0.058%+$6 · spread now +0.035%, 7d avg +0.075%

Together, before fees+0.015%+ Points / potential airdropLighter RH: Points live · Aster: Stage 5 · farm board+$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Aster is 0.040% cheaper against Lighter RH than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.075%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH MSFT	501.25	0.0032	pay 0.0004% / 1h	8m 20s	$619K	$2.0M	20x
Short	Aster MSFTUSDT	501.43	0	get 0.0000% / 8h	7h 08m	$161K	$116K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Lighter RH. 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 Lighter RHbpFee AsterbpOrdersPrice spread, now +0.035%Rate

Funding earned: −$6.72
Price spread: +0.035% → +0.075%: −$4.04
Slippage, 4 orders: −$35.65
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Aster: 4 bp × 2 orders: −$8
Net: −$54.41
Costs to cover: 0.437%
Break-even: never at this rate

Slippage from Lighter RH: live order book, 5 min ago; Aster: live order book, 63 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 RH live order book, 5 min ago	1.00 bp	1.9 bp −$2	4.6 bp −$46	41.3 bp −$4,126	doesn't fit
Sell Aster live order book, 63 min ago	11.45 bp	16.7 bp −$17	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	−0.0383%	4h	501.35	+0.021%	$102K	$242K	10x	as long as short
BloFin MSFT-USDT	−0.0018%	8h	501.41	+0.032%	$188K	$205K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0008%	1h	501.03	−0.044%	$685K	$453K	10x	as long as short
Aster MSFTUSDTshort	0.0000%	8h	501.43	+0.035%	$161K	$116K	20x
Extended MSFT_24_5-USD	0.0000%	1h	501.31	+0.011%	$342K	$905K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.41	+0.032%	$15.7M	$18.7M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.21	−0.008%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.38	+0.026%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.12	−0.026%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.41	+0.032%	$3.8M	$2.1M	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	501.33	+0.016%	$1.3M	$690K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.50	+0.050%	$19K	$293K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.18	+0.186%	$6K	$4.1M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.06	−0.038%	$27K	$41K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.23	−0.004%	$58K	$227K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.82	+0.114%	$2.2M	$760K	10x	as long as short
Nado MSFT-PERP	+0.0012%	1h	501.13	−0.023%	$414K	$64K	20x	as long as short
Lighter RH MSFTlong	+0.0032%	1h	501.25	long leg	$619K	$2.0M	20x
QFEX MSFT-USD	+0.0044%	1h	501.29	+0.008%	$1.1M	$5.8M	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.21	−0.008%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	500.89	−0.072%	$22.1M	$9.2M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	500.95	−0.060%	$303K	$672K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.23	−0.004%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.92	−0.066%	$514K	$503K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0051%	8h	501.24	−0.003%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.07	−0.036%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.22	−0.006%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	500.98	−0.054%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.24	−0.002%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.22	−0.005%	$55	—	10x	as long as short
Lighter MSFT	+0.0112%	1h	501.46	+0.042%	$1.1M	$486K	20x	as long as short
Hotstuff MSFT-PERP	+0.0176%	1h	500.97	−0.056%	$32K	$8K	20x	as long as short
Arcus MSFT-USD	+0.0212%	1h	501.23	−0.004%	$97K	$109K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.76	+0.102%	$115K	$45K	30x	as long as short