Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h 0.000%

Price spread now: Binance against Lighter RH+0.042%7-day average +0.062% · you sell dearer than you buy

Net, funding: paid 7d − costs−$21as in the Funding arb table

Net, price: spread back to 7d avg − costs−$19as in the Price arb table

costs, in and out, $10k−$170.172% of the position

Long on Lighter RH Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.040%−$4 on $10k

Price spread, last 2 days (all we have)+0.020%+$2 · spread now +0.042%, 7d avg +0.062%

Together, before fees−0.021%+ Points / potential airdropLighter RH: Points live · farm board−$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.062%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH MSFT	501.63	0.0032	pay 0.0004% / 1h	10m 02s	$652K	$2.2M	20x
Short	Binance MSFTUSDT	501.84	0	get 0.0000% / 8h	2h 10m	$15.7M	$19.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now +0.042%Rate

Funding earned: −$6.72
Price spread: +0.042% → +0.062%: −$1.98
Slippage, 4 orders: −$7.25
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Binance: 5 bp × 2 orders: −$10
Net: −$25.95
Costs to cover: 0.172%
Break-even: never at this rate

Slippage from Lighter RH: live order book, 3 min ago; Binance: live order book, 1 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, 3 min ago	1.10 bp	2.0 bp −$2	5.0 bp −$50	46.7 bp −$4,669	doesn't fit
Sell Binance live order book, 1 min ago	0.20 bp	6.2 bp −$6	11.6 bp −$116	48.7 bp −$4,869	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
Hotstuff MSFT-PERP	−0.0048%	1h	501.39	−0.048%	$32K	$8K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0040%	1h	501.47	−0.032%	$690K	$433K	10x	as long as short
Nado MSFT-PERP	−0.0004%	1h	501.40	−0.046%	$414K	$64K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.91	+0.056%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.79	+0.033%	$372K	$369K	17x	as long as short
Binance MSFTUSDTshort	0.0000%	8h	501.84	+0.042%	$15.7M	$19.3M	20x
Bybit MSFTUSDT	0.0000%	8h	501.89	+0.052%	$7.4M	$1.7M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.78	+0.030%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.63	0.000%	$3.1M	$1.5M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.84	+0.042%	$3.8M	$2.2M	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	501.81	+0.036%	$1.3M	$726K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.70	+0.014%	$19K	$328K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.63	+0.199%	$6K	$4.4M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.68	+0.010%	$59K	$230K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.26	+0.126%	$2.2M	$768K	10x	as long as short
BloFin MSFT-USDT	+0.0022%	8h	501.82	+0.038%	$189K	$210K	20x	as long as short
Lighter MSFT	+0.0032%	1h	501.73	+0.020%	$1.1M	$654K	20x	as long as short
Lighter RH MSFTlong	+0.0032%	1h	501.63	long leg	$652K	$2.2M	20x
Vest MSFT-USD-PERP	+0.0046%	1h	501.61	−0.004%	—	—	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.41	−0.044%	$22.2M	$10.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.38	−0.050%	$309K	$683K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.79	+0.032%	$60K	$3K	10x	as long as short
Paradex MSFT-USD-PERP	+0.0050%	8h	501.70	+0.014%	$221	—	5x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.27	−0.072%	$521K	$485K	15x	as long as short
QFEX MSFT-USD	+0.0050%	1h	501.75	+0.024%	$1.2M	$5.7M	10x	as long as short
Phoenix MSFT	+0.0096%	1h	501.61	−0.004%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.22	−0.082%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.40	−0.046%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.73	+0.020%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.81	+0.036%	$55	—	10x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0149%	1h	501.69	+0.012%	$27K	$104K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.89	+0.052%	$115K	$45K	30x	as long as short
Arcus MSFT-USD	+0.0531%	1h	501.62	−0.002%	$109K	$90K	10x	as long as short
edgeX MSFTUSDC	+0.0559%	4h	501.81	+0.035%	$102K	$244K	10x	as long as short