Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0873%/8h= +95.5% APRpaid last 24h −0.070%

Price spread now: edgeX against Lighter RH−0.060%80s7-day average +0.054% · you buy dearer than you sell

Net, funding: paid 7d − costs−$28as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$240.238% of the position

Long on Lighter RH Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.039%−$4 on $10k

Price spread, last 4 days (all we have)+0.123%+$12 · spread now −0.060%, 7d avg +0.054%

Together, before fees+0.085%+ Points / potential airdropLighter RH: Points live · edgeX: Active · farm board+$8 on $10k · with fees, hour by hour

Funding pays, the price is against you. edgeX is 0.115% cheaper against Lighter RH than usual: you would sell low and buy high (spread −0.060% now, against its 7-day average of +0.054%). If the spread goes back, that is −$11 on $10k: about 11 hours of funding at the current rate (+$26 a day). The two prices were read 80 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.039% in total (about -2.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH MSFT	502.22	0.0032	pay 0.0004% / 1h	26m 11s	$679K	$2.0M	20x
Short	edgeX MSFTUSDC	501.92	0.0905	get 0.0452% / 4h	3h 26m	$102K	$244K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.060%Rate

Funding earned: $183.25
Price spread: −0.060% → +0.054%: −$11.47
Slippage, 4 orders: −$14.82
Fee Lighter RH: 0 bp × 2 orders: $0
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: $147.96
Costs to cover: 0.238%
Break-even: 1.3 days

Slippage from Lighter RH: live order book, 2 min ago; edgeX: live order book, 26 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, 2 min ago	1.69 bp	2.1 bp −$2	5.7 bp −$57	44.3 bp −$4,425	doesn't fit
Sell edgeX live order book, 26 min ago	5.19 bp	9.8 bp −$10	12.2 bp −$122	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
Nado MSFT-PERP	−0.0102%	1h	502.30	+0.015%	$415K	$64K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0032%	1h	500.97	−0.249%	$677K	$447K	10x	as long as short
tradeXYZ xyz:MSFT	−0.0006%	1h	502.04	−0.036%	$22.2M	$8.8M	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	502.31	+0.019%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	502.34	+0.025%	$337K	$881K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	502.49	+0.053%	$15.8M	$19.1M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	502.23	+0.002%	$7.2M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	502.44	+0.044%	$3.0M	$2.3M	20x	as long as short
Hotstuff MSFT-PERP	0.0000%	1h	502.04	−0.036%	$32K	$8K	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	502.15	−0.014%	$3.1M	$1.7M	100x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MSFTUSDT	0.0000%	8h	502.41	+0.038%	$4.4M	$2.6M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	502.04	−0.036%	$1.3M	$607K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	502.17	−0.009%	$19K	$297K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	503.22	+0.199%	$6K	$4.0M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	502.22	0.000%	$27K	$42K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	502.24	+0.004%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.55	+0.066%	$2.2M	$778K	10x	as long as short
BloFin MSFT-USDT	+0.0016%	8h	502.43	+0.042%	$189K	$204K	20x	as long as short
Lighter MSFT	+0.0032%	1h	502.47	+0.050%	$1.1M	$503K	20x	as long as short
Lighter RH MSFTlong	+0.0032%	1h	502.22	long leg	$679K	$2.0M	20x
QFEX MSFT-USD	+0.0035%	1h	502.32	+0.020%	$1.1M	$4.9M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.97	−0.050%	$96K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	502.47	+0.050%	—	$1K	25x	as long as short
Phoenix MSFT	+0.0048%	1h	501.61	−0.121%	$10K	$15K	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	502.11	−0.022%	$303K	$701K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	502.32	+0.020%	$60K	$3K	10x	as long as short
Paradex MSFT-USD-PERP	+0.0050%	8h	502.29	+0.014%	$221	—	5x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.96	−0.052%	$511K	$461K	15x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.87	−0.070%	$1.6M	$53K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.65	−0.113%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	502.36	+0.028%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	502.39	+0.034%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.14	−0.016%	$115K	$45K	30x	as long as short
edgeX MSFTUSDCshort	+0.0905%	4h	501.92	−0.060%	$102K	$244K	10x