Funding you earn now, next payment 20:00 UTC−0.0032%/8hpaid last 24h −0.011%
Price spread now: Phemex against Lighter RH+0.038%7-day average +0.107% · you sell dearer than you buy
Net, funding: paid 7d − costs−$69as in the Funding arb table
Net, price: spread back to 7d avg − costs−$69as in the Price arb table
costs, in and out, $10k−$620.621% of the position
Funding, last 7 days−0.069%−$7 on $10k
+Price spread, last 3 days (all we have)+0.090%+$9 · spread now +0.038%, 7d avg +0.107%
=Together, before fees+0.021%+ Points / potential airdropLighter RH: Points live · farm board+$2 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 Phemex is 0.069% cheaper against Lighter RH than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of +0.107%). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Lighter RH MSFT | 501.30 | 0.0032 | pay 0.0004% / 1h | 5m 10s | $667K | $2.3M | 20x |
| Short | Phemex MSFTUSDT | 501.49 | 0 | get 0.0000% / 8h | 4h 05m | $2.2M | $730K | 10x |
Lighter RH MSFT
Phemex MSFTUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phemex 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 itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$6.72
- Price spread: +0.038% → +0.107%
- −$6.88
- Slippage, 4 orders
- −$50.13
- Fee Lighter RH: 0 bp × 2 orders
- $0
- Fee Phemex: 6 bp × 2 orders
- −$12
- Net
- −$75.73
- Costs to cover
- 0.621%
- Break-even
- never at this rate
Slippage from Lighter RH: live order book, 2 min ago; Phemex: live order book, 3 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 | 1.50 bp | 1.6 bp −$2 | 5.4 bp −$54 | 42.9 bp −$4,289 | doesn't fit |
| Sell Phemex live order book, 3 min ago | 1.30 bp | 30.5 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 | −0.0549% | 4h | 500.58 | −0.143% | $102K | $243K | 10x | as long as short |
| Nado MSFT-PERP | −0.0028% | 1h | 500.58 | −0.144% | $449K | $44K | 20x | as long as short |
| Coinbase International MSFT-PERP-INTX | −0.0016% | 1h | 499.93 | −0.273% | $692K | $403K | 10x | as long as short |
| Aster MSFTUSDT | 0.0000% | 8h | 500.92 | −0.076% | $156K | $110K | 20x | as long as short |
| Extended MSFT_24_5-USD | 0.0000% | 1h | 501.29 | −0.002% | $371K | $401K | 17x | as long as short |
| Binance MSFTUSDT | 0.0000% | 8h | 501.41 | +0.023% | $15.7M | $18.5M | 20x | as long as short |
| Bybit MSFTUSDT | 0.0000% | 8h | 501.41 | +0.022% | $7.4M | $1.6M | 100x | as long as short |
| OKX MSFT-USDT-SWAP | 0.0000% | 8h | 501.28 | −0.004% | $3.1M | $2.2M | 20x | as long as short |
| Gate MSFT_USDT | 0.0000% | 8h | 501.04 | −0.052% | $3.1M | $1.5M | 100x | as long as short |
| Variational Omni MSFT | 0.0000% | 8h | 501.10 | −0.039% | $1.3M | $741K | — | as long as short |
edgeX MSFTUSDC
Nado 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
Variational Omni MSFTShow all 34 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| GRVT MSFT_USDT_Perp | 0.0000% | 8h | 501.24 | −0.012% | $18K | $340K | 10x | as long as short |
| SunX MSFT-USDT | 0.0000% | 8h | 502.16 | +0.172% | $6K | $4.4M | 20x | as long as short |
| HTX MSFT-USDT | 0.0000% | 8h | 501.26 | −0.008% | $58K | $231K | 20x | as long as short |
| Phemex MSFTUSDTshort | 0.0000% | 8h | 501.49 | +0.038% | $2.2M | $730K | 10x | |
| Bitget MSFTUSDT | +0.0009% | 8h | 501.27 | −0.006% | $3.9M | $2.0M | 100x | as long as short |
| BloFin MSFT-USDT | +0.0027% | 8h | 501.32 | +0.004% | $192K | $206K | 20x | as long as short |
| Deribit MSFT_USDC-PERPETUAL | +0.0029% | 1h | 501.17 | −0.026% | $27K | $115K | 10x | as long as short |
| Lighter MSFT | +0.0032% | 1h | 501.45 | +0.030% | $1.1M | $635K | 20x | as long as short |
| Lighter RH MSFTlong | +0.0032% | 1h | 501.30 | long leg | $667K | $2.3M | 20x | |
| Hotstuff MSFT-PERP | +0.0040% | 1h | 500.63 | −0.134% | $32K | $8K | 20x | as long as short |
| QFEX MSFT-USD | +0.0045% | 1h | 500.90 | −0.080% | $1.1M | $5.5M | 10x | as long as short |
| Vest MSFT-USD-PERP | +0.0046% | 1h | 501.05 | −0.050% | — | — | 25x | as long as short |
| tradeXYZ xyz:MSFT | +0.0050% | 1h | 500.84 | −0.092% | $22.2M | $9.6M | 20x | as long as short |
| Polymarket Perps MSFT-USD | +0.0050% | 1h | 500.80 | −0.100% | $315K | $654K | 10x | as long as short |
| SoDEX MSFT-USD | +0.0050% | 1h | 501.33 | +0.006% | $60K | $3K | 10x | as long as short |
| Paradex MSFT-USD-PERP | +0.0050% | 8h | 500.82 | −0.097% | $220 | — | 5x | as long as short |
| Ondo Perps MSFT-USD.P | +0.0050% | 1h | 500.51 | −0.158% | $514K | $474K | 15x | as long as short |
| Phoenix MSFT | +0.0080% | 1h | 500.53 | −0.154% | $10K | $15K | 20x | as long as short |
| KuCoin MSFTUSDTM | +0.0100% | 8h | 500.83 | −0.094% | $1.5M | $11K | 20x | as long as short |
| ApeX Omni MSFTUSDT | +0.0100% | 1h | 500.84 | −0.092% | $159K | $7K | 50x | as long as short |
| Orderly PERP_MSFT_USDC_mythos | +0.0100% | 8h | 501.00 | −0.060% | $8K | — | 10x | as long as short |
| Aevo MSFT-PERP | +0.0104% | 1h | 501.00 | −0.061% | $55 | — | 10x | as long as short |
| Injective MSFT/USDC PERP | +0.0220% | 1h | 500.34 | −0.192% | $115K | $45K | 30x | as long as short |
| Arcus MSFT-USD | +0.0553% | 1h | 500.90 | −0.080% | $111K | $76K | 10x | as long as short |
GRVT MSFT_USDT_Perp
SunX MSFT-USDT
HTX MSFT-USDT
Bitget MSFTUSDT
BloFin MSFT-USDT
Deribit MSFT_USDC-PERPETUAL
Lighter MSFT
Hotstuff MSFT-PERP
QFEX MSFT-USD
Vest MSFT-USD-PERP
tradeXYZ xyz:MSFT
Polymarket Perps MSFT-USD
SoDEX MSFT-USD
Paradex MSFT-USD-PERP
Ondo Perps MSFT-USD.P
Phoenix MSFT
KuCoin MSFTUSDTM
ApeX Omni MSFTUSDT
Orderly PERP_MSFT_USDC_mythos
Aevo MSFT-PERP
Injective MSFT/USDC PERP
Arcus MSFT-USD