Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0060%/8h= +6.6% APRpaid last 24h −0.012%

Price spread now: Lighter against Orderly+0.042%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Orderly Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropLighter: Season 3 · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Lighter is 0.042% dearer against Orderly than usual: you sell high and buy low: +$4 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_MSFT_USDC_mythos	502.12	0.0100	pay 0.0100% / 8h	47m 07s	$8K	—	10x
Short	Lighter MSFT	502.33	0.0160	get 0.0020% / 1h	47m 07s	$1.1M	$585K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Orderly. 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 OrderlybpFee LighterbpOrdersPrice spread, now +0.042%Rate

Funding earned: $12.6
Price spread: +0.042% → 0.000%: $4.18
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Lighter: 0 bp × 2 orders: $0
Net: $10.78
Costs to cover: 0.060%
Break-even: 1.0 days

Slippage unknown: Orderly: no order-book sample; Lighter: live order book, 4 min ago. Net counts fees only.

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 Orderly no order-book sample	—	—	—	—	—
Sell Lighter live order book, 4 min ago	0.70 bp	1.3 bp −$1	6.8 bp −$68	doesn't fit	doesn't fit

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0026%	1h	501.96	−0.032%	$414K	$64K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0016%	1h	501.76	−0.072%	$687K	$450K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	502.20	+0.016%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	502.13	+0.002%	$337K	$392K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	502.23	+0.021%	$15.7M	$19.1M	20x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	502.31	+0.038%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	502.00	−0.024%	$3.2M	$1.6M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	502.28	+0.032%	$3.8M	$2.3M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	502.26	+0.027%	$1.3M	$702K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	502.15	+0.007%	$18K	$308K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX MSFT-USDT	0.0000%	8h	502.98	+0.171%	$6K	$4.3M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	502.01	−0.022%	$59K	$227K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.33	+0.042%	$2.2M	$753K	10x	as long as short
BloFin MSFT-USDT	+0.0001%	8h	502.29	+0.034%	$188K	$209K	20x	as long as short
Bybit MSFTUSDT	+0.0026%	8h	502.36	+0.048%	$7.4M	$1.7M	100x	as long as short
Lighter RH MSFT	+0.0032%	1h	502.14	+0.004%	$640K	$2.1M	20x	as long as short
Hotstuff MSFT-PERP	+0.0040%	1h	501.85	−0.054%	$32K	$8K	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	502.11	−0.002%	—	$1K	25x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0049%	1h	502.07	−0.010%	$27K	$101K	10x	as long as short
QFEX MSFT-USD	+0.0049%	1h	502.09	−0.006%	$1.1M	$5.8M	10x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.87	−0.050%	$22.3M	$9.6M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.76	−0.072%	$303K	$678K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	502.18	+0.012%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.76	−0.072%	$529K	$494K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0054%	8h	502.18	+0.013%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	502.03	−0.018%	$11K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.69	−0.086%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.91	−0.042%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythoslong	+0.0100%	8h	502.12	long leg	$8K	—	10x
Aevo MSFT-PERP	+0.0104%	1h	502.15	+0.007%	$55	—	10x	as long as short
Lighter MSFTshort	+0.0160%	1h	502.33	+0.042%	$1.1M	$585K	20x
Injective MSFT/USDC PERP	+0.0220%	1h	502.36	+0.048%	$115K	$45K	30x	as long as short
Arcus MSFT-USD	+0.0286%	1h	502.12	0.000%	$97K	$109K	10x	as long as short
edgeX MSFTUSDC	+0.0785%	4h	502.22	+0.020%	$102K	$243K	10x	as long as short