Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0068%/8h= −7.4% APRpaid last 24h −0.020%

Price spread now: Lighter RH against Orderly−0.040%7-day average — · you buy dearer than you sell

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

Long on Orderly Short on Lighter RH

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 RH: Points live · farm boardneeds both histories

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Lighter RH is 0.040% cheaper against Orderly than usual: you would sell low and buy high (−$4 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_MSFT_USDC_mythos	503.38	0.0100	pay 0.0100% / 8h	5h 57m	$8K	—	10x
Short	Lighter RH MSFT	503.18	0.0032	get 0.0004% / 1h	57m 17s	$691K	$1.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH 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 Lighter RHbpOrdersPrice spread, now −0.040%Rate

Funding earned: −$14.28
Price spread: −0.040% → 0.000%: −$3.97
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$24.25
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Lighter RH: 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 RH live order book, 4 min ago	0.60 bp	0.6 bp −$1	4.6 bp −$46	43.3 bp −$4,335	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 exchanges

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	−0.1600%	1h	503.33	−0.010%	$32K	$8K	20x	as long as short
BloFin MSFT-USDT	−0.0027%	8h	503.44	+0.012%	$202K	$211K	20x	as long as short
Nado MSFT-PERP	−0.0020%	1h	502.92	−0.091%	$410K	$72K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	504.17	+0.157%	$166K	$118K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.22	−0.031%	$326K	$1.9M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	503.43	+0.010%	$16.3M	$20.9M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.15	−0.046%	$7.3M	$2.3M	100x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.10	−0.056%	$3.1M	$1.9M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	503.20	−0.036%	$3.9M	$2.9M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	503.63	+0.049%	$1.3M	$392K	—	as long as short

Show all 34 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX MSFT-USDT	0.0000%	8h	504.13	+0.149%	$6K	$3.5M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	502.97	−0.081%	$30K	$47K	10x	as long as short
Coinbase International MSFT-PERP-INTX	0.0000%	1h	502.80	−0.115%	$702K	$523K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.27	−0.022%	$48K	$246K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	503.90	+0.103%	$2.3M	$906K	10x	as long as short
edgeX MSFTUSDC	+0.0002%	4h	503.56	+0.036%	$102K	$244K	10x	as long as short
tradeXYZ xyz:MSFT	+0.0002%	1h	502.82	−0.111%	$22.5M	$9.2M	20x	as long as short
Lighter MSFT	+0.0032%	1h	503.18	−0.040%	$1.2M	$480K	20x	as long as short
Lighter RH MSFTshort	+0.0032%	1h	503.18	−0.040%	$691K	$1.8M	20x
Vest MSFT-USD-PERP	+0.0046%	1h	503.14	−0.048%	—	$1K	25x	as long as short
Phoenix MSFT	+0.0048%	1h	502.47	−0.181%	$11K	$5K	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.01	−0.074%	$318K	$677K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.16	−0.044%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	502.31	−0.213%	$532K	$382K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0057%	8h	502.92	−0.091%	$221	—	5x	as long as short
QFEX MSFT-USD	+0.0058%	1h	502.97	−0.081%	$1.1M	$4.7M	10x	as long as short
OKX MSFT-USDT-SWAP	+0.0062%	8h	503.46	+0.016%	$3.2M	$2.7M	20x	as long as short
GRVT MSFT_USDT_Perp	+0.0075%	8h	503.75	+0.074%	$18K	$317K	10x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.17	−0.042%	$1.6M	$214K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.07	−0.062%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythoslong	+0.0100%	8h	503.38	long leg	$8K	—	10x
Aevo MSFT-PERP	+0.0104%	1h	503.40	+0.004%	$55	—	10x	as long as short
Arcus MSFT-USD	+0.0190%	1h	503.02	−0.072%	$93K	$83K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	504.07	+0.137%	$115K	$45K	30x	as long as short