Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0054%/8h= +5.9% APRpaid last 24h +0.005%

Price spread now: Lighter against Paradex+0.037%7-day average — · you sell dearer than you buy

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

Long on Paradex Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropParadex: Active · Lighter: 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 0.037% dearer against Paradex 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	Paradex MSFT-USD-PERP	501.11	0.0050	pay 0.0050% / 8h	6h 46m	$220	—	5x
Short	Lighter MSFT	501.30	0.0104	get 0.0013% / 1h	46m 07s	$1.1M	$487K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Paradex. 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 ParadexbpFee LighterbpOrdersPrice spread, now +0.037%Rate

Funding earned: $11.25
Price spread: +0.037% → 0.000%: $3.69
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Lighter: 0 bp × 2 orders: $0
Net: $10.95
Costs to cover: 0.040%
Break-even: 0.2 days

Slippage unknown: Paradex: no order-book sample; Lighter: live order book, 5 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 Paradex no order-book sample	—	—	—	—	—
Sell Lighter live order book, 5 min ago	1.00 bp	1.4 bp −$1	5.8 bp −$58	doesn't fit	doesn't fit

Paradex: 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
edgeX MSFTUSDC	−0.0949%	4h	501.27	+0.031%	$102K	$243K	10x	as long as short
Hotstuff MSFT-PERP	−0.0080%	1h	500.80	−0.063%	$32K	$8K	20x	as long as short
Nado MSFT-PERP	−0.0029%	1h	500.97	−0.029%	$414K	$64K	20x	as long as short
BloFin MSFT-USDT	−0.0028%	8h	501.33	+0.043%	$189K	$204K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0016%	1h	500.76	−0.071%	$684K	$449K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.31	+0.039%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.17	+0.011%	$342K	$898K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.30	+0.037%	$15.6M	$18.7M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.16	+0.009%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.42	+0.061%	$3.0M	$2.3M	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate MSFT_USDT	0.0000%	8h	500.96	−0.031%	$3.1M	$1.6M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.27	+0.031%	$4.3M	$2.4M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.24	+0.024%	$1.3M	$677K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.31	+0.038%	$19K	$293K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.07	+0.191%	$6K	$4.1M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.17	+0.011%	$58K	$227K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.35	+0.047%	$2.2M	$758K	10x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.08	−0.007%	$620K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0038%	1h	501.18	+0.013%	$1.1M	$5.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.10	−0.003%	$97K	$109K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.08	−0.007%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	500.88	−0.047%	$22.1M	$9.2M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	500.92	−0.039%	$303K	$672K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.17	+0.011%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.95	−0.033%	$513K	$502K	15x	as long as short
Paradex MSFT-USD-PERPlong	+0.0050%	8h	501.11	long leg	$220	—	5x
Phoenix MSFT	+0.0080%	1h	500.97	−0.029%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	500.84	−0.055%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	500.80	−0.063%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.19	+0.015%	$8K	—	10x	as long as short
Lighter MSFTshort	+0.0104%	1h	501.30	+0.037%	$1.1M	$487K	20x
Aevo MSFT-PERP	+0.0104%	1h	501.16	+0.009%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.56	+0.089%	$115K	$45K	30x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0389%	1h	501.22	+0.021%	$27K	$41K	10x	as long as short