Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h +0.022%

Price spread now: Lighter against Phemex−0.046%7-day average −0.061% · you buy dearer than you sell

Net, funding: paid 7d − costs−$60as in the Funding arb table

Net, price: spread back to 7d avg − costs−$68as in the Price arb table

costs, in and out, $10k−$700.700% of the position

Long on Phemex Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.105%+$10 on $10k

Price spread, last 3 days (all we have)−0.090%−$9 · spread now −0.046%, 7d avg −0.061%

Together, before fees+0.015%+ Points / potential airdropLighter: Season 3 · farm board+$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.061%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex MSFTUSDT	501.98	0	get 0.0000% / 8h	2h 08m	$2.2M	$768K	10x
Short	Lighter MSFT	501.75	0.0032	get 0.0004% / 1h	8m 35s	$1.1M	$654K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Phemex. 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 PhemexbpFee LighterbpOrdersPrice spread, now −0.046%Rate

Funding earned: $6.72
Price spread: −0.046% → −0.061%: $1.56
Slippage, 4 orders: −$58.05
Fee Phemex: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$61.76
Costs to cover: 0.700%
Break-even: 71.3 days

Slippage from Phemex: live order book, 5 min ago; Lighter: live order book, 7 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 Phemex live order book, 5 min ago	1.00 bp	30.5 bp −$31	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 7 min ago	0.20 bp	3.4 bp −$3	15.5 bp −$155	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	−0.0058%	4h	501.82	−0.032%	$102K	$242K	10x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0040%	1h	501.47	−0.102%	$690K	$433K	10x	as long as short
Nado MSFT-PERP	−0.0002%	1h	501.38	−0.119%	$414K	$64K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.96	−0.003%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.73	−0.050%	$372K	$369K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.78	−0.040%	$15.7M	$19.3M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.88	−0.020%	$7.4M	$1.7M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.78	−0.040%	$3.0M	$2.3M	20x	as long as short
Hotstuff MSFT-PERP	0.0000%	1h	501.37	−0.122%	$32K	$8K	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.60	−0.076%	$3.1M	$1.5M	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	501.81	−0.034%	$3.8M	$2.2M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.81	−0.033%	$1.3M	$726K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.76	−0.044%	$19K	$328K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.63	+0.129%	$6K	$4.4M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.58	−0.080%	$59K	$230K	20x	as long as short
Phemex MSFTUSDTlong	0.0000%	8h	501.98	long leg	$2.2M	$768K	10x
BloFin MSFT-USDT	+0.0020%	8h	501.84	−0.028%	$188K	$210K	20x	as long as short
Lighter MSFTshort	+0.0032%	1h	501.75	−0.046%	$1.1M	$654K	20x
Lighter RH MSFT	+0.0032%	1h	501.64	−0.068%	$652K	$2.2M	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.62	−0.072%	—	—	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.36	−0.124%	$22.2M	$10.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.36	−0.124%	$309K	$683K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.78	−0.040%	$60K	$3K	10x	as long as short
Paradex MSFT-USD-PERP	+0.0050%	8h	501.72	−0.052%	$221	—	5x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.32	−0.131%	$521K	$485K	15x	as long as short
QFEX MSFT-USD	+0.0050%	1h	501.69	−0.058%	$1.2M	$5.7M	10x	as long as short
Phoenix MSFT	+0.0096%	1h	501.60	−0.076%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.21	−0.153%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.43	−0.110%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.72	−0.052%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.80	−0.036%	$55	—	10x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0109%	1h	501.63	−0.070%	$27K	$104K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.89	−0.018%	$115K	$45K	30x	as long as short
Arcus MSFT-USD	+0.0531%	1h	501.62	−0.072%	$109K	$90K	10x	as long as short