Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h +0.010%

Price spread now: Lighter RH against Phemex−0.040%7-day average −0.101% · you buy dearer than you sell

Net, funding: paid 7d − costs−$58as in the Funding arb table

Net, price: spread back to 7d avg − costs−$59as in the Price arb table

costs, in and out, $10k−$650.650% of the position

Long on Phemex Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days+0.069%+$7 on $10k

Price spread, last 4 days (all we have)−0.152%−$15 · spread now −0.040%, 7d avg −0.101%

Together, before fees−0.084%+ Points / potential airdropLighter RH: Points live · farm board−$8 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Lighter RH is 0.062% dearer against Phemex than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of −0.101%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex MSFTUSDT	501.56	0	get 0.0000% / 8h	4h 17m	$2.2M	$768K	10x
Short	Lighter RH MSFT	501.36	0.0032	get 0.0004% / 1h	17m 19s	$675K	$2.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH 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 Lighter RHbpOrdersPrice spread, now −0.040%Rate

Funding earned: $6.72
Price spread: −0.040% → −0.101%: $6.16
Slippage, 4 orders: −$52.96
Fee Phemex: 6 bp × 2 orders: −$12
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$52.08
Costs to cover: 0.650%
Break-even: 61.3 days

Slippage from Phemex: live order book, 1 min ago; Lighter RH: live order book, 1 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, 1 min ago	0.50 bp	28.4 bp −$28	doesn't fit	doesn't fit	doesn't fit
Sell Lighter RH live order book, 1 min ago	1.40 bp	1.6 bp −$2	3.3 bp −$33	40.2 bp −$4,021	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
Coinbase International MSFT-PERP-INTX	−0.0040%	1h	500.97	−0.118%	$678K	$455K	10x	as long as short
edgeX MSFTUSDC	−0.0029%	4h	501.50	−0.012%	$102K	$244K	10x	as long as short
BloFin MSFT-USDT	−0.0027%	8h	501.53	−0.006%	$189K	$204K	20x	as long as short
Nado MSFT-PERP	−0.0007%	1h	501.29	−0.053%	$414K	$64K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.28	−0.056%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.47	−0.018%	$337K	$893K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.60	+0.009%	$15.8M	$19.0M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.24	−0.064%	$7.2M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.57	+0.002%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.32	−0.048%	$3.1M	$1.7M	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	501.50	−0.012%	$4.5M	$2.5M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.48	−0.016%	$1.3M	$615K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.52	−0.008%	$19K	$302K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.37	+0.161%	$6K	$4.0M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.52	−0.008%	$59K	$225K	20x	as long as short
Phemex MSFTUSDTlong	0.0000%	8h	501.56	long leg	$2.2M	$768K	10x
Lighter RH MSFTshort	+0.0032%	1h	501.36	−0.040%	$675K	$2.0M	20x
QFEX MSFT-USD	+0.0036%	1h	501.46	−0.020%	$1.2M	$5.2M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.26	−0.060%	$96K	$111K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.43	−0.026%	—	$1K	25x	as long as short
Phoenix MSFT	+0.0048%	1h	501.19	−0.074%	$10K	$15K	20x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.03	−0.106%	$22.1M	$8.7M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.20	−0.072%	$302K	$722K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.35	−0.042%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.10	−0.092%	$528K	$443K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0057%	8h	501.43	−0.025%	$221	—	5x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.15	−0.082%	$1.5M	$20K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.19	−0.074%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.43	−0.026%	$8K	—	10x	as long as short
Hotstuff MSFT-PERP	+0.0104%	1h	501.05	−0.102%	$32K	$8K	20x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.43	−0.025%	$55	—	10x	as long as short
Lighter MSFT	+0.0120%	1h	501.57	+0.002%	$1.1M	$499K	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0129%	1h	501.40	−0.032%	$27K	$41K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.63	+0.014%	$115K	$45K	30x	as long as short