Funding you earn now, next payment 01:00 UTC−0.0048%/8h= −5.2% APRnext payment −$0.06 per $10,000 · paid last 24h −0.004%
Price spread now: Lighter RH against Phoenix+0.004%7-day average — · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 7 days+0.007%+$1 on $10k
+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
The price spread sits at zero (this spread has no 7-day history yet), 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 | Phoenix MSFT | 501.41 | 0.0080 | pay 0.0010% / 1h | 0m 38s | $10K | $15K | 20x |
| Short | Lighter RH MSFT | 501.43 | 0.0032 | get 0.0004% / 1h | 0m 38s | $651K | $2.1M | 20x |
Phoenix MSFT
Lighter RH MSFTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Lighter RH against Phoenix. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$10.05
- Price spread: +0.004% → 0.000%
- $0.4
- Slippage, 4 orders
- no order book: not counted
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Lighter RH: 0 bp × 2 orders
- $0
- Net
- −$16.65
- Costs to cover
- 0.070%
- Break-even
- never at this rate
Slippage unknown: Phoenix: no order-book sample; Lighter RH: live order book, 2 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 Phoenix no order-book sample | — | — | — | — | — |
| Sell Lighter RH live order book, 2 min ago | 1.40 bp | 1.6 bp −$2 | 3.7 bp −$37 | 39.7 bp −$3,970 | doesn't fit |
Phoenix: 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 33 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 | −0.0039% | 1h | 501.51 | +0.019% | $414K | $64K | 20x | as long as short |
| Coinbase International MSFT-PERP-INTX | −0.0016% | 1h | 501.24 | −0.034% | $679K | $457K | 10x | as long as short |
| Aster MSFTUSDT | 0.0000% | 8h | 501.72 | +0.063% | $161K | $116K | 20x | as long as short |
| Extended MSFT_24_5-USD | 0.0000% | 1h | 501.45 | +0.009% | $337K | $893K | 17x | as long as short |
| Binance MSFTUSDT | 0.0000% | 8h | 501.57 | +0.032% | $15.6M | $18.7M | 20x | as long as short |
| Bybit MSFTUSDT | 0.0000% | 8h | 501.70 | +0.058% | $7.4M | $1.6M | 100x | as long as short |
| OKX MSFT-USDT-SWAP | 0.0000% | 8h | 501.90 | +0.098% | $3.0M | $2.3M | 20x | as long as short |
| Gate MSFT_USDT | 0.0000% | 8h | 501.44 | +0.006% | $3.1M | $1.7M | 100x | as long as short |
| Bitget MSFTUSDT | 0.0000% | 8h | 501.62 | +0.042% | $4.5M | $2.5M | 100x | as long as short |
| Variational Omni MSFT | 0.0000% | 8h | 501.60 | +0.037% | $1.3M | $650K | — | as long as short |
Nado MSFT-PERP
Coinbase International MSFT-PERP-INTX
Aster MSFTUSDT
Extended MSFT_24_5-USD
Binance MSFTUSDT
Bybit MSFTUSDT
OKX MSFT-USDT-SWAP
Gate MSFT_USDT
Bitget MSFTUSDT
Variational Omni MSFTShow all 33 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| GRVT MSFT_USDT_Perp | 0.0000% | 8h | 501.58 | +0.034% | $19K | $295K | 10x | as long as short |
| SunX MSFT-USDT | 0.0000% | 8h | 502.43 | +0.203% | $6K | $4.1M | 20x | as long as short |
| Deribit MSFT_USDC-PERPETUAL | 0.0000% | 1h | 501.33 | −0.016% | $27K | $41K | 10x | as long as short |
| HTX MSFT-USDT | 0.0000% | 8h | 501.52 | +0.022% | $59K | $226K | 20x | as long as short |
| Phemex MSFTUSDT | 0.0000% | 8h | 501.78 | +0.074% | $2.2M | $762K | 10x | as long as short |
| Lighter RH MSFTshort | +0.0032% | 1h | 501.43 | +0.004% | $651K | $2.1M | 20x | |
| QFEX MSFT-USD | +0.0038% | 1h | 501.41 | 0.000% | $1.1M | $5.7M | 10x | as long as short |
| Arcus MSFT-USD | +0.0040% | 1h | 501.45 | +0.008% | $97K | $109K | 10x | as long as short |
| Vest MSFT-USD-PERP | +0.0046% | 1h | 501.55 | +0.028% | — | $1K | 25x | as long as short |
| tradeXYZ xyz:MSFT | +0.0050% | 1h | 501.24 | −0.034% | $22.1M | $9.3M | 20x | as long as short |
| Polymarket Perps MSFT-USD | +0.0050% | 1h | 501.24 | −0.034% | $303K | $671K | 10x | as long as short |
| SoDEX MSFT-USD | +0.0050% | 1h | 501.56 | +0.030% | $60K | $3K | 10x | as long as short |
| Ondo Perps MSFT-USD.P | +0.0050% | 1h | 501.21 | −0.040% | $522K | $483K | 15x | as long as short |
| Paradex MSFT-USD-PERP | +0.0053% | 8h | 501.57 | +0.031% | $221 | — | 5x | as long as short |
| Phoenix MSFTlong | +0.0080% | 1h | 501.41 | long leg | $10K | $15K | 20x | |
| Hotstuff MSFT-PERP | +0.0088% | 1h | 501.24 | −0.034% | $32K | $8K | 20x | as long as short |
| KuCoin MSFTUSDTM | +0.0100% | 8h | 501.31 | −0.020% | $1.5M | $19K | 20x | as long as short |
| ApeX Omni MSFTUSDT | +0.0100% | 1h | 501.46 | +0.010% | $160K | $7K | 50x | as long as short |
| Orderly PERP_MSFT_USDC_mythos | +0.0100% | 8h | 501.51 | +0.020% | $8K | — | 10x | as long as short |
| Aevo MSFT-PERP | +0.0104% | 1h | 501.53 | +0.024% | $55 | — | 10x | as long as short |
| Lighter MSFT | +0.0128% | 1h | 501.65 | +0.048% | $1.1M | $489K | 20x | as long as short |
| Injective MSFT/USDC PERP | +0.0220% | 1h | 501.87 | +0.092% | $115K | $45K | 30x | as long as short |
| edgeX MSFTUSDC | +0.0361% | 4h | 501.62 | +0.043% | $102K | $243K | 10x | as long as short |
GRVT MSFT_USDT_Perp
SunX MSFT-USDT
Deribit MSFT_USDC-PERPETUAL
HTX MSFT-USDT
Phemex MSFTUSDT
QFEX MSFT-USD
Arcus MSFT-USD
Vest MSFT-USD-PERP
tradeXYZ xyz:MSFT
Polymarket Perps MSFT-USD
SoDEX MSFT-USD
Ondo Perps MSFT-USD.P
Paradex MSFT-USD-PERP
Hotstuff MSFT-PERP
KuCoin MSFTUSDTM
ApeX Omni MSFTUSDT
Orderly PERP_MSFT_USDC_mythos
Aevo MSFT-PERP
Lighter MSFT
Injective MSFT/USDC PERP
edgeX MSFTUSDC