Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h +0.010%

Price spread now: Lighter RH against SunX−0.188%7-day average −0.221% · you buy dearer than you sell

Net, funding: paid 7d − costs−$212as in the Funding arb table

Net, price: spread back to 7d avg − costs−$215as in the Price arb table

costs, in and out, $10k−$2192.186% of the position

Long on SunX 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)−0.252%−$25 · spread now −0.188%, 7d avg −0.221%

Together, before fees−0.183%+ Points / potential airdropLighter RH: Points live · farm board−$18 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 0.033% dearer against SunX than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.221%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX MSFT-USDT	505.24	0	get 0.0000% / 8h	7h 47m	$6K	$3.7M	20x
Short	Lighter RH MSFT	504.29	0.0032	get 0.0004% / 1h	47m 33s	$706K	$1.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH against SunX. 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 SunXbpFee Lighter RHbpOrdersPrice spread, now −0.188%Rate

Funding earned: $6.72
Price spread: −0.188% → −0.221%: $3.3
Slippage, 4 orders: −$210.58
Fee SunX: 4 bp × 2 orders: −$8
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$208.57
Costs to cover: 2.186%
Break-even: 224.3 days

Slippage from SunX: live order book, 11 min ago; Lighter RH: live order book, 5 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 SunX live order book, 11 min ago	29.33 bp	110.8 bp −$111	doesn't fit	doesn't fit	doesn't fit
Sell Lighter RH live order book, 5 min ago	1.09 bp	1.2 bp −$1	3.9 bp −$39	40.1 bp −$4,008	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	−0.0960%	4h	504.46	−0.155%	$103K	$244K	10x	as long as short
Nado MSFT-PERP	−0.0084%	1h	504.22	−0.202%	$415K	$67K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0056%	1h	504.19	−0.208%	$684K	$493K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	504.55	−0.136%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	504.29	−0.187%	$338K	$1.9M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	504.44	−0.159%	$15.9M	$19.1M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	504.18	−0.210%	$7.2M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	504.65	−0.117%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	504.21	−0.204%	$3.1M	$1.8M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	504.44	−0.158%	$3.9M	$3.0M	100x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni MSFT	0.0000%	8h	504.39	−0.168%	$1.3M	$401K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	504.57	−0.133%	$18K	$318K	10x	as long as short
SunX MSFT-USDTlong	0.0000%	8h	505.24	long leg	$6K	$3.7M	20x
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	504.29	−0.188%	$27K	$44K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	504.33	−0.180%	$59K	$224K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	504.79	−0.089%	$2.2M	$828K	10x	as long as short
BloFin MSFT-USDT	+0.0002%	8h	504.46	−0.154%	$191K	$206K	20x	as long as short
Phoenix MSFT	+0.0016%	1h	504.20	−0.206%	$11K	$15K	20x	as long as short
QFEX MSFT-USD	+0.0023%	1h	504.41	−0.164%	$1.1M	$4.6M	10x	as long as short
Lighter MSFT	+0.0032%	1h	504.31	−0.184%	$1.2M	$510K	20x	as long as short
Lighter RH MSFTshort	+0.0032%	1h	504.29	−0.188%	$706K	$1.8M	20x
Arcus MSFT-USD	+0.0040%	1h	504.17	−0.212%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	504.46	−0.154%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0047%	1h	504.08	−0.230%	$22.4M	$8.9M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	504.23	−0.200%	$304K	$679K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	504.25	−0.196%	$61K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	504.00	−0.245%	$514K	$411K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0052%	8h	504.28	−0.190%	$222	—	5x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.98	−0.249%	$1.6M	$95K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	504.18	−0.210%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	504.45	−0.156%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	504.38	−0.171%	$55	—	10x	as long as short
Hotstuff MSFT-PERP	+0.0184%	1h	504.01	−0.243%	$33K	$8K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	503.87	−0.271%	$115K	$45K	30x	as long as short