Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

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

Price spread now: Lighter RH against Aster−0.014%7-day average −0.076% · you buy dearer than you sell

Net, funding: paid 7d − costs−$45as in the Funding arb table

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$500.497% of the position

Long on Aster Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days+0.043%+$4 on $10k

Price spread, last 4 days (all we have)−0.090%−$9 · spread now −0.014%, 7d avg −0.076%

Together, before fees−0.047%+ Points / potential airdropAster: Stage 5 · Lighter RH: Points live · farm board−$5 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 Aster than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of −0.076%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster MSFTUSDT	502.21	0	get 0.0000% / 8h	41m 38s	$161K	$116K	20x
Short	Lighter RH MSFT	502.14	0.0032	get 0.0004% / 1h	41m 38s	$639K	$2.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH against Aster. 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 AsterbpFee Lighter RHbpOrdersPrice spread, now −0.014%Rate

Funding earned: $6.72
Price spread: −0.014% → −0.076%: $6.23
Slippage, 4 orders: −$41.72
Fee Aster: 4 bp × 2 orders: −$8
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$36.77
Costs to cover: 0.497%
Break-even: 45.3 days

Slippage from Aster: live order book, 35 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 Aster live order book, 35 min ago	9.26 bp	23.7 bp −$24	doesn't fit	doesn't fit	doesn't fit
Sell Lighter RH live order book, 1 min ago	1.10 bp	1.4 bp −$1	5.8 bp −$58	46.2 bp −$4,616	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
Nado MSFT-PERP	−0.0018%	1h	501.95	−0.051%	$414K	$64K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0016%	1h	501.76	−0.090%	$687K	$450K	10x	as long as short
BloFin MSFT-USDT	−0.0003%	8h	502.30	+0.018%	$188K	$209K	20x	as long as short
Aster MSFTUSDTlong	0.0000%	8h	502.21	long leg	$161K	$116K	20x
Extended MSFT_24_5-USD	0.0000%	1h	502.17	−0.008%	$337K	$392K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	502.26	+0.010%	$15.7M	$19.1M	20x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	502.31	+0.020%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	502.05	−0.032%	$3.2M	$1.6M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	502.25	+0.008%	$3.8M	$2.3M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	502.26	+0.010%	$1.3M	$702K	—	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT MSFT_USDT_Perp	0.0000%	8h	502.16	−0.011%	$18K	$300K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	503.05	+0.167%	$6K	$4.3M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	502.14	−0.014%	$59K	$227K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.37	+0.032%	$2.2M	$750K	10x	as long as short
Bybit MSFTUSDT	+0.0028%	8h	502.32	+0.022%	$7.4M	$1.7M	100x	as long as short
Lighter RH MSFTshort	+0.0032%	1h	502.14	−0.014%	$639K	$2.1M	20x
Hotstuff MSFT-PERP	+0.0032%	1h	501.87	−0.068%	$32K	$8K	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	502.13	−0.016%	—	$1K	25x	as long as short
QFEX MSFT-USD	+0.0049%	1h	502.14	−0.014%	$1.1M	$5.8M	10x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.86	−0.070%	$22.3M	$9.6M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.78	−0.086%	$303K	$678K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	502.20	−0.002%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.91	−0.060%	$529K	$494K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0054%	8h	502.18	−0.005%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.96	−0.050%	$10K	$15K	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0089%	1h	502.08	−0.026%	$27K	$101K	10x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.70	−0.101%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.91	−0.060%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	502.19	−0.004%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	502.23	+0.004%	$55	—	10x	as long as short
Lighter MSFT	+0.0160%	1h	502.36	+0.030%	$1.1M	$585K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.57	+0.072%	$115K	$45K	30x	as long as short
Arcus MSFT-USD	+0.0286%	1h	502.16	−0.010%	$97K	$109K	10x	as long as short
edgeX MSFTUSDC	+0.0865%	4h	502.25	+0.009%	$102K	$244K	10x	as long as short