Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0035%/8h= +3.9% APRpaid last 24h +0.007%

Price spread now: Lighter against BloFin+0.022%7-day average −0.031% · you sell dearer than you buy

Net, funding: paid 7d − costs−$14as in the Funding arb table

Net, price: spread back to 7d avg − costs−$16as in the Price arb table

costs, in and out, $10k−$220.217% of the position

Long on BloFin Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.073%+$7 on $10k

Price spread, last 3 days (all we have)−0.065%−$7 · spread now +0.022%, 7d avg −0.031%

Together, before fees+0.007%+ Points / potential airdropLighter: Season 3 · farm board+$1 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 is 0.053% dearer against BloFin than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.031%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin MSFT-USDT	501.24	0.0029	pay 0.0029% / 8h	6h 58m	$188K	$205K	20x
Short	Lighter MSFT	501.35	0.0064	get 0.0008% / 1h	58m 23s	$1.1M	$485K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against BloFin. 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 BloFinbpFee LighterbpOrdersPrice spread, now +0.022%Rate

Funding earned: $7.44
Price spread: +0.022% → −0.031%: $5.32
Slippage, 4 orders: −$9.67
Fee BloFin: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$8.91
Costs to cover: 0.217%
Break-even: 15.4 days

Slippage from BloFin: live order book, 2 min ago; Lighter: live order book, 2 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 BloFin live order book, 2 min ago	1.20 bp	8.8 bp −$9	13.9 bp −$139	doesn't fit	doesn't fit
Sell Lighter live order book, 2 min ago	0.80 bp	2.9 bp −$3	4.4 bp −$44	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
Nado MSFT-PERP	−0.0139%	1h	501.20	−0.007%	$414K	$64K	20x	as long as short
tradeXYZ xyz:MSFT	−0.0082%	1h	500.90	−0.068%	$22.1M	$9.2M	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0016%	1h	500.76	−0.096%	$684K	$449K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.48	+0.048%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.14	−0.021%	$342K	$905K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.28	+0.008%	$15.6M	$18.7M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.15	−0.018%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.21	−0.006%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.07	−0.034%	$3.1M	$1.6M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.37	+0.026%	$3.8M	$2.1M	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	501.26	+0.003%	$1.3M	$690K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.40	+0.032%	$19K	$293K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.06	+0.164%	$6K	$4.1M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.02	−0.044%	$27K	$41K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.09	−0.030%	$58K	$227K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.38	+0.028%	$2.2M	$758K	10x	as long as short
BloFin MSFT-USDTlong	+0.0029%	8h	501.24	long leg	$188K	$205K	20x
Lighter RH MSFT	+0.0032%	1h	501.14	−0.020%	$617K	$2.0M	20x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.09	−0.030%	$97K	$109K	10x	as long as short
QFEX MSFT-USD	+0.0044%	1h	501.12	−0.024%	$1.2M	$5.8M	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.13	−0.022%	—	$1K	25x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	500.91	−0.066%	$303K	$672K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.15	−0.018%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.78	−0.092%	$514K	$503K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0051%	8h	501.21	−0.005%	$221	—	5x	as long as short
Hotstuff MSFT-PERP	+0.0056%	1h	500.85	−0.078%	$32K	$8K	20x	as long as short
Lighter MSFTshort	+0.0064%	1h	501.35	+0.022%	$1.1M	$485K	20x
Phoenix MSFT	+0.0080%	1h	501.05	−0.038%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.23	−0.002%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	500.82	−0.084%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.19	−0.010%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.19	−0.011%	$55	—	10x	as long as short
edgeX MSFTUSDC	+0.0163%	4h	501.29	+0.009%	$102K	$243K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.54	+0.060%	$115K	$45K	30x	as long as short