Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0006%/8h= +0.6% APRpaid last 24h −0.005%

Price spread now: Lighter RH against BloFin−0.036%91s7-day average −0.072% · you buy dearer than you sell

Net, funding: paid 7d − costs−$17as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$190.194% of the position

Long on BloFin Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days+0.029%+$3 on $10k

Price spread, last 4 days (all we have)−0.063%−$6 · spread now −0.036%, 7d avg −0.072%

Together, before fees−0.034%+ Points / potential airdropLighter RH: Points live · farm board−$3 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Lighter RH is 0.037% dearer against BloFin than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of −0.072%. The two prices were read 91 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin MSFT-USDT	503.57	0.0026	pay 0.0026% / 8h	7m 23s	$191K	$206K	20x
Short	Lighter RH MSFT	503.39	0.0032	get 0.0004% / 1h	7m 23s	$706K	$1.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH 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 Lighter RHbpOrdersPrice spread, now −0.036%Rate

Funding earned: $1.22
Price spread: −0.036% → −0.072%: $3.67
Slippage, 4 orders: −$7.43
Fee BloFin: 6 bp × 2 orders: −$12
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$14.54
Costs to cover: 0.194%
Break-even: 90.3 days

Slippage from BloFin: live order book, 63 min ago; Lighter RH: live order book, just now.

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, 63 min ago	0.10 bp	8.6 bp −$9	11.1 bp −$111	doesn't fit	doesn't fit
Sell Lighter RH live order book, just now	1.39 bp	1.7 bp −$2	4.1 bp −$41	40.0 bp −$3,999	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	−0.0054%	1h	503.40	−0.035%	$414K	$67K	20x	as long as short
tradeXYZ xyz:MSFT	−0.0004%	1h	503.12	−0.089%	$22.4M	$8.8M	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.47	−0.020%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.48	−0.017%	$339K	$1.9M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	503.60	+0.006%	$15.8M	$19.1M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.27	−0.060%	$7.2M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	503.53	−0.008%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.30	−0.054%	$3.1M	$1.9M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	503.54	−0.006%	$3.8M	$2.9M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	503.50	−0.014%	$1.3M	$402K	—	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	503.61	+0.007%	$19K	$320K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	504.37	+0.159%	$6K	$3.8M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	503.36	−0.042%	$27K	$44K	10x	as long as short
Coinbase International MSFT-PERP-INTX	0.0000%	1h	503.07	−0.099%	$687K	$454K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.48	−0.018%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	503.68	+0.022%	$2.2M	$818K	10x	as long as short
BloFin MSFT-USDTlong	+0.0026%	8h	503.57	long leg	$191K	$206K	20x
Lighter MSFT	+0.0032%	1h	503.49	−0.016%	$1.2M	$532K	20x	as long as short
Lighter RH MSFTshort	+0.0032%	1h	503.39	−0.036%	$706K	$1.9M	20x
QFEX MSFT-USD	+0.0037%	1h	503.55	−0.004%	$1.1M	$4.6M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.33	−0.048%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.71	+0.028%	—	$1K	25x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.26	−0.062%	$303K	$717K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.31	−0.052%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.17	−0.079%	$512K	$428K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0052%	8h	503.47	−0.020%	$222	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	503.38	−0.038%	$11K	$15K	20x	as long as short
Hotstuff MSFT-PERP	+0.0080%	1h	503.12	−0.089%	$32K	$8K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.03	−0.107%	$1.6M	$73K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.16	−0.081%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.46	−0.022%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.48	−0.018%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	503.80	+0.046%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0771%	4h	503.52	−0.011%	$102K	$242K	10x	as long as short