Funding arb · Price arb /

MSFT

RWAall MSFT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0142%/8h= −15.5% APRpaid last 24h −0.009%

Price spread now: BloFin against Lighter−0.010%60s7-day average +0.031% · you buy dearer than you sell

Net, funding: paid 7d − costs−$29as 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−$220.223% of the position

Long on Lighter Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.071%−$7 on $10k

Price spread, last 4 days (all we have)+0.128%+$13 · spread now −0.010%, 7d avg +0.031%

Together, before fees+0.057%+ Points / potential airdropLighter: Season 3 · farm board+$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and BloFin is 0.041% cheaper against Lighter than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.031%). Swap the legs. The two prices were read 60 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	Lighter MSFT	501.41	0.0128	pay 0.0016% / 1h	36m 01s	$1.1M	$489K	20x
Short	BloFin MSFT-USDT	501.36	−0.0014	pay 0.0014% / 8h	4h 36m	$189K	$204K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Lighter. 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 LighterbpFee BloFinbpOrdersPrice spread, now −0.010%Rate

Funding earned: −$29.74
Price spread: −0.010% → +0.031%: −$4.06
Slippage, 4 orders: −$10.31
Fee Lighter: 0 bp × 2 orders: $0
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$56.11
Costs to cover: 0.223%
Break-even: never at this rate

Slippage from Lighter: live order book, 5 min ago; BloFin: live order book, 62 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 Lighter live order book, 5 min ago	0.80 bp	1.6 bp −$2	4.5 bp −$45	doesn't fit	doesn't fit
Sell BloFin live order book, 62 min ago	0.10 bp	6.9 bp −$7	11.0 bp −$110	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
edgeX MSFTUSDC	−0.0361%	4h	501.31	−0.021%	$102K	$242K	10x	as long as short
Hotstuff MSFT-PERP	−0.0064%	1h	500.90	−0.102%	$32K	$8K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0040%	1h	500.97	−0.088%	$678K	$456K	10x	as long as short
Nado MSFT-PERP	−0.0021%	1h	501.03	−0.077%	$414K	$64K	20x	as long as short
BloFin MSFT-USDTshort	−0.0014%	8h	501.36	−0.010%	$189K	$204K	20x
Aster MSFTUSDT	0.0000%	8h	501.05	−0.071%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.28	−0.027%	$341K	$893K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.40	−0.002%	$15.8M	$19.1M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.06	−0.070%	$7.2M	$2.1M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.32	−0.018%	$3.0M	$2.3M	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate MSFT_USDT	0.0000%	8h	501.25	−0.032%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.34	−0.014%	$4.5M	$2.5M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.34	−0.015%	$1.3M	$618K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.38	−0.006%	$19K	$302K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.12	+0.142%	$6K	$4.0M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.06	−0.070%	$27K	$41K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.18	−0.046%	$58K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.41	0.000%	$2.2M	$779K	10x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.15	−0.052%	$674K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0036%	1h	501.24	−0.034%	$1.1M	$5.5M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.09	−0.064%	$96K	$111K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.16	−0.050%	—	$1K	25x	as long as short
Phoenix MSFT	+0.0048%	1h	501.07	−0.068%	$10K	$15K	20x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	500.91	−0.100%	$22.1M	$8.7M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	500.95	−0.092%	$318K	$697K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.22	−0.038%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.97	−0.088%	$527K	$456K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0058%	8h	501.25	−0.032%	$221	—	5x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	500.90	−0.102%	$1.5M	$20K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	500.77	−0.128%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.28	−0.026%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.24	−0.033%	$55	—	10x	as long as short
Lighter MSFTlong	+0.0128%	1h	501.41	long leg	$1.1M	$489K	20x
Injective MSFT/USDC PERP	+0.0220%	1h	501.66	+0.050%	$115K	$45K	30x	as long as short