Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0160%/8h= −17.5% APRpaid last 24h −0.021%

Price spread now: Bybit against Lighter−0.056%7-day average −0.001% · you buy dearer than you sell

Net, funding: paid 7d − costs−$33as in the Funding arb table

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$230.229% of the position

Long on Lighter Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.103%−$10 on $10k

Price spread, last 7 days−0.017%−$2 · spread now −0.056%, 7d avg −0.001%

Together, before fees−0.121%+ Points / potential airdropLighter: Season 3 · farm board−$12 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Bybit is 0.055% cheaper against Lighter than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.001%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter MSFT	503.67	0.0160	pay 0.0020% / 1h	22m 20s	$1.2M	$516K	20x
Short	Bybit MSFTUSDT	503.39	0	get 0.0000% / 8h	1h 22m	$7.3M	$2.3M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.056%Rate

Funding earned: −$33.6
Price spread: −0.056% → −0.001%: −$5.48
Slippage, 4 orders: −$11.89
Fee Lighter: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$61.97
Costs to cover: 0.229%
Break-even: never at this rate

Slippage from Lighter: live order book, 4 min ago; Bybit: 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 Lighter live order book, 4 min ago	0.79 bp	1.5 bp −$1	5.5 bp −$55	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	1.49 bp	9.3 bp −$9	30.1 bp −$301	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
Coinbase International MSFT-PERP-INTX	−0.0048%	1h	503.66	−0.002%	$682K	$500K	10x	as long as short
BloFin MSFT-USDT	−0.0027%	8h	503.76	+0.018%	$191K	$206K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.40	−0.054%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.69	+0.003%	$338K	$1.2M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	503.80	+0.027%	$15.8M	$19.7M	20x	as long as short
Bybit MSFTUSDTshort	0.0000%	8h	503.39	−0.056%	$7.3M	$2.3M	100x
OKX MSFT-USDT-SWAP	0.0000%	8h	503.91	+0.048%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.59	−0.016%	$3.1M	$1.8M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	503.76	+0.018%	$3.8M	$3.0M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	503.61	−0.012%	$1.3M	$499K	—	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	503.88	+0.042%	$19K	$328K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	504.61	+0.187%	$6K	$3.9M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.63	−0.008%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	503.79	+0.024%	$2.2M	$822K	10x	as long as short
Nado MSFT-PERP	+0.0023%	1h	503.23	−0.087%	$414K	$67K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.40	−0.054%	$701K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0039%	1h	503.71	+0.008%	$1.1M	$4.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.45	−0.044%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.71	+0.008%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	503.36	−0.062%	$22.4M	$9.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.40	−0.054%	$303K	$718K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.61	−0.012%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.25	−0.083%	$522K	$476K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0056%	8h	503.63	−0.007%	$222	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	503.38	−0.058%	$11K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.10	−0.113%	$1.6M	$60K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.50	−0.034%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.51	−0.032%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.58	−0.019%	$55	—	10x	as long as short
Hotstuff MSFT-PERP	+0.0144%	1h	503.31	−0.071%	$32K	$8K	20x	as long as short
Lighter MSFTlong	+0.0160%	1h	503.67	long leg	$1.2M	$516K	20x
Injective MSFT/USDC PERP	+0.0220%	1h	504.21	+0.107%	$115K	$45K	30x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0386%	1h	503.53	−0.028%	$27K	$43K	10x	as long as short
edgeX MSFTUSDC	+0.0931%	4h	503.77	+0.019%	$102K	$242K	10x	as long as short