Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.1074%/8h= −117.6% APRpaid last 24h −0.085%

Price spread now: edgeX against Lighter−0.009%79s7-day average +0.010% · you buy dearer than you sell

Net, funding: paid 7d − costs−$31as 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−$230.233% of the position

Long on Lighter Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.081%−$8 on $10k

Price spread, last 4 days (all we have)+0.004%$0 · spread now −0.009%, 7d avg +0.010%

Together, before fees−0.077%+ Points / potential airdropLighter: Season 3 · edgeX: Active · farm board−$8 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.010%, so right now this pair is about funding alone: −$32 a day on $10k at the current rate. The two prices were read 79 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.081% in total (about -4.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter MSFT	504.34	0.0096	pay 0.0012% / 1h	52m 05s	$1.2M	$514K	20x
Short	edgeX MSFTUSDC	504.30	−0.0978	pay 0.0489% / 4h	1h 52m	$103K	$243K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.009%Rate

Funding earned: −$225.46
Price spread: −0.009% → +0.010%: −$1.86
Slippage, 4 orders: −$14.26
Fee Lighter: 0 bp × 2 orders: $0
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$250.58
Costs to cover: 0.233%
Break-even: never at this rate

Slippage from Lighter: live order book, 4 min ago; edgeX: live order book, 55 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	0.89 bp	1.7 bp −$2	2.6 bp −$26	doesn't fit	doesn't fit
Sell edgeX live order book, 55 min ago	5.17 bp	9.8 bp −$10	12.1 bp −$121	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 MSFTUSDCshort	−0.0978%	4h	504.30	−0.009%	$103K	$243K	10x
Coinbase International MSFT-PERP-INTX	−0.0048%	1h	503.66	−0.135%	$682K	$500K	10x	as long as short
BloFin MSFT-USDT	−0.0020%	8h	504.37	+0.006%	$190K	$207K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	504.07	−0.053%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	504.18	−0.031%	$341K	$1.2M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	504.33	−0.002%	$15.9M	$19.6M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	504.08	−0.052%	$7.3M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	504.33	−0.002%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	504.12	−0.044%	$3.1M	$1.8M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	504.31	−0.006%	$3.8M	$3.0M	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	504.28	−0.013%	$1.3M	$499K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	504.34	0.000%	$19K	$327K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	505.09	+0.149%	$6K	$3.9M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	504.20	−0.028%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	504.51	+0.034%	$2.2M	$818K	10x	as long as short
Nado MSFT-PERP	+0.0014%	1h	504.09	−0.050%	$415K	$67K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	504.14	−0.040%	$689K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0039%	1h	504.24	−0.020%	$1.1M	$4.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.96	−0.075%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	504.18	−0.032%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	503.83	−0.101%	$22.4M	$9.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.93	−0.081%	$303K	$718K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	504.13	−0.042%	$61K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.87	−0.093%	$522K	$476K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0060%	8h	504.21	−0.025%	$222	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	503.94	−0.079%	$11K	$15K	20x	as long as short
Hotstuff MSFT-PERP	+0.0080%	1h	503.92	−0.083%	$33K	$8K	20x	as long as short
Lighter MSFTlong	+0.0096%	1h	504.34	long leg	$1.2M	$514K	20x
KuCoin MSFTUSDTM	+0.0100%	8h	503.75	−0.117%	$1.6M	$58K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.48	−0.171%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	504.23	−0.022%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	504.27	−0.014%	$55	—	10x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0127%	1h	504.19	−0.030%	$27K	$43K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	504.13	−0.042%	$115K	$45K	30x	as long as short