Funding you earn now, next payment 02:00 UTC−0.0128%/8h= −14.0% APRnext payment −$0.16 per $10,000 · paid last 24h −0.013%
Price spread now: Extended against Lighter−0.040%7-day average −0.005% · you buy dearer than you sell
Net, funding: paid 7d − costs−$24as in the Funding arb table
Net, price: spread back to 7d avg − costs−$18as in the Price arb table
costs, in and out, $10k−$150.148% of the position
Funding, last 7 days−0.094%−$9 on $10k
+Price spread, last 4 days (all we have)+0.026%+$3 · spread now −0.040%, 7d avg −0.005%
=Together, before fees−0.067%+ Points / potential airdropLighter: Season 3 · Extended: Active · farm board−$7 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 Extended is 0.035% cheaper against Lighter than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.005%). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Lighter MSFT | 501.44 | 0.0128 | pay 0.0016% / 1h | 39m 59s | $1.1M | $489K | 20x |
| Short | Extended MSFT_24_5-USD | 501.24 | 0 | get 0.0000% / 1h | 39m 59s | $342K | $894K | 17x |
Lighter MSFT
Extended MSFT_24_5-USDFunding history
latest
Range statsloading…
Price spread between the two exchanges
Extended against Lighter. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$26.88
- Price spread: −0.040% → −0.005%
- −$3.49
- Slippage, 4 orders
- −$9.75
- Fee Lighter: 0 bp × 2 orders
- $0
- Fee Extended: 2.5 bp × 2 orders
- −$5
- Net
- −$45.12
- Costs to cover
- 0.148%
- Break-even
- never at this rate
Slippage from Lighter: live order book, 1 min ago; Extended: live order book, 28 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, 1 min ago | 0.80 bp | 1.3 bp −$1 | 4.3 bp −$43 | doesn't fit | doesn't fit |
| Sell Extended live order book, 28 min ago | 0.70 bp | 5.8 bp −$6 | 34.2 bp −$342 | 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 | |
|---|---|---|---|---|---|---|---|---|
| Hotstuff MSFT-PERP | −0.0040% | 1h | 500.90 | −0.108% | $32K | $8K | 20x | as long as short |
| BloFin MSFT-USDT | −0.0028% | 8h | 501.33 | −0.022% | $189K | $204K | 20x | as long as short |
| Coinbase International MSFT-PERP-INTX | −0.0016% | 1h | 500.87 | −0.114% | $684K | $451K | 10x | as long as short |
| Nado MSFT-PERP | −0.0016% | 1h | 501.04 | −0.079% | $414K | $64K | 20x | as long as short |
| Aster MSFTUSDT | 0.0000% | 8h | 501.49 | +0.010% | $161K | $116K | 20x | as long as short |
| Extended MSFT_24_5-USDshort | 0.0000% | 1h | 501.24 | −0.040% | $342K | $894K | 17x | |
| Binance MSFTUSDT | 0.0000% | 8h | 501.36 | −0.016% | $15.7M | $18.7M | 20x | as long as short |
| Bybit MSFTUSDT | 0.0000% | 8h | 501.20 | −0.048% | $7.4M | $1.6M | 100x | as long as short |
| OKX MSFT-USDT-SWAP | 0.0000% | 8h | 501.34 | −0.020% | $3.0M | $2.3M | 20x | as long as short |
| Gate MSFT_USDT | 0.0000% | 8h | 501.03 | −0.082% | $3.1M | $1.6M | 100x | as long as short |
Hotstuff MSFT-PERP
BloFin MSFT-USDT
Coinbase International MSFT-PERP-INTX
Nado MSFT-PERP
Aster MSFTUSDT
Binance MSFTUSDT
Bybit MSFTUSDT
OKX MSFT-USDT-SWAP
Gate MSFT_USDTShow all 34 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Bitget MSFTUSDT | 0.0000% | 8h | 501.31 | −0.026% | $4.3M | $2.4M | 100x | as long as short |
| Variational Omni MSFT | 0.0000% | 8h | 501.10 | −0.068% | $1.3M | $677K | — | as long as short |
| GRVT MSFT_USDT_Perp | 0.0000% | 8h | 501.20 | −0.047% | $19K | $294K | 10x | as long as short |
| SunX MSFT-USDT | 0.0000% | 8h | 502.12 | +0.136% | $6K | $4.1M | 20x | as long as short |
| HTX MSFT-USDT | 0.0000% | 8h | 501.05 | −0.078% | $58K | $226K | 20x | as long as short |
| Phemex MSFTUSDT | 0.0000% | 8h | 501.53 | +0.018% | $2.2M | $758K | 10x | as long as short |
| Lighter RH MSFT | +0.0032% | 1h | 501.17 | −0.054% | $618K | $2.0M | 20x | as long as short |
| QFEX MSFT-USD | +0.0038% | 1h | 501.24 | −0.040% | $1.2M | $5.8M | 10x | as long as short |
| Arcus MSFT-USD | +0.0040% | 1h | 501.05 | −0.078% | $97K | $109K | 10x | as long as short |
| Vest MSFT-USD-PERP | +0.0046% | 1h | 501.12 | −0.064% | — | $1K | 25x | as long as short |
| Deribit MSFT_USDC-PERPETUAL | +0.0049% | 1h | 501.17 | −0.054% | $27K | $41K | 10x | as long as short |
| tradeXYZ xyz:MSFT | +0.0050% | 1h | 500.90 | −0.108% | $22.1M | $9.2M | 20x | as long as short |
| Polymarket Perps MSFT-USD | +0.0050% | 1h | 500.95 | −0.098% | $303K | $672K | 10x | as long as short |
| SoDEX MSFT-USD | +0.0050% | 1h | 501.18 | −0.052% | $60K | $3K | 10x | as long as short |
| Ondo Perps MSFT-USD.P | +0.0050% | 1h | 500.93 | −0.102% | $513K | $511K | 15x | as long as short |
| Paradex MSFT-USD-PERP | +0.0050% | 8h | 501.18 | −0.051% | $221 | — | 5x | as long as short |
| Phoenix MSFT | +0.0080% | 1h | 501.10 | −0.068% | $10K | $15K | 20x | as long as short |
| KuCoin MSFTUSDTM | +0.0100% | 8h | 500.95 | −0.098% | $1.5M | $19K | 20x | as long as short |
| ApeX Omni MSFTUSDT | +0.0100% | 1h | 500.67 | −0.154% | $159K | $7K | 50x | as long as short |
| Orderly PERP_MSFT_USDC_mythos | +0.0100% | 8h | 501.22 | −0.044% | $8K | — | 10x | as long as short |
| Aevo MSFT-PERP | +0.0104% | 1h | 501.24 | −0.040% | $55 | — | 10x | as long as short |
| Lighter MSFTlong | +0.0128% | 1h | 501.44 | long leg | $1.1M | $489K | 20x | |
| Injective MSFT/USDC PERP | +0.0220% | 1h | 501.56 | +0.024% | $115K | $45K | 30x | as long as short |
| edgeX MSFTUSDC | +0.0251% | 4h | 501.21 | −0.045% | $102K | $241K | 10x | as long as short |
Bitget MSFTUSDT
Variational Omni MSFT
GRVT MSFT_USDT_Perp
SunX MSFT-USDT
HTX MSFT-USDT
Phemex MSFTUSDT
Lighter RH MSFT
QFEX MSFT-USD
Arcus MSFT-USD
Vest MSFT-USD-PERP
Deribit MSFT_USDC-PERPETUAL
tradeXYZ xyz:MSFT
Polymarket Perps MSFT-USD
SoDEX MSFT-USD
Ondo Perps MSFT-USD.P
Paradex MSFT-USD-PERP
Phoenix MSFT
KuCoin MSFTUSDTM
ApeX Omni MSFTUSDT
Orderly PERP_MSFT_USDC_mythos
Aevo MSFT-PERP
Injective MSFT/USDC PERP
edgeX MSFTUSDC