Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h −0.025%

Price spread now: Gate against Lighter−0.038%7-day average +0.010% · you buy dearer than you sell

Net, funding: paid 7d − costs−$45as in the Funding arb table

Net, price: spread back to 7d avg − costs−$41as in the Price arb table

costs, in and out, $10k−$360.365% of the position

Long on Lighter Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.086%−$9 on $10k

Price spread, last 7 days+0.065%+$6 · spread now −0.038%, 7d avg +0.010%

Together, before fees−0.021%+ Points / potential airdropLighter: Season 3 · farm board−$2 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Gate is 0.048% cheaper against Lighter than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.010%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter MSFT	503.65	0.0032	pay 0.0004% / 1h	35m 12s	$1.2M	$532K	20x
Short	Gate MSFT_USDT	503.46	0	get 0.0000% / 8h	35m 12s	$3.1M	$1.8M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.038%Rate

Funding earned: −$6.72
Price spread: −0.038% → +0.010%: −$4.79
Slippage, 4 orders: −$21.5
Fee Lighter: 0 bp × 2 orders: $0
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$48.01
Costs to cover: 0.365%
Break-even: never at this rate

Slippage from Lighter: live order book, 6 min ago; Gate: live order book, 3 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, 6 min ago	1.19 bp	2.6 bp −$3	5.6 bp −$56	doesn't fit	doesn't fit
Sell Gate live order book, 3 min ago	6.16 bp	17.2 bp −$17	138.2 bp −$1,382	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
Nado MSFT-PERP	−0.0018%	1h	503.42	−0.045%	$414K	$67K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.76	+0.021%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.58	−0.015%	$338K	$1.9M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	503.75	+0.019%	$15.8M	$19.1M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.49	−0.032%	$7.3M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	503.89	+0.048%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDTshort	0.0000%	8h	503.46	−0.038%	$3.1M	$1.8M	100x
Bitget MSFTUSDT	0.0000%	8h	503.65	0.000%	$3.8M	$2.9M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	503.65	−0.001%	$1.3M	$407K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	503.78	+0.025%	$19K	$324K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX MSFT-USDT	0.0000%	8h	504.50	+0.169%	$6K	$3.8M	20x	as long as short
Coinbase International MSFT-PERP-INTX	0.0000%	1h	502.97	−0.135%	$682K	$448K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.63	−0.004%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	503.93	+0.056%	$2.2M	$819K	10x	as long as short
BloFin MSFT-USDT	+0.0022%	8h	503.75	+0.020%	$190K	$206K	20x	as long as short
Lighter MSFTlong	+0.0032%	1h	503.65	long leg	$1.2M	$532K	20x
Lighter RH MSFT	+0.0032%	1h	503.54	−0.022%	$707K	$1.9M	20x	as long as short
QFEX MSFT-USD	+0.0037%	1h	503.59	−0.012%	$1.2M	$4.6M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.47	−0.036%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.75	+0.020%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	503.23	−0.083%	$22.4M	$8.8M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.44	−0.042%	$303K	$717K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.51	−0.028%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.32	−0.066%	$513K	$428K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0053%	8h	503.62	−0.007%	$222	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	503.47	−0.036%	$11K	$15K	20x	as long as short
Hotstuff MSFT-PERP	+0.0064%	1h	503.25	−0.079%	$32K	$8K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.12	−0.105%	$1.6M	$63K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.22	−0.085%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.65	0.000%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.64	−0.003%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	503.90	+0.050%	$115K	$45K	30x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0286%	1h	503.60	−0.010%	$27K	$44K	10x	as long as short
edgeX MSFTUSDC	+0.0983%	4h	503.71	+0.012%	$102K	$243K	10x	as long as short