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: HTX against Lighter−0.014%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−$23as in the Price arb table

costs, in and out, $10k−$210.213% of the position

Long on Lighter Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.113%−$11 on $10k

Price spread, last 4 days (all we have)+0.025%+$3 · spread now −0.014%, 7d avg +0.001%

Together, before fees−0.088%+ Points / potential airdropLighter: Season 3 · farm board−$9 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.001%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter MSFT	503.50	0.0032	pay 0.0004% / 1h	5m 59s	$1.2M	$532K	20x
Short	HTX MSFT-USDT	503.43	0	get 0.0000% / 8h	5m 59s	$59K	$225K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.014%Rate

Funding earned: −$6.72
Price spread: −0.014% → +0.001%: −$1.46
Slippage, 4 orders: −$9.29
Fee Lighter: 0 bp × 2 orders: $0
Fee HTX: 6 bp × 2 orders: −$12
Net: −$29.47
Costs to cover: 0.213%
Break-even: never at this rate

Slippage from Lighter: live order book, 5 min ago; HTX: live order book, 30 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	0.99 bp	2.1 bp −$2	8.2 bp −$82	doesn't fit	doesn't fit
Sell HTX live order book, 30 min ago	2.68 bp	8.7 bp −$9	13.4 bp −$134	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	−0.0054%	1h	503.41	−0.019%	$414K	$67K	20x	as long as short
tradeXYZ xyz:MSFT	−0.0005%	1h	503.10	−0.079%	$22.4M	$8.8M	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.41	−0.018%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.47	−0.005%	$339K	$1.9M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	503.59	+0.018%	$15.8M	$19.1M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.28	−0.044%	$7.2M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	503.59	+0.018%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.29	−0.042%	$3.1M	$1.9M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	503.54	+0.008%	$3.8M	$2.9M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	503.50	−0.001%	$1.3M	$402K	—	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	503.61	+0.021%	$19K	$320K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	504.37	+0.173%	$6K	$3.8M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	503.32	−0.036%	$27K	$44K	10x	as long as short
Coinbase International MSFT-PERP-INTX	0.0000%	1h	503.07	−0.085%	$687K	$454K	10x	as long as short
HTX MSFT-USDTshort	0.0000%	8h	503.43	−0.014%	$59K	$225K	20x
Phemex MSFTUSDT	0.0000%	8h	503.68	+0.036%	$2.2M	$817K	10x	as long as short
BloFin MSFT-USDT	+0.0005%	8h	503.63	+0.026%	$191K	$206K	20x	as long as short
Lighter MSFTlong	+0.0032%	1h	503.50	long leg	$1.2M	$532K	20x
Lighter RH MSFT	+0.0032%	1h	503.39	−0.022%	$706K	$1.9M	20x	as long as short
QFEX MSFT-USD	+0.0037%	1h	503.58	+0.016%	$1.1M	$4.6M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.33	−0.034%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.65	+0.030%	—	$1K	25x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.26	−0.048%	$303K	$717K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.31	−0.038%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.17	−0.066%	$512K	$428K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0052%	8h	503.46	−0.008%	$222	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	503.38	−0.024%	$11K	$15K	20x	as long as short
Hotstuff MSFT-PERP	+0.0080%	1h	503.12	−0.075%	$32K	$8K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.05	−0.089%	$1.6M	$75K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.16	−0.068%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.51	+0.002%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.51	+0.002%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	503.80	+0.060%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0771%	4h	503.52	+0.003%	$102K	$242K	10x	as long as short