Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC−0.0068%/8hnext payment −$0.08 per $10,000 · paid last 24h −0.016%

Price spread now: Nado against Lighter−0.057%7-day average −0.014% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$19as in the Price arb table

costs, in and out, $10k−$150.146% of the position

Long on Lighter Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.084%−$8 on $10k

Price spread, last 3 days (all we have)−0.194%−$19 · spread now −0.057%, 7d avg −0.014%

Together, before fees−0.278%+ Points / potential airdropLighter: Season 3 · Nado: Active · farm board−$28 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Nado is 0.043% cheaper against Lighter than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.014%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter MSFT	501.06	0.0032	pay 0.0004% / 1h	22m 05s	$1.1M	$624K	20x
Short	Nado MSFT-PERP	500.77	−0.0036	pay 0.0004% / 1h	22m 05s	$447K	$41K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now −0.057%Rate

Funding earned: −$14.24
Price spread: −0.057% → −0.014%: −$4.33
Slippage, 4 orders: −$7.57
Fee Lighter: 0 bp × 2 orders: $0
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$33.14
Costs to cover: 0.146%
Break-even: never at this rate

Slippage from Lighter: live order book, 8 min ago; Nado: live order book, 10 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, 8 min ago	0.60 bp	2.1 bp −$2	6.1 bp −$61	doesn't fit	doesn't fit
Sell Nado live order book, 10 min ago	0.90 bp	4.4 bp −$4	15.3 bp −$153	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-PERPshort	−0.0036%	1h	500.77	−0.057%	$447K	$41K	20x
Coinbase International MSFT-PERP-INTX	−0.0016%	1h	500.15	−0.182%	$687K	$377K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	500.76	−0.060%	$156K	$87K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	500.96	−0.020%	$374K	$398K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	500.98	−0.016%	$15.7M	$17.9M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	500.92	−0.028%	$7.3M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.00	−0.012%	$3.1M	$2.2M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	500.67	−0.078%	$3.0M	$1.5M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	500.70	−0.072%	$1.3M	$732K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	500.67	−0.078%	$19K	$338K	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	501.54	+0.096%	$6K	$4.4M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	500.83	−0.046%	$58K	$231K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.13	+0.014%	$2.2M	$719K	10x	as long as short
BloFin MSFT-USDT	+0.0001%	8h	500.71	−0.070%	$192K	$202K	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0010%	1h	500.95	−0.022%	$27K	$115K	10x	as long as short
Bitget MSFTUSDT	+0.0015%	8h	501.01	−0.010%	$3.8M	$1.8M	100x	as long as short
Hotstuff MSFT-PERP	+0.0016%	1h	500.51	−0.110%	$40K	—	20x	as long as short
Lighter MSFTlong	+0.0032%	1h	501.06	long leg	$1.1M	$624K	20x
Lighter RH MSFT	+0.0032%	1h	500.94	−0.024%	$674K	$2.2M	20x	as long as short
QFEX MSFT-USD	+0.0045%	1h	500.68	−0.076%	$1.2M	$5.3M	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	500.88	−0.036%	—	—	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	500.72	−0.068%	$22.5M	$9.3M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	500.52	−0.108%	$299K	$450K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	500.94	−0.024%	$60K	$3K	10x	as long as short
Paradex MSFT-USD-PERP	+0.0050%	8h	500.70	−0.071%	$220	—	5x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.44	−0.124%	$510K	$458K	15x	as long as short
Phoenix MSFT	+0.0080%	1h	500.73	−0.066%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	500.49	−0.114%	$1.5M	$11K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	500.58	−0.096%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	500.89	−0.034%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	500.90	−0.033%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	500.66	−0.080%	$115K	$45K	30x	as long as short
Arcus MSFT-USD	+0.0553%	1h	500.73	−0.066%	$111K	$76K	10x	as long as short
edgeX MSFTUSDC	+0.0773%	4h	500.68	−0.075%	$102K	$243K	10x	as long as short