Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0036%/8h= −3.9% APRpaid last 24h +0.009%

Price spread now: Orderly against Lighter−0.038%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Lighter Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropLighter: Season 3 · farm boardneeds both histories

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Orderly is 0.038% cheaper against Lighter than usual: you would sell low and buy high (−$4 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter MSFT	501.50	0.0136	pay 0.0017% / 1h	37m 58s	$1.1M	$489K	20x
Short	Orderly PERP_MSFT_USDC_mythos	501.31	0.0100	get 0.0100% / 8h	6h 37m	$8K	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.038%Rate

Funding earned: −$7.56
Price spread: −0.038% → 0.000%: −$3.79
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$17.35
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Lighter: live order book, 3 min ago; Orderly: no order-book sample. Net counts fees only.

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, 3 min ago	0.80 bp	1.3 bp −$1	4.3 bp −$43	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
BloFin MSFT-USDT	−0.0028%	8h	501.33	−0.034%	$189K	$204K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0016%	1h	500.87	−0.126%	$684K	$451K	10x	as long as short
Nado MSFT-PERP	−0.0013%	1h	501.08	−0.083%	$414K	$64K	20x	as long as short
Hotstuff MSFT-PERP	−0.0008%	1h	500.97	−0.106%	$32K	$8K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.53	+0.007%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.26	−0.048%	$342K	$894K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.38	−0.024%	$15.6M	$18.8M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.25	−0.050%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.50	0.000%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.22	−0.056%	$3.1M	$1.6M	100x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MSFTUSDT	0.0000%	8h	501.40	−0.020%	$4.3M	$2.4M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.10	−0.080%	$1.3M	$677K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.24	−0.052%	$19K	$295K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.19	+0.138%	$6K	$4.1M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.15	−0.070%	$27K	$41K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.32	−0.036%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.53	+0.006%	$2.2M	$762K	10x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.23	−0.054%	$618K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0038%	1h	501.31	−0.038%	$1.2M	$5.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.12	−0.076%	$97K	$109K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.18	−0.064%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.03	−0.094%	$22.1M	$9.2M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	500.97	−0.106%	$303K	$672K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.30	−0.040%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.84	−0.132%	$513K	$514K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0051%	8h	501.26	−0.048%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.09	−0.082%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.11	−0.078%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	500.67	−0.166%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythosshort	+0.0100%	8h	501.31	−0.038%	$8K	—	10x
Aevo MSFT-PERP	+0.0104%	1h	501.28	−0.045%	$55	—	10x	as long as short
Lighter MSFTlong	+0.0136%	1h	501.50	long leg	$1.1M	$489K	20x
Injective MSFT/USDC PERP	+0.0220%	1h	501.56	+0.012%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0251%	4h	501.21	−0.057%	$102K	$241K	10x	as long as short