Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC−0.0032%/8hpaid last 24h −0.021%

Price spread now: Phemex against Lighter+0.064%7-day average +0.063% · you sell dearer than you buy

Net, funding: paid 7d − costs−$77as in the Funding arb table

Net, price: spread back to 7d avg − costs−$66as in the Price arb table

costs, in and out, $10k−$660.664% of the position

Long on Lighter Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.104%−$10 on $10k

Price spread, last 3 days (all we have)−0.004%$0 · spread now +0.064%, 7d avg +0.063%

Together, before fees−0.108%+ Points / potential airdropLighter: Season 3 · farm board−$11 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.063%, 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	500.76	0.0032	pay 0.0004% / 1h	22m 59s	$1.1M	$624K	20x
Short	Phemex MSFTUSDT	501.08	0	get 0.0000% / 8h	4h 22m	$2.2M	$719K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.064%Rate

Funding earned: −$6.72
Price spread: +0.064% → +0.063%: $0.13
Slippage, 4 orders: −$54.42
Fee Lighter: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$73.01
Costs to cover: 0.664%
Break-even: never at this rate

Slippage from Lighter: live order book, 7 min ago; Phemex: live order book, 5 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, 7 min ago	0.60 bp	2.1 bp −$2	6.1 bp −$61	doesn't fit	doesn't fit
Sell Phemex live order book, 5 min ago	3.89 bp	32.4 bp −$32	doesn't fit	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	−0.0036%	1h	500.55	−0.043%	$447K	$41K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0016%	1h	500.15	−0.122%	$687K	$377K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	500.58	−0.037%	$156K	$87K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	500.66	−0.020%	$374K	$398K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	500.71	−0.010%	$15.6M	$17.9M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	500.71	−0.010%	$7.3M	$1.5M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	500.64	−0.024%	$3.1M	$2.2M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	500.46	−0.060%	$3.0M	$1.5M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	500.70	−0.012%	$1.3M	$732K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	500.67	−0.018%	$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	501.45	+0.138%	$6K	$4.4M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	500.50	−0.052%	$58K	$231K	20x	as long as short
Phemex MSFTUSDTshort	0.0000%	8h	501.08	+0.064%	$2.2M	$719K	10x
BloFin MSFT-USDT	+0.0001%	8h	500.71	−0.010%	$192K	$202K	20x	as long as short
Hotstuff MSFT-PERP	+0.0016%	1h	500.55	−0.042%	$40K	—	20x	as long as short
Bitget MSFTUSDT	+0.0016%	8h	500.52	−0.048%	$3.8M	$1.8M	100x	as long as short
Lighter MSFTlong	+0.0032%	1h	500.76	long leg	$1.1M	$624K	20x
Lighter RH MSFT	+0.0032%	1h	500.67	−0.018%	$673K	$2.2M	20x	as long as short
QFEX MSFT-USD	+0.0045%	1h	500.69	−0.014%	$1.2M	$5.3M	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	500.71	−0.010%	—	—	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	500.51	−0.050%	$22.5M	$9.3M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	500.21	−0.110%	$299K	$450K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	500.65	−0.022%	$60K	$3K	10x	as long as short
Paradex MSFT-USD-PERP	+0.0050%	8h	500.70	−0.011%	$220	—	5x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.44	−0.064%	$510K	$458K	15x	as long as short
Phoenix MSFT	+0.0080%	1h	500.73	−0.006%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	500.23	−0.106%	$1.5M	$11K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	500.58	−0.036%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	500.60	−0.032%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	500.62	−0.028%	$55	—	10x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0170%	1h	500.70	−0.012%	$27K	$115K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	500.66	−0.020%	$115K	$45K	30x	as long as short
Arcus MSFT-USD	+0.0553%	1h	500.61	−0.030%	$111K	$76K	10x	as long as short
edgeX MSFTUSDC	+0.0773%	4h	500.68	−0.015%	$102K	$243K	10x	as long as short