Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0051%/8h= −5.6% APRpaid last 24h +0.002%

Price spread now: BloFin against Lighter RH+0.020%61s7-day average +0.075% · you sell dearer than you buy

Net, funding: paid 7d − costs−$21as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$180.180% of the position

Long on Lighter RH Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.034%−$3 on $10k

Price spread, last 3 days (all we have)+0.104%+$10 · spread now +0.020%, 7d avg +0.075%

Together, before fees+0.070%+ Points / potential airdropLighter RH: Points live · farm board+$7 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 BloFin is 0.055% cheaper against Lighter RH than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.075%). Swap the legs. The two prices were read 61 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH MSFT	501.75	0.0032	pay 0.0004% / 1h	14m 13s	$619K	$2.1M	20x
Short	BloFin MSFT-USDT	501.85	−0.0019	pay 0.0019% / 8h	14m 13s	$188K	$209K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Lighter RH. 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 Lighter RHbpFee BloFinbpOrdersPrice spread, now +0.020%Rate

Funding earned: −$10.78
Price spread: +0.020% → +0.075%: −$5.5
Slippage, 4 orders: −$5.99
Fee Lighter RH: 0 bp × 2 orders: $0
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$34.27
Costs to cover: 0.180%
Break-even: never at this rate

Slippage from Lighter RH: live order book, 4 min ago; BloFin: live order book, 56 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 RH live order book, 4 min ago	1.69 bp	1.7 bp −$2	4.7 bp −$47	44.1 bp −$4,412	doesn't fit
Sell BloFin live order book, 56 min ago	0.50 bp	7.0 bp −$7	9.2 bp −$92	25.2 bp −$2,516	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	−0.0025%	1h	501.67	−0.016%	$414K	$64K	20x	as long as short
BloFin MSFT-USDTshort	−0.0019%	8h	501.85	+0.020%	$188K	$209K	20x
Coinbase International MSFT-PERP-INTX	−0.0016%	1h	501.76	+0.002%	$687K	$449K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	502.06	+0.061%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.76	+0.001%	$337K	$392K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.84	+0.018%	$15.7M	$19.1M	20x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	502.05	+0.060%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.62	−0.026%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.87	+0.024%	$3.8M	$2.3M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.88	+0.026%	$1.3M	$692K	—	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	501.94	+0.038%	$19K	$295K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.58	+0.165%	$6K	$4.3M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.64	−0.022%	$27K	$101K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.70	−0.010%	$59K	$228K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.95	+0.040%	$2.2M	$749K	10x	as long as short
Hotstuff MSFT-PERP	+0.0024%	1h	501.49	−0.052%	$32K	$8K	20x	as long as short
Bybit MSFTUSDT	+0.0030%	8h	501.97	+0.044%	$7.4M	$1.7M	100x	as long as short
Lighter RH MSFTlong	+0.0032%	1h	501.75	long leg	$619K	$2.1M	20x
Vest MSFT-USD-PERP	+0.0046%	1h	501.81	+0.012%	—	$1K	25x	as long as short
QFEX MSFT-USD	+0.0049%	1h	501.84	+0.018%	$1.1M	$5.9M	10x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.58	−0.034%	$22.3M	$9.4M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.53	−0.044%	$303K	$678K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.75	0.000%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.50	−0.050%	$529K	$493K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0052%	8h	501.78	+0.005%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.77	+0.004%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.32	−0.086%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.48	−0.054%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.74	−0.002%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.76	+0.003%	$55	—	10x	as long as short
Lighter MSFT	+0.0160%	1h	501.94	+0.038%	$1.1M	$586K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.46	+0.142%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0235%	4h	501.91	+0.032%	$102K	$244K	10x	as long as short
Arcus MSFT-USD	+0.0286%	1h	501.74	−0.002%	$97K	$109K	10x	as long as short