Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0061%/8h= −6.7% APRpaid last 24h +0.039%

Price spread now: edgeX against Lighter RH−0.004%50s7-day average +0.054% · you buy dearer than you sell

Net, funding: paid 7d − costs−$14as 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−$240.236% of the position

Long on Lighter RH Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.098%+$10 on $10k

Price spread, last 4 days (all we have)+0.021%+$2 · spread now −0.004%, 7d avg +0.054%

Together, before fees+0.119%+ Points / potential airdropLighter RH: Points live · edgeX: Active · farm board+$12 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 edgeX is 0.058% 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 +0.054%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.098%, so the current rate has only just turned against you. The two prices were read 50 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	501.31	0.0032	pay 0.0004% / 1h	36m 38s	$618K	$2.0M	20x
Short	edgeX MSFTUSDC	501.29	−0.0029	pay 0.0015% / 4h	2h 36m	$102K	$242K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.004%Rate

Funding earned: −$12.89
Price spread: −0.004% → +0.054%: −$5.81
Slippage, 4 orders: −$14.63
Fee Lighter RH: 0 bp × 2 orders: $0
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$42.32
Costs to cover: 0.236%
Break-even: never at this rate

Slippage from Lighter RH: live order book, 1 min ago; edgeX: live order book, 31 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, 1 min ago	1.50 bp	2.0 bp −$2	4.9 bp −$49	41.5 bp −$4,153	doesn't fit
Sell edgeX live order book, 31 min ago	5.19 bp	9.9 bp −$10	12.1 bp −$121	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
edgeX MSFTUSDCshort	−0.0029%	4h	501.29	−0.004%	$102K	$242K	10x
BloFin MSFT-USDT	−0.0028%	8h	501.33	+0.004%	$189K	$204K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0016%	1h	500.87	−0.088%	$684K	$451K	10x	as long as short
Nado MSFT-PERP	−0.0013%	1h	501.22	−0.018%	$414K	$64K	20x	as long as short
Hotstuff MSFT-PERP	−0.0008%	1h	500.94	−0.074%	$32K	$8K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.52	+0.042%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.35	+0.009%	$342K	$894K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.48	+0.034%	$15.6M	$18.8M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.27	−0.008%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.53	+0.044%	$3.0M	$2.3M	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate MSFT_USDT	0.0000%	8h	501.29	−0.004%	$3.1M	$1.6M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.40	+0.018%	$4.3M	$2.4M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.10	−0.042%	$1.3M	$677K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.39	+0.016%	$19K	$295K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.24	+0.186%	$5K	$4.1M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.15	−0.032%	$27K	$41K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.32	+0.002%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.11	+0.160%	$2.2M	$764K	10x	as long as short
Lighter RH MSFTlong	+0.0032%	1h	501.31	long leg	$618K	$2.0M	20x
QFEX MSFT-USD	+0.0038%	1h	501.25	−0.012%	$1.2M	$5.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.18	−0.026%	$97K	$109K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.25	−0.012%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.08	−0.046%	$22.1M	$9.2M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.10	−0.042%	$303K	$672K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.30	−0.002%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.93	−0.076%	$520K	$514K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0051%	8h	501.35	+0.009%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.15	−0.032%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.09	−0.044%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	500.86	−0.090%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.31	0.000%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.32	+0.001%	$55	—	10x	as long as short
Lighter MSFT	+0.0136%	1h	501.59	+0.056%	$1.1M	$489K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.56	+0.050%	$115K	$45K	30x	as long as short