Funding you earn now, next payment 01:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h −0.010%
Price spread now: Phemex against Lighter RH+0.064%7-day average +0.103% · you sell dearer than you buy
Net, funding: paid 7d − costs−$69as in the Funding arb table
Net, price: spread back to 7d avg − costs−$66as in the Price arb table
costs, in and out, $10k−$620.620% of the position
Funding, last 7 days−0.069%−$7 on $10k
+Price spread, last 3 days (all we have)+0.064%+$6 · spread now +0.064%, 7d avg +0.103%
=Together, before fees−0.005%+ Points / potential airdropLighter RH: Points live · farm board−$1 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Phemex is 0.039% cheaper against Lighter RH than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.103%). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Lighter RH MSFT | 501.41 | 0.0032 | pay 0.0004% / 1h | 23m 35s | $619K | $2.0M | 20x |
| Short | Phemex MSFTUSDT | 501.73 | 0 | get 0.0000% / 8h | 7h 23m | $2.2M | $757K | 10x |
Lighter RH MSFT
Phemex MSFTUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phemex 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 itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$6.72
- Price spread: +0.064% → +0.103%
- −$3.9
- Slippage, 4 orders
- −$50
- Fee Lighter RH: 0 bp × 2 orders
- $0
- Fee Phemex: 6 bp × 2 orders
- −$12
- Net
- −$72.62
- Costs to cover
- 0.620%
- Break-even
- never at this rate
Slippage from Lighter RH: live order book, 4 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 RH live order book, 4 min ago | 1.20 bp | 1.8 bp −$2 | 5.2 bp −$52 | 44.1 bp −$4,413 | doesn't fit |
| Sell Phemex live order book, 5 min ago | 0.40 bp | 29.2 bp −$29 | 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 | |
|---|---|---|---|---|---|---|---|---|
| edgeX MSFTUSDC | −0.0298% | 4h | 502.10 | +0.137% | $102K | $242K | 10x | as long as short |
| Coinbase International MSFT-PERP-INTX | −0.0008% | 1h | 501.13 | −0.056% | $679K | $446K | 10x | as long as short |
| Aster MSFTUSDT | 0.0000% | 8h | 501.72 | +0.061% | $161K | $116K | 20x | as long as short |
| Extended MSFT_24_5-USD | 0.0000% | 1h | 501.44 | +0.007% | $337K | $1.0M | 17x | as long as short |
| Binance MSFTUSDT | 0.0000% | 8h | 501.68 | +0.054% | $15.7M | $18.7M | 20x | as long as short |
| Bybit MSFTUSDT | 0.0000% | 8h | 501.54 | +0.026% | $7.4M | $1.6M | 100x | as long as short |
| OKX MSFT-USDT-SWAP | 0.0000% | 8h | 501.79 | +0.076% | $3.0M | $2.3M | 20x | as long as short |
| Gate MSFT_USDT | 0.0000% | 8h | 501.47 | +0.012% | $3.1M | $1.7M | 100x | as long as short |
| Bitget MSFTUSDT | 0.0000% | 8h | 501.66 | +0.050% | $3.8M | $2.1M | 100x | as long as short |
| Variational Omni MSFT | 0.0000% | 8h | 501.86 | +0.090% | $1.3M | $690K | — | as long as short |
edgeX MSFTUSDC
Coinbase International MSFT-PERP-INTX
Aster MSFTUSDT
Extended MSFT_24_5-USD
Binance MSFTUSDT
Bybit MSFTUSDT
OKX MSFT-USDT-SWAP
Gate MSFT_USDT
Bitget MSFTUSDT
Variational Omni MSFTShow all 34 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| GRVT MSFT_USDT_Perp | 0.0000% | 8h | 502.02 | +0.122% | $18K | $289K | 10x | as long as short |
| SunX MSFT-USDT | 0.0000% | 8h | 502.53 | +0.223% | $6K | $4.1M | 20x | as long as short |
| Deribit MSFT_USDC-PERPETUAL | 0.0000% | 1h | 501.53 | +0.024% | $27K | $41K | 10x | as long as short |
| HTX MSFT-USDT | 0.0000% | 8h | 501.62 | +0.042% | $58K | $227K | 20x | as long as short |
| Phemex MSFTUSDTshort | 0.0000% | 8h | 501.73 | +0.064% | $2.2M | $757K | 10x | |
| Nado MSFT-PERP | +0.0003% | 1h | 501.55 | +0.028% | $414K | $64K | 20x | as long as short |
| BloFin MSFT-USDT | +0.0008% | 8h | 501.96 | +0.110% | $187K | $205K | 20x | as long as short |
| Lighter RH MSFTlong | +0.0032% | 1h | 501.41 | long leg | $619K | $2.0M | 20x | |
| QFEX MSFT-USD | +0.0044% | 1h | 501.58 | +0.034% | $1.1M | $5.8M | 10x | as long as short |
| Vest MSFT-USD-PERP | +0.0046% | 1h | 501.66 | +0.050% | — | $1K | 25x | as long as short |
| tradeXYZ xyz:MSFT | +0.0050% | 1h | 501.22 | −0.038% | $22.2M | $9.0M | 20x | as long as short |
| Polymarket Perps MSFT-USD | +0.0050% | 1h | 501.33 | −0.016% | $303K | $672K | 10x | as long as short |
| SoDEX MSFT-USD | +0.0050% | 1h | 501.62 | +0.042% | $60K | $3K | 10x | as long as short |
| Ondo Perps MSFT-USD.P | +0.0050% | 1h | 501.07 | −0.068% | $528K | $502K | 15x | as long as short |
| Paradex MSFT-USD-PERP | +0.0051% | 8h | 501.44 | +0.006% | $221 | — | 5x | as long as short |
| Phoenix MSFT | +0.0080% | 1h | 501.70 | +0.058% | $10K | $15K | 20x | as long as short |
| Lighter MSFT | +0.0096% | 1h | 501.63 | +0.044% | $1.1M | $486K | 20x | as long as short |
| KuCoin MSFTUSDTM | +0.0100% | 8h | 501.44 | +0.006% | $1.5M | $19K | 20x | as long as short |
| ApeX Omni MSFTUSDT | +0.0100% | 1h | 501.56 | +0.030% | $160K | $7K | 50x | as long as short |
| Orderly PERP_MSFT_USDC_mythos | +0.0100% | 8h | 501.67 | +0.052% | $8K | — | 10x | as long as short |
| Aevo MSFT-PERP | +0.0104% | 1h | 501.63 | +0.044% | $55 | — | 10x | as long as short |
| Hotstuff MSFT-PERP | +0.0144% | 1h | 501.22 | −0.038% | $32K | $8K | 20x | as long as short |
| Arcus MSFT-USD | +0.0212% | 1h | 501.69 | +0.056% | $97K | $109K | 10x | as long as short |
| Injective MSFT/USDC PERP | +0.0220% | 1h | 502.00 | +0.118% | $115K | $45K | 30x | as long as short |
GRVT MSFT_USDT_Perp
SunX MSFT-USDT
Deribit MSFT_USDC-PERPETUAL
HTX MSFT-USDT
Nado MSFT-PERP
BloFin MSFT-USDT
QFEX MSFT-USD
Vest MSFT-USD-PERP
tradeXYZ xyz:MSFT
Polymarket Perps MSFT-USD
SoDEX MSFT-USD
Ondo Perps MSFT-USD.P
Paradex MSFT-USD-PERP
Phoenix MSFT
Lighter MSFT
KuCoin MSFTUSDTM
ApeX Omni MSFTUSDT
Orderly PERP_MSFT_USDC_mythos
Aevo MSFT-PERP
Hotstuff MSFT-PERP
Arcus MSFT-USD
Injective MSFT/USDC PERP