Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC−0.0018%/8hpaid last 24h −0.007%

Price spread now: Lighter against Paradex+0.019%7-day average — · you sell dearer than you buy

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

Long on Paradex Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

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

The price spread sits at zero (this spread has no 7-day history yet), 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	Paradex MSFT-USD-PERP	500.70	0.0050	pay 0.0050% / 8h	4h 22m	$220	—	5x
Short	Lighter MSFT	500.80	0.0032	get 0.0004% / 1h	22m 23s	$1.1M	$624K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Paradex. 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 ParadexbpFee LighterbpOrdersPrice spread, now +0.019%Rate

Funding earned: −$3.82
Price spread: +0.019% → 0.000%: $1.92
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Lighter: 0 bp × 2 orders: $0
Net: −$5.9
Costs to cover: 0.040%
Break-even: never at this rate

Slippage unknown: Paradex: no order-book sample; Lighter: live order book, 7 min ago. 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 Paradex no order-book sample	—	—	—	—	—
Sell Lighter live order book, 7 min ago	0.60 bp	1.1 bp −$1	8.1 bp −$81	doesn't fit	doesn't fit

Paradex: 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
Nado MSFT-PERP	−0.0036%	1h	500.77	+0.014%	$447K	$41K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0016%	1h	500.15	−0.111%	$687K	$377K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	500.63	−0.015%	$156K	$87K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	500.96	+0.051%	$374K	$398K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	500.98	+0.056%	$15.7M	$17.9M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	500.79	+0.017%	$7.3M	$1.5M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	500.99	+0.057%	$3.1M	$2.2M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	500.49	−0.043%	$3.0M	$1.5M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	500.70	−0.001%	$1.3M	$732K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	500.67	−0.007%	$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	501.54	+0.167%	$6K	$4.4M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	500.50	−0.041%	$58K	$231K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.08	+0.075%	$2.2M	$719K	10x	as long as short
BloFin MSFT-USDT	+0.0001%	8h	500.71	+0.001%	$192K	$202K	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0010%	1h	500.95	+0.049%	$27K	$115K	10x	as long as short
Bitget MSFTUSDT	+0.0015%	8h	500.97	+0.053%	$3.8M	$1.8M	100x	as long as short
Hotstuff MSFT-PERP	+0.0016%	1h	500.51	−0.039%	$40K	—	20x	as long as short
Lighter MSFTshort	+0.0032%	1h	500.80	+0.019%	$1.1M	$624K	20x
Lighter RH MSFT	+0.0032%	1h	500.75	+0.009%	$673K	$2.2M	20x	as long as short
QFEX MSFT-USD	+0.0045%	1h	500.68	−0.005%	$1.2M	$5.3M	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	500.88	+0.035%	—	—	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	500.63	−0.015%	$22.5M	$9.3M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	500.52	−0.037%	$299K	$450K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	500.94	+0.047%	$60K	$3K	10x	as long as short
Paradex MSFT-USD-PERPlong	+0.0050%	8h	500.70	long leg	$220	—	5x
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.44	−0.053%	$510K	$458K	15x	as long as short
Phoenix MSFT	+0.0080%	1h	500.73	+0.005%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	500.33	−0.075%	$1.5M	$11K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	500.58	−0.025%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	500.89	+0.037%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	500.90	+0.039%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	500.66	−0.009%	$115K	$45K	30x	as long as short
Arcus MSFT-USD	+0.0553%	1h	500.73	+0.005%	$111K	$76K	10x	as long as short
edgeX MSFTUSDC	+0.0773%	4h	500.68	−0.004%	$102K	$243K	10x	as long as short