Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0026%/8h= −2.9% APRpaid last 24h −0.006%

Price spread now: Lighter RH against Paradex−0.016%7-day average — · you buy dearer than you sell

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

Long on Paradex Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 4 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 RH: Points live · 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	504.43	0.0058	pay 0.0058% / 8h	6h 10m	$222	—	5x
Short	Lighter RH MSFT	504.35	0.0032	get 0.0004% / 1h	10m 33s	$693K	$1.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH 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 Lighter RHbpOrdersPrice spread, now −0.016%Rate

Funding earned: −$5.47
Price spread: −0.016% → 0.000%: −$1.56
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$11.03
Costs to cover: 0.040%
Break-even: never at this rate

Slippage unknown: Paradex: no order-book sample; Lighter RH: live order book, just now. 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 RH live order book, just now	0.99 bp	1.0 bp −$1	2.8 bp −$28	41.5 bp −$4,152	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 exchanges

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
Coinbase International MSFT-PERP-INTX	−0.0032%	1h	504.02	−0.081%	$692K	$480K	10x	as long as short
Hotstuff MSFT-PERP	−0.0008%	1h	504.23	−0.039%	$33K	$8K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	505.00	+0.114%	$162K	$118K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	504.47	+0.008%	$325K	$1.9M	17x	as long as short
Bybit MSFTUSDT	0.0000%	8h	504.47	+0.008%	$7.3M	$2.3M	100x	as long as short
Gate MSFT_USDT	0.0000%	8h	504.35	−0.016%	$3.1M	$1.9M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	504.56	+0.026%	$3.9M	$2.8M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	504.55	+0.024%	$1.3M	$390K	—	as long as short
SunX MSFT-USDT	0.0000%	8h	505.41	+0.195%	$6K	$3.5M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	504.48	+0.010%	$49K	$246K	20x	as long as short

Show all 34 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex MSFTUSDT	0.0000%	8h	504.90	+0.093%	$2.3M	$891K	10x	as long as short
Binance MSFTUSDT	+0.0003%	8h	504.63	+0.040%	$16.3M	$20.0M	20x	as long as short
BloFin MSFT-USDT	+0.0012%	8h	504.58	+0.030%	$202K	$209K	20x	as long as short
Lighter MSFT	+0.0032%	1h	504.37	−0.012%	$1.2M	$482K	20x	as long as short
Lighter RH MSFTshort	+0.0032%	1h	504.35	−0.016%	$693K	$1.8M	20x
Vest MSFT-USD-PERP	+0.0046%	1h	504.37	−0.012%	—	$1K	25x	as long as short
Phoenix MSFT	+0.0048%	1h	503.98	−0.089%	$11K	$5K	20x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	504.17	−0.051%	$22.5M	$9.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	504.24	−0.037%	$319K	$677K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	504.40	−0.006%	$61K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.82	−0.121%	$532K	$379K	15x	as long as short
Arcus MSFT-USD	+0.0052%	1h	504.34	−0.018%	$93K	$83K	10x	as long as short
OKX MSFT-USDT-SWAP	+0.0054%	8h	504.70	+0.054%	$3.2M	$2.7M	20x	as long as short
Paradex MSFT-USD-PERPlong	+0.0058%	8h	504.43	long leg	$222	—	5x
QFEX MSFT-USD	+0.0061%	1h	504.43	0.000%	$1.1M	$4.7M	10x	as long as short
Nado MSFT-PERP	+0.0062%	1h	504.35	−0.016%	$412K	$70K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	504.02	−0.081%	$1.6M	$198K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.77	−0.131%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	504.52	+0.018%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	504.48	+0.011%	$55	—	10x	as long as short
GRVT MSFT_USDT_Perp	+0.0135%	8h	504.23	−0.040%	$19K	$315K	10x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0147%	1h	504.44	+0.002%	$27K	$44K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	504.37	−0.012%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0762%	4h	504.19	−0.047%	$103K	$244K	10x	as long as short