Funding arb · Price arb /

MSFT

RWAall MSFT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h +0.025%

Price spread now: Lighter against Phemex−0.040%7-day average −0.056% · you buy dearer than you sell

Net, funding: paid 7d − costs−$54as in the Funding arb table

Net, price: spread back to 7d avg − costs−$63as in the Price arb table

costs, in and out, $10k−$650.649% of the position

Long on Phemex Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.113%+$11 on $10k

Price spread, last 4 days (all we have)−0.020%−$2 · spread now −0.040%, 7d avg −0.056%

Together, before fees+0.093%+ Points / potential airdropLighter: Season 3 · farm board+$9 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.056%, 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	Phemex MSFTUSDT	503.72	0	get 0.0000% / 8h	2m 21s	$2.2M	$817K	10x
Short	Lighter MSFT	503.52	0.0032	get 0.0004% / 1h	2m 21s	$1.2M	$532K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Phemex. 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 PhemexbpFee LighterbpOrdersPrice spread, now −0.040%Rate

Funding earned: $6.72
Price spread: −0.040% → −0.056%: $1.64
Slippage, 4 orders: −$52.86
Fee Phemex: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$56.5
Costs to cover: 0.649%
Break-even: 65.8 days

Slippage from Phemex: live order book, 1 min ago; Lighter: live order book, 4 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 Phemex live order book, 1 min ago	2.28 bp	33.4 bp −$33	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 4 min ago	0.99 bp	1.7 bp −$2	4.3 bp −$43	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	−0.0585%	4h	503.54	−0.036%	$102K	$243K	10x	as long as short
Nado MSFT-PERP	−0.0059%	1h	503.44	−0.055%	$414K	$67K	20x	as long as short
tradeXYZ xyz:MSFT	−0.0011%	1h	503.25	−0.093%	$22.4M	$8.8M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	−0.0008%	1h	503.28	−0.087%	$27K	$44K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.58	−0.028%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.58	−0.029%	$339K	$1.9M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	503.73	+0.001%	$15.8M	$19.1M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.44	−0.056%	$7.2M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	503.82	+0.020%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.43	−0.058%	$3.1M	$1.9M	100x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MSFTUSDT	0.0000%	8h	503.59	−0.026%	$3.8M	$2.9M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	503.54	−0.036%	$1.3M	$401K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	503.57	−0.030%	$18K	$321K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	504.34	+0.123%	$6K	$3.8M	20x	as long as short
Coinbase International MSFT-PERP-INTX	0.0000%	1h	503.07	−0.129%	$687K	$454K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.46	−0.052%	$59K	$225K	20x	as long as short
Phemex MSFTUSDTlong	0.0000%	8h	503.72	long leg	$2.2M	$817K	10x
BloFin MSFT-USDT	+0.0008%	8h	503.57	−0.030%	$191K	$206K	20x	as long as short
Lighter MSFTshort	+0.0032%	1h	503.52	−0.040%	$1.2M	$532K	20x
Lighter RH MSFT	+0.0032%	1h	503.37	−0.069%	$706K	$1.9M	20x	as long as short
QFEX MSFT-USD	+0.0037%	1h	503.61	−0.022%	$1.1M	$4.6M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.29	−0.085%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.75	+0.006%	—	$1K	25x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.40	−0.064%	$303K	$717K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.35	−0.073%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.14	−0.115%	$512K	$428K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0052%	8h	503.46	−0.051%	$222	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	503.28	−0.087%	$11K	$15K	20x	as long as short
Hotstuff MSFT-PERP	+0.0088%	1h	503.05	−0.133%	$32K	$8K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.14	−0.115%	$1.6M	$79K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.21	−0.101%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.59	−0.026%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.61	−0.021%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	503.80	+0.016%	$115K	$45K	30x	as long as short