Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h +0.010%

Price spread now: Lighter RH against Phemex−0.064%7-day average −0.103% · you buy dearer than you sell

Net, funding: paid 7d − costs−$55as in the Funding arb table

Net, price: spread back to 7d avg − costs−$58as in the Price arb table

costs, in and out, $10k−$620.620% of the position

Long on Phemex Short on Lighter RH

What this pair did over the last

the charts below follow

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 for this trade now. Funding pays +$1 a day on $10k at the current rate, and Lighter RH is 0.039% dearer against Phemex than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.103%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex MSFTUSDT	501.74	0	get 0.0000% / 8h	7h 23m	$2.2M	$758K	10x
Short	Lighter RH MSFT	501.42	0.0032	get 0.0004% / 1h	23m 19s	$619K	$2.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH 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 Lighter RHbpOrdersPrice spread, now −0.064%Rate

Funding earned: $6.72
Price spread: −0.064% → −0.103%: $3.9
Slippage, 4 orders: −$50
Fee Phemex: 6 bp × 2 orders: −$12
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$51.38
Costs to cover: 0.620%
Break-even: 60.5 days

Slippage from Phemex: live order book, 5 min ago; Lighter RH: 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 Phemex live order book, 5 min ago	0.40 bp	29.8 bp −$30	doesn't fit	doesn't fit	doesn't fit
Sell Lighter RH live order book, 5 min ago	1.20 bp	1.2 bp −$1	4.2 bp −$42	42.7 bp −$4,267	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	−0.0336%	4h	501.89	+0.031%	$102K	$242K	10x	as long as short
BloFin MSFT-USDT	−0.0019%	8h	501.72	−0.004%	$188K	$205K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0008%	1h	501.24	−0.100%	$685K	$453K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.59	−0.030%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.52	−0.043%	$337K	$1.0M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.63	−0.022%	$15.7M	$18.7M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.57	−0.034%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.79	+0.010%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.48	−0.052%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.72	−0.004%	$3.8M	$2.1M	100x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni MSFT	0.0000%	8h	501.86	+0.024%	$1.3M	$690K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.95	+0.042%	$19K	$289K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.47	+0.145%	$6K	$4.1M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.58	−0.032%	$58K	$227K	20x	as long as short
Phemex MSFTUSDTlong	0.0000%	8h	501.74	long leg	$2.2M	$758K	10x
Nado MSFT-PERP	+0.0004%	1h	501.27	−0.093%	$414K	$64K	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0009%	1h	501.35	−0.078%	$27K	$41K	10x	as long as short
Lighter RH MSFTshort	+0.0032%	1h	501.42	−0.064%	$619K	$2.0M	20x
QFEX MSFT-USD	+0.0044%	1h	501.58	−0.032%	$1.1M	$5.8M	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.54	−0.040%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.27	−0.094%	$22.2M	$9.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.26	−0.096%	$303K	$672K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.55	−0.038%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.07	−0.134%	$528K	$502K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0051%	8h	501.44	−0.060%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.70	−0.008%	$10K	$15K	20x	as long as short
Lighter MSFT	+0.0096%	1h	501.64	−0.020%	$1.1M	$486K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.46	−0.056%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.56	−0.036%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.50	−0.048%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.57	−0.035%	$55	—	10x	as long as short
Hotstuff MSFT-PERP	+0.0144%	1h	501.22	−0.104%	$32K	$8K	20x	as long as short
Arcus MSFT-USD	+0.0212%	1h	501.69	−0.010%	$97K	$109K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.82	+0.016%	$115K	$45K	30x	as long as short