Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0160%/8h= +17.5% APRpaid last 24h +0.018%

Price spread now: Lighter against SunX−0.139%7-day average −0.180% · you buy dearer than you sell

Net, funding: paid 7d − costs−$209as in the Funding arb table

Net, price: spread back to 7d avg − costs−$216as in the Price arb table

costs, in and out, $10k−$2202.196% of the position

Long on SunX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.106%+$11 on $10k

Price spread, last 3 days (all we have)−0.070%−$7 · spread now −0.139%, 7d avg −0.180%

Together, before fees+0.036%+ Points / potential airdropLighter: Season 3 · farm board+$4 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Lighter is 0.041% dearer against SunX than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.180%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX MSFT-USDT	503.06	0	get 0.0000% / 8h	42m 22s	$6K	$4.3M	20x
Short	Lighter MSFT	502.36	0.0160	get 0.0020% / 1h	42m 22s	$1.1M	$585K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against SunX. 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 SunXbpFee LighterbpOrdersPrice spread, now −0.139%Rate

Funding earned: $33.6
Price spread: −0.139% → −0.180%: $4.12
Slippage, 4 orders: −$211.65
Fee SunX: 4 bp × 2 orders: −$8
Fee Lighter: 0 bp × 2 orders: $0
Net: −$181.93
Costs to cover: 2.196%
Break-even: 44.9 days

Slippage from SunX: live order book, 6 min ago; Lighter: live order book, 3 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 SunX live order book, 6 min ago	29.13 bp	110.0 bp −$110	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 3 min ago	0.90 bp	1.8 bp −$2	10.7 bp −$107	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
Nado MSFT-PERP	−0.0018%	1h	501.96	−0.220%	$414K	$64K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0016%	1h	501.76	−0.258%	$687K	$450K	10x	as long as short
BloFin MSFT-USDT	−0.0003%	8h	502.30	−0.151%	$188K	$209K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	502.23	−0.166%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	502.21	−0.169%	$337K	$392K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	502.30	−0.151%	$15.7M	$19.1M	20x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	502.31	−0.149%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	502.05	−0.201%	$3.2M	$1.6M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	502.29	−0.153%	$3.8M	$2.3M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	502.26	−0.159%	$1.3M	$702K	—	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT MSFT_USDT_Perp	0.0000%	8h	502.16	−0.178%	$18K	$300K	10x	as long as short
SunX MSFT-USDTlong	0.0000%	8h	503.06	long leg	$6K	$4.3M	20x
HTX MSFT-USDT	0.0000%	8h	502.12	−0.187%	$59K	$227K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.39	−0.133%	$2.2M	$751K	10x	as long as short
Bybit MSFTUSDT	+0.0028%	8h	502.33	−0.145%	$7.4M	$1.7M	100x	as long as short
Lighter RH MSFT	+0.0032%	1h	502.15	−0.181%	$638K	$2.1M	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	502.13	−0.185%	—	$1K	25x	as long as short
Hotstuff MSFT-PERP	+0.0048%	1h	501.91	−0.229%	$32K	$8K	20x	as long as short
QFEX MSFT-USD	+0.0049%	1h	502.18	−0.175%	$1.1M	$5.8M	10x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.84	−0.243%	$22.3M	$9.6M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.78	−0.254%	$303K	$678K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	502.20	−0.171%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.91	−0.229%	$529K	$494K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0054%	8h	502.18	−0.175%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.96	−0.219%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.74	−0.262%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.91	−0.229%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	502.17	−0.177%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	502.23	−0.166%	$55	—	10x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0109%	1h	502.10	−0.191%	$27K	$101K	10x	as long as short
Lighter MSFTshort	+0.0160%	1h	502.36	−0.139%	$1.1M	$585K	20x
Injective MSFT/USDC PERP	+0.0220%	1h	502.57	−0.097%	$115K	$45K	30x	as long as short
Arcus MSFT-USD	+0.0286%	1h	502.17	−0.177%	$97K	$109K	10x	as long as short
edgeX MSFTUSDC	+0.0865%	4h	502.25	−0.160%	$102K	$244K	10x	as long as short