Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0136%/8h= +14.9% APRpaid last 24h +0.024%

Price spread now: Lighter against Aster−0.010%7-day average −0.028% · you buy dearer than you sell

Net, funding: paid 7d − costs−$44as in the Funding arb table

Net, price: spread back to 7d avg − costs−$51as in the Price arb table

costs, in and out, $10k−$520.523% of the position

Long on Aster Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.086%+$9 on $10k

Price spread, last 4 days (all we have)−0.040%−$4 · spread now −0.010%, 7d avg −0.028%

Together, before fees+0.046%+ Points / potential airdropAster: Stage 5 · Lighter: Season 3 · farm board+$5 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.028%, so right now this pair is about funding alone: +$4 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster MSFTUSDT	503.54	0	get 0.0000% / 8h	1h 01m	$162K	$114K	20x
Short	Lighter MSFT	503.49	0.0136	get 0.0017% / 1h	1m 30s	$1.2M	$533K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Aster. 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 AsterbpFee LighterbpOrdersPrice spread, now −0.010%Rate

Funding earned: $28.56
Price spread: −0.010% → −0.028%: $1.79
Slippage, 4 orders: −$44.33
Fee Aster: 4 bp × 2 orders: −$8
Fee Lighter: 0 bp × 2 orders: $0
Net: −$21.97
Costs to cover: 0.523%
Break-even: 12.4 days

Slippage from Aster: live order book, 40 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 Aster live order book, 40 min ago	9.72 bp	21.7 bp −$22	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 4 min ago	0.69 bp	5.0 bp −$5	6.9 bp −$69	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	−0.0574%	4h	503.55	+0.002%	$102K	$244K	10x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0048%	1h	503.66	+0.024%	$682K	$499K	10x	as long as short
BloFin MSFT-USDT	−0.0008%	8h	503.61	+0.014%	$190K	$207K	20x	as long as short
Aster MSFTUSDTlong	0.0000%	8h	503.54	long leg	$162K	$114K	20x
Extended MSFT_24_5-USD	0.0000%	1h	503.49	−0.010%	$338K	$1.4M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	503.63	+0.018%	$15.8M	$19.5M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.46	−0.016%	$7.3M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	503.59	+0.010%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.31	−0.046%	$3.1M	$1.8M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	503.54	0.000%	$3.8M	$2.9M	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	503.60	+0.011%	$1.3M	$414K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	503.58	+0.008%	$19K	$328K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	504.40	+0.170%	$6K	$3.9M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.37	−0.034%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	503.63	+0.018%	$2.2M	$823K	10x	as long as short
Nado MSFT-PERP	+0.0022%	1h	503.27	−0.054%	$414K	$67K	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0028%	1h	503.44	−0.020%	$27K	$44K	10x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.37	−0.034%	$695K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0039%	1h	503.53	−0.002%	$1.2M	$4.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.35	−0.038%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.63	+0.018%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	503.21	−0.066%	$22.4M	$8.9M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.26	−0.056%	$303K	$718K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.30	−0.048%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.25	−0.058%	$512K	$452K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0056%	8h	503.45	−0.017%	$222	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	503.38	−0.032%	$11K	$15K	20x	as long as short
Hotstuff MSFT-PERP	+0.0072%	1h	503.22	−0.064%	$32K	$8K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.10	−0.088%	$1.6M	$60K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.26	−0.056%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.43	−0.022%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.53	−0.003%	$55	—	10x	as long as short
Lighter MSFTshort	+0.0136%	1h	503.49	−0.010%	$1.2M	$533K	20x
Injective MSFT/USDC PERP	+0.0220%	1h	503.98	+0.087%	$115K	$45K	30x	as long as short