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 +0.013%

Price spread now: Lighter against Binance−0.002%7-day average −0.045% · you buy dearer than you sell

Net, funding: paid 7d − costs−$9as in the Funding arb table

Net, price: spread back to 7d avg − costs−$13as in the Price arb table

costs, in and out, $10k−$170.175% of the position

Long on Binance Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.083%+$8 on $10k

Price spread, last 7 days−0.005%$0 · spread now −0.002%, 7d avg −0.045%

Together, before fees+0.079%+ Points / potential airdropLighter: Season 3 · farm board+$8 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Lighter is 0.043% dearer against Binance than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.045%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance MSFTUSDT	504.01	0	get 0.0000% / 8h	1h 28m	$15.8M	$19.6M	20x
Short	Lighter MSFT	504.00	0.0136	get 0.0017% / 1h	28m 55s	$1.2M	$514K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Binance. 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 BinancebpFee LighterbpOrdersPrice spread, now −0.002%Rate

Funding earned: $28.56
Price spread: −0.002% → −0.045%: $4.28
Slippage, 4 orders: −$7.47
Fee Binance: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: $15.37
Costs to cover: 0.175%
Break-even: 3.2 days

Slippage from Binance: live order book, 12 min ago; Lighter: live order book, 7 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 Binance live order book, 12 min ago	0.10 bp	6.5 bp −$7	10.8 bp −$108	44.5 bp −$4,454	doesn't fit
Sell Lighter live order book, 7 min ago	1.09 bp	2.4 bp −$2	5.6 bp −$56	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
Coinbase International MSFT-PERP-INTX	−0.0048%	1h	503.66	−0.069%	$682K	$500K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.67	−0.068%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.89	−0.024%	$338K	$1.2M	17x	as long as short
Binance MSFTUSDTlong	0.0000%	8h	504.01	long leg	$15.8M	$19.6M	20x
Bybit MSFTUSDT	0.0000%	8h	503.67	−0.067%	$7.3M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	503.93	−0.016%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.82	−0.038%	$3.1M	$1.8M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	503.97	−0.008%	$3.8M	$3.0M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	503.94	−0.014%	$1.3M	$499K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	503.99	−0.004%	$18K	$327K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX MSFT-USDT	0.0000%	8h	504.77	+0.151%	$6K	$3.9M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.94	−0.014%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	504.14	+0.026%	$2.2M	$821K	10x	as long as short
Nado MSFT-PERP	+0.0014%	1h	503.60	−0.081%	$415K	$67K	20x	as long as short
Hotstuff MSFT-PERP	+0.0016%	1h	503.50	−0.101%	$32K	$8K	20x	as long as short
BloFin MSFT-USDT	+0.0023%	8h	504.09	+0.016%	$191K	$207K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.75	−0.052%	$701K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0039%	1h	503.92	−0.018%	$1.1M	$4.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.70	−0.062%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.89	−0.024%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	503.50	−0.101%	$22.4M	$9.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.67	−0.067%	$303K	$718K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.83	−0.036%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.54	−0.093%	$522K	$476K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0056%	8h	503.84	−0.033%	$222	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	503.69	−0.063%	$11K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.34	−0.133%	$1.6M	$60K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.48	−0.105%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.79	−0.044%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.83	−0.036%	$55	—	10x	as long as short
Lighter MSFTshort	+0.0136%	1h	504.00	−0.002%	$1.2M	$514K	20x
edgeX MSFTUSDC	+0.0164%	4h	503.94	−0.013%	$103K	$244K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	504.21	+0.040%	$115K	$45K	30x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0246%	1h	503.80	−0.042%	$27K	$43K	10x	as long as short