Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0047%/8h= +5.1% APRpaid last 24h −0.005%

Price spread now: Lighter RH against BloFin−0.020%7-day average −0.073% · you buy dearer than you sell

Net, funding: paid 7d − costs−$18as in the Funding arb table

Net, price: spread back to 7d avg − costs−$15as in the Price arb table

costs, in and out, $10k−$210.206% of the position

Long on BloFin Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days+0.029%+$3 on $10k

Price spread, last 4 days (all we have)−0.104%−$10 · spread now −0.020%, 7d avg −0.073%

Together, before fees−0.075%+ Points / potential airdropLighter RH: Points live · farm board−$7 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 0.053% dearer against BloFin than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.073%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin MSFT-USDT	502.62	−0.0015	get 0.0015% / 8h	2h 44m	$190K	$204K	20x
Short	Lighter RH MSFT	502.52	0.0032	get 0.0004% / 1h	44m 20s	$685K	$2.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH against BloFin. 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 BloFinbpFee Lighter RHbpOrdersPrice spread, now −0.020%Rate

Funding earned: $9.82
Price spread: −0.020% → −0.073%: $5.34
Slippage, 4 orders: −$8.6
Fee BloFin: 6 bp × 2 orders: −$12
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$5.44
Costs to cover: 0.206%
Break-even: 10.9 days

Slippage from BloFin: live order book, 36 min ago; Lighter RH: 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 BloFin live order book, 36 min ago	0.20 bp	8.8 bp −$9	13.4 bp −$134	doesn't fit	doesn't fit
Sell Lighter RH live order book, 4 min ago	1.29 bp	2.0 bp −$2	4.4 bp −$44	37.1 bp −$3,709	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	−0.0064%	1h	502.41	−0.042%	$684K	$454K	10x	as long as short
BloFin MSFT-USDTlong	−0.0015%	8h	502.62	long leg	$190K	$204K	20x
Aster MSFTUSDT	0.0000%	8h	502.59	−0.006%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	502.62	−0.001%	$341K	$1.2M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	502.75	+0.026%	$15.8M	$19.3M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	502.45	−0.034%	$7.2M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	502.65	+0.006%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	502.49	−0.026%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	502.78	+0.032%	$3.8M	$2.9M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	502.53	−0.018%	$1.3M	$479K	—	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	502.69	+0.015%	$18K	$311K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	503.55	+0.185%	$6K	$3.9M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	502.51	−0.022%	$27K	$42K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	502.59	−0.006%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.96	+0.068%	$2.2M	$791K	10x	as long as short
Nado MSFT-PERP	+0.0004%	1h	502.42	−0.039%	$412K	$66K	20x	as long as short
Phoenix MSFT	+0.0016%	1h	502.42	−0.040%	$11K	$15K	20x	as long as short
Lighter RH MSFTshort	+0.0032%	1h	502.52	−0.020%	$685K	$2.0M	20x
QFEX MSFT-USD	+0.0036%	1h	502.57	−0.010%	$1.1M	$4.8M	10x	as long as short
Hotstuff MSFT-PERP	+0.0040%	1h	502.26	−0.072%	$32K	$8K	20x	as long as short
Arcus MSFT-USD	+0.0040%	1h	502.46	−0.032%	$96K	$111K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	502.58	−0.008%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	502.28	−0.068%	$22.2M	$8.9M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	502.39	−0.046%	$303K	$713K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	502.51	−0.022%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	502.33	−0.058%	$511K	$468K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0052%	8h	502.59	−0.006%	$221	—	5x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	502.46	−0.032%	$1.6M	$57K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	502.19	−0.086%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	502.55	−0.014%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	502.64	+0.003%	$55	—	10x	as long as short
Lighter MSFT	+0.0128%	1h	502.80	+0.036%	$1.2M	$506K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	503.24	+0.123%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0545%	4h	502.75	+0.027%	$102K	$244K	10x	as long as short