Spread before costs (cost unknown: a leg has no order-book sample)+0.083%
7d average—if it closes, per $10,000$8funding while held, a day+$48.48
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Hotstuff MSFT-PERP | 494.31 | −0.1584 | get 0.0198% / 1h | 33m 50s | $40K | — | 20x |
| Short | Lighter MSFT | 494.72 | 0.0032 | get 0.0004% / 1h | 33m 50s | $1.1M | $522K | 20x |
Hotstuff MSFT-PERP
Lighter MSFTPrice spread history
latest
Range statsloading…
How often the spread is this wide
share of time at each level, last 7DBacktest
opened in the past, held until now, after costsProfit calculator
- Spread captured
- $8.29
- Funding while held
- $48.48
- Slippage, 4 orders
- no order book: not counted
- Fee Hotstuff: 2.5 bp × 2 orders
- −$5
- Fee Lighter: 0 bp × 2 orders
- $0
- Net
- $51.77
- Spread needed to break even
- 0.050%
Slippage unknown: Hotstuff: no order-book sample; Lighter: live order book, 3 min ago. Net counts fees only.
Cost of waiting
funding view- Funding /8h
- +0.1616%
- Per $10,000 a day
- +$48.48
- Average in range /8h
- —
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 Hotstuff no order-book sample | — | — | — | — | — |
| Sell Lighter live order book, 3 min ago | 0.81 bp | 2.2 bp −$2 | 9.1 bp −$91 | doesn't fit | doesn't fit |
Hotstuff: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.
MSFT price on every exchange
against the cheapest. Click to use as the short leg.Polymarket Perps493.91cheapestVest494.07+0.032%KuCoin494.10+0.038%Nado494.15+0.049%tradeXYZ494.17+0.053%Ondo Perps494.23+0.065%Arcus494.24+0.067%
Polymarket Perps
Vest
KuCoin
Nado
tradeXYZ
Ondo Perps
ArcusHotstuff494.31+0.081%
Deribit494.36+0.091%Paradex494.36+0.092%Orderly494.41+0.101%Gate494.42+0.103%ApeX Omni494.45+0.109%Phoenix494.48+0.115%Lighter RH494.50+0.119%Extended494.50+0.120%QFEX494.51+0.121%Aevo494.52+0.124%Bybit494.55+0.130%SoDEX494.60+0.140%Bitget494.62+0.144%HTX494.64+0.148%Binance494.70+0.159%
Deribit
Paradex
Orderly
Gate
ApeX Omni
Phoenix
Lighter RH
Extended
QFEX
Aevo
Bybit
SoDEX
Bitget
HTX
BinanceLighter494.72+0.164%
OKX494.72+0.164%Aster494.74+0.168%edgeX494.75+0.170%BloFin494.78+0.176%Variational Omni494.86+0.193%Phemex495.14+0.249%Injective495.17+0.255%Coinbase International495.20+0.261%SunX495.64+0.350%
OKX
Aster
BloFin
Variational Omni
Phemex
Injective
Coinbase International
SunXMSFT on 33 venues
cheapest first. Swap a leg.| Exchange | vs long leg | Funding /8h | Every | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|
| Polymarket Perps MSFT-USD | −0.081% | +0.0050% | 1h | $291K | $411K | 10x | as long as short |
| Vest MSFT-USD-PERP | −0.049% | +0.0046% | 1h | — | — | 25x | as long as short |
| KuCoin MSFTUSDTM | −0.042% | +0.0100% | 8h | $1.5M | $6K | 20x | as long as short |
| Nado MSFT-PERP | −0.032% | −0.0017% | 1h | $459K | $3K | 20x | as long as short |
| tradeXYZ xyz:MSFT | −0.028% | +0.0050% | 1h | $23.2M | $5.9M | 20x | as long as short |
| Ondo Perps MSFT-USD.P | −0.016% | +0.0050% | 1h | $539K | $369K | 15x | as long as short |
| Arcus MSFT-USD | −0.014% | +0.0151% | 1h | $112K | $49K | 10x | as long as short |
| Hotstuff MSFT-PERPlong | 0.000% | −0.1584% | 1h | $40K | — | 20x | |
| Deribit MSFT_USDC-PERPETUAL | +0.010% | 0.0000% | 1h | $27K | $97K | 10x | as long as short |
| Paradex MSFT-USD-PERP | +0.011% | +0.0052% | 8h | $218 | — | 5x | as long as short |
Show all 33 venues
| Exchange | vs long leg | Funding /8h | Every | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|
| Orderly PERP_MSFT_USDC_mythos | +0.020% | +0.0100% | 8h | $8K | — | 10x | as long as short |
| Gate MSFT_USDT | +0.022% | 0.0000% | 8h | $3.1M | $961K | 100x | as long as short |
| ApeX Omni MSFTUSDT | +0.028% | +0.0100% | 1h | $157K | $7K | 50x | as long as short |
| Phoenix MSFT | +0.034% | +0.0016% | 1h | $10K | $15K | 20x | as long as short |
| Lighter RH MSFT | +0.038% | +0.0032% | 1h | $693K | $2.1M | 20x | as long as short |
| Extended MSFT_24_5-USD | +0.039% | 0.0000% | 1h | $329K | $380K | 17x | as long as short |
| QFEX MSFT-USD | +0.040% | +0.0038% | 1h | $1.1M | $3.1M | 10x | as long as short |
| Aevo MSFT-PERP | +0.043% | +0.0104% | 1h | $54 | — | 10x | as long as short |
| Bybit MSFTUSDT | +0.049% | 0.0000% | 8h | $7.2M | $923K | 100x | as long as short |
| SoDEX MSFT-USD | +0.059% | +0.0050% | 1h | $59K | $3K | 10x | as long as short |
| Bitget MSFTUSDT | +0.063% | 0.0000% | 8h | $3.8M | $1.5M | 100x | as long as short |
| HTX MSFT-USDT | +0.067% | 0.0000% | 8h | $58K | $230K | 20x | as long as short |
| Binance MSFTUSDT | +0.078% | 0.0000% | 8h | $15.7M | $11.9M | 20x | as long as short |
| Lighter MSFTshort | +0.083% | +0.0032% | 1h | $1.1M | $522K | 20x | |
| OKX MSFT-USDT-SWAP | +0.083% | 0.0000% | 8h | $3.0M | $889K | 20x | as long as short |
| Aster MSFTUSDT | +0.087% | 0.0000% | 8h | $153K | $57K | 20x | as long as short |
| edgeX MSFTUSDC | +0.089% | −0.0010% | 4h | $101K | $244K | 10x | as long as short |
| BloFin MSFT-USDT | +0.095% | +0.0026% | 8h | $191K | $123K | 20x | as long as short |
| Variational Omni MSFT | +0.112% | 0.0000% | 8h | $1.3M | $652K | — | as long as short |
| Phemex MSFTUSDT | +0.168% | 0.0000% | 8h | $2.1M | $418K | 10x | as long as short |
| Injective MSFT/USDC PERP | +0.174% | +0.0220% | 1h | $158K | $140K | 30x | as long as short |
| Coinbase International MSFT-PERP-INTX | +0.180% | −0.0016% | 1h | $666K | $327K | 10x | as long as short |
| SunX MSFT-USDT | +0.269% | 0.0000% | 8h | $6K | $3.4M | 20x | as long as short |