Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0088%/8h= −9.6% APRpaid last 24h −0.020%

Price spread now: Bitget against Lighter−0.044%7-day average +0.036% · you buy dearer than you sell

Net, funding: paid 7d − costs−$34as in the Funding arb table

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$250.246% of the position

Long on Lighter Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.092%−$9 on $10k

Price spread, last 7 days−0.014%−$1 · spread now −0.044%, 7d avg +0.036%

Together, before fees−0.106%+ Points / potential airdropLighter: Season 3 · farm board−$11 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Bitget is 0.079% cheaper against Lighter than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of +0.036%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter MSFT	502.07	0.0088	pay 0.0011% / 1h	28m 13s	$1.1M	$486K	20x
Short	Bitget MSFTUSDT	501.85	0	get 0.0000% / 8h	7h 28m	$3.8M	$2.2M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Lighter. 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 LighterbpFee BitgetbpOrdersPrice spread, now −0.044%Rate

Funding earned: −$18.48
Price spread: −0.044% → +0.036%: −$7.93
Slippage, 4 orders: −$12.63
Fee Lighter: 0 bp × 2 orders: $0
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$51.05
Costs to cover: 0.246%
Break-even: never at this rate

Slippage from Lighter: live order book, 3 min ago; Bitget: live order book, 5 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 Lighter live order book, 3 min ago	0.50 bp	1.2 bp −$1	4.8 bp −$48	doesn't fit	doesn't fit
Sell Bitget live order book, 5 min ago	1.39 bp	11.2 bp −$11	14.9 bp −$149	39.1 bp −$3,908	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	−0.0008%	1h	501.13	−0.187%	$679K	$448K	10x	as long as short
BloFin MSFT-USDT	−0.0003%	8h	502.14	+0.014%	$188K	$206K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.98	−0.017%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	502.00	−0.013%	$337K	$1.0M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	502.13	+0.012%	$15.7M	$18.7M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.98	−0.018%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	502.34	+0.054%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.80	−0.054%	$3.1M	$1.6M	100x	as long as short
Bitget MSFTUSDTshort	0.0000%	8h	501.85	−0.044%	$3.8M	$2.2M	100x
Variational Omni MSFT	0.0000%	8h	501.87	−0.040%	$1.3M	$690K	—	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	501.88	−0.038%	$19K	$292K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.95	+0.175%	$6K	$4.2M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	502.06	−0.002%	$58K	$227K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.43	+0.072%	$2.2M	$757K	10x	as long as short
Nado MSFT-PERP	0.0000%	1h	501.72	−0.070%	$414K	$64K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.86	−0.042%	$618K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0044%	1h	501.94	−0.026%	$1.1M	$5.9M	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.94	−0.026%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.71	−0.072%	$22.3M	$9.1M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.74	−0.066%	$303K	$674K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	502.06	−0.002%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.52	−0.110%	$527K	$489K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0051%	8h	501.95	−0.025%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.48	−0.118%	$10K	$15K	20x	as long as short
Lighter MSFTlong	+0.0088%	1h	502.07	long leg	$1.1M	$486K	20x
KuCoin MSFTUSDTM	+0.0100%	8h	501.87	−0.040%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.45	−0.123%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.87	−0.040%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.88	−0.037%	$55	—	10x	as long as short
Hotstuff MSFT-PERP	+0.0136%	1h	501.75	−0.064%	$32K	$8K	20x	as long as short
Arcus MSFT-USD	+0.0212%	1h	501.77	−0.060%	$97K	$109K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.00	−0.014%	$115K	$45K	30x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0248%	1h	501.91	−0.032%	$27K	$41K	10x	as long as short
edgeX MSFTUSDC	+0.0679%	4h	501.85	−0.043%	$102K	$244K	10x	as long as short