Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0085%/8h= −9.3% APRpaid last 24h −0.009%

Price spread now: BloFin against Lighter+0.002%7-day average +0.031% · you sell dearer than you buy

Net, funding: paid 7d − costs−$26as in the Funding arb table

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$190.191% of the position

Long on Lighter Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.071%−$7 on $10k

Price spread, last 4 days (all we have)+0.116%+$12 · spread now +0.002%, 7d avg +0.031%

Together, before fees+0.045%+ Points / potential airdropLighter: Season 3 · farm board+$5 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 BloFin is 0.029% cheaper against Lighter than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.031%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter MSFT	501.30	0.0104	pay 0.0013% / 1h	12m 43s	$1.1M	$499K	20x
Short	BloFin MSFT-USDT	501.31	0.0019	get 0.0019% / 8h	4h 12m	$189K	$204K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.002%Rate

Funding earned: −$17.91
Price spread: +0.002% → +0.031%: −$2.86
Slippage, 4 orders: −$7.12
Fee Lighter: 0 bp × 2 orders: $0
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$39.89
Costs to cover: 0.191%
Break-even: never at this rate

Slippage from Lighter: live order book, 3 min ago; BloFin: live order book, 18 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	0.80 bp	1.2 bp −$1	8.4 bp −$84	doesn't fit	doesn't fit
Sell BloFin live order book, 18 min ago	0.20 bp	9.0 bp −$9	10.8 bp −$108	25.5 bp −$2,550	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	−0.0330%	4h	501.40	+0.020%	$102K	$244K	10x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0040%	1h	500.97	−0.066%	$677K	$457K	10x	as long as short
Nado MSFT-PERP	−0.0012%	1h	501.17	−0.026%	$414K	$64K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.15	−0.030%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.16	−0.028%	$337K	$890K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.31	+0.003%	$15.8M	$19.0M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	500.99	−0.062%	$7.2M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.57	+0.054%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.12	−0.036%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.24	−0.012%	$4.5M	$2.5M	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	501.46	+0.032%	$1.3M	$615K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.48	+0.036%	$19K	$302K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.16	+0.172%	$6K	$4.0M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.04	−0.052%	$27K	$41K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.20	−0.020%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.57	+0.054%	$2.2M	$769K	10x	as long as short
BloFin MSFT-USDTshort	+0.0019%	8h	501.31	+0.002%	$189K	$204K	20x
Lighter RH MSFT	+0.0032%	1h	501.07	−0.046%	$675K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0036%	1h	501.25	−0.010%	$1.2M	$5.2M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.18	−0.024%	$96K	$111K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.33	+0.006%	—	$1K	25x	as long as short
Phoenix MSFT	+0.0048%	1h	501.13	−0.034%	$10K	$15K	20x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	500.79	−0.102%	$22.0M	$8.7M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	500.95	−0.070%	$302K	$722K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.09	−0.042%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.90	−0.080%	$528K	$444K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0056%	8h	501.18	−0.024%	$221	—	5x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	500.96	−0.068%	$1.5M	$20K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.20	−0.020%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.18	−0.024%	$8K	—	10x	as long as short
Lighter MSFTlong	+0.0104%	1h	501.30	long leg	$1.1M	$499K	20x
Aevo MSFT-PERP	+0.0104%	1h	501.24	−0.012%	$55	—	10x	as long as short
Hotstuff MSFT-PERP	+0.0176%	1h	500.99	−0.062%	$32K	$8K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.76	+0.092%	$115K	$45K	30x	as long as short