Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.015%

Price spread now: Lighter RH against Lighter−0.050%7-day average −0.037% · you buy dearer than you sell

Net, funding: paid 7d − costs−$11as in the Funding arb table

Net, price: spread back to 7d avg − costs−$8as in the Price arb table

costs, in and out, $10k−$60.063% of the position

Long on Lighter Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days−0.043%−$4 on $10k

Price spread, last 7 days+0.005%$0 · spread now −0.050%, 7d avg −0.037%

Together, before fees−0.038%+ Points / potential airdropLighter: Season 3 · Lighter RH: Points live · farm board−$4 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter MSFT	501.43	0.0032	pay 0.0004% / 1h	43m 20s	$1.1M	$503K	20x
Short	Lighter RH MSFT	501.18	0.0032	get 0.0004% / 1h	43m 20s	$676K	$2.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH 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 Lighter RHbpOrdersPrice spread, now −0.050%Rate

Funding earned: $0
Price spread: −0.050% → −0.037%: −$1.27
Slippage, 4 orders: −$6.31
Fee Lighter: 0 bp × 2 orders: $0
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$7.57
Costs to cover: 0.063%
Break-even: never at this rate

Slippage from Lighter: live order book, 3 min ago; Lighter RH: 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	0.60 bp	2.1 bp −$2	8.7 bp −$87	doesn't fit	doesn't fit
Sell Lighter RH live order book, 5 min ago	1.10 bp	1.8 bp −$2	4.0 bp −$40	40.8 bp −$4,085	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	−0.0253%	4h	501.35	−0.017%	$102K	$244K	10x	as long as short
Nado MSFT-PERP	−0.0115%	1h	501.29	−0.028%	$414K	$64K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0032%	1h	500.97	−0.092%	$677K	$450K	10x	as long as short
tradeXYZ xyz:MSFT	−0.0014%	1h	500.97	−0.092%	$22.1M	$8.7M	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.25	−0.037%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.24	−0.038%	$337K	$883K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.38	−0.010%	$15.7M	$19.0M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.17	−0.052%	$7.2M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.54	+0.022%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.23	−0.040%	$3.1M	$1.7M	100x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MSFTUSDT	0.0000%	8h	501.30	−0.026%	$4.5M	$2.5M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.34	−0.018%	$1.3M	$607K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.39	−0.008%	$18K	$298K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.17	+0.148%	$6K	$4.0M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.18	−0.050%	$27K	$42K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.35	−0.016%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.52	+0.018%	$2.2M	$770K	10x	as long as short
BloFin MSFT-USDT	+0.0006%	8h	501.40	−0.006%	$189K	$204K	20x	as long as short
Lighter MSFTlong	+0.0032%	1h	501.43	long leg	$1.1M	$503K	20x
Lighter RH MSFTshort	+0.0032%	1h	501.18	−0.050%	$676K	$2.0M	20x
Hotstuff MSFT-PERP	+0.0032%	1h	500.97	−0.092%	$32K	$8K	20x	as long as short
QFEX MSFT-USD	+0.0035%	1h	501.30	−0.026%	$1.1M	$4.9M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.11	−0.064%	$96K	$111K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.39	−0.008%	—	$1K	25x	as long as short
Phoenix MSFT	+0.0048%	1h	501.07	−0.072%	$10K	$15K	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.10	−0.066%	$302K	$697K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.24	−0.038%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.01	−0.084%	$518K	$452K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0053%	8h	501.30	−0.026%	$221	—	5x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	500.69	−0.148%	$1.6M	$52K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.17	−0.052%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.24	−0.038%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.26	−0.034%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.54	+0.022%	$115K	$45K	30x	as long as short