Funding you earn now, next payment 12:00 UTC−0.0082%/8h= −9.0% APRnext payment −$0.10 per $10,000 · paid last 24h −0.026%
Price spread now: Nado against Lighter−0.014%7-day average −0.020% · you buy dearer than you sell
Net, funding: paid 7d − costs—under 7 days of funding history
Net, price: spread back to 7d avg − costs−$27as in the Price arb table
costs, in and out, $10k−$270.273% of the position
Funding, last 4 days (all we have)−0.103%−$10 on $10k
+Price spread, last 4 days (all we have)−0.057%−$6 · spread now −0.014%, 7d avg −0.020%
=Together, before fees−0.160%+ Points / potential airdropLighter: Season 3 · Nado: Active · farm board−$16 on $10k · with fees, hour by hour
The price spread sits at its 7-day average of −0.020%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Lighter MSFT | 506.02 | 0.0032 | pay 0.0004% / 1h | 44m 15s | $1.2M | $506K | 20x |
| Short | Nado MSFT-PERP | 505.95 | −0.0050 | pay 0.0006% / 1h | 44m 15s | $413K | $72K | 20x |
Lighter MSFT
Nado MSFT-PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Nado against Lighter. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$17.28
- Price spread: −0.014% → −0.020%
- $0.61
- Slippage, 4 orders
- −$20.27
- Fee Lighter: 0 bp × 2 orders
- $0
- Fee Nado: 3.5 bp × 2 orders
- −$7
- Net
- −$43.94
- Costs to cover
- 0.273%
- Break-even
- never at this rate
Slippage from Lighter: live order book, 5 min ago; Nado: live order book, 62 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, 5 min ago | 0.99 bp | 2.9 bp −$3 | 8.4 bp −$84 | doesn't fit | doesn't fit |
| Sell Nado live order book, 62 min ago | 0.80 bp | 12.0 bp −$12 | 30.5 bp −$305 | doesn't fit | doesn't fit |
MSFT on 34 exchanges
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 | |
|---|---|---|---|---|---|---|---|---|
| Nado MSFT-PERPshort | −0.0050% | 1h | 505.95 | −0.014% | $413K | $72K | 20x | |
| Hotstuff MSFT-PERP | −0.0024% | 1h | 505.78 | −0.047% | $33K | $8K | 20x | as long as short |
| Coinbase International MSFT-PERP-INTX | −0.0008% | 1h | 505.85 | −0.034% | $711K | $698K | 10x | as long as short |
| Aster MSFTUSDT | 0.0000% | 8h | 505.79 | −0.045% | $166K | $117K | 20x | as long as short |
| Extended MSFT_24_5-USD | 0.0000% | 1h | 505.86 | −0.032% | $330K | $2.1M | 17x | as long as short |
| Binance MSFTUSDT | 0.0000% | 8h | 506.03 | +0.002% | $16.4M | $22.0M | 20x | as long as short |
| Bybit MSFTUSDT | 0.0000% | 8h | 505.87 | −0.030% | $7.3M | $2.4M | 100x | as long as short |
| Gate MSFT_USDT | 0.0000% | 8h | 505.92 | −0.020% | $3.2M | $2.0M | 100x | as long as short |
| Bitget MSFTUSDT | 0.0000% | 8h | 506.10 | +0.016% | $4.0M | $3.2M | 100x | as long as short |
| Variational Omni MSFT | 0.0000% | 8h | 505.98 | −0.009% | $1.3M | $418K | — | as long as short |
Hotstuff MSFT-PERP
Coinbase International MSFT-PERP-INTX
Aster MSFTUSDT
Extended MSFT_24_5-USD
Binance MSFTUSDT
Bybit MSFTUSDT
Gate MSFT_USDT
Bitget MSFTUSDT
Variational Omni MSFTShow all 34 exchanges
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| GRVT MSFT_USDT_Perp | 0.0000% | 8h | 506.35 | +0.064% | $19K | $329K | 10x | as long as short |
| SunX MSFT-USDT | 0.0000% | 8h | 506.98 | +0.190% | $6K | $3.4M | 20x | as long as short |
| Deribit MSFT_USDC-PERPETUAL | 0.0000% | 1h | 505.94 | −0.016% | $30K | $45K | 10x | as long as short |
| HTX MSFT-USDT | 0.0000% | 8h | 506.07 | +0.010% | $49K | $247K | 20x | as long as short |
| Phemex MSFTUSDT | 0.0000% | 8h | 506.45 | +0.085% | $2.3M | $953K | 10x | as long as short |
| BloFin MSFT-USDT | +0.0017% | 8h | 506.20 | +0.036% | $203K | $224K | 20x | as long as short |
| Lighter MSFTlong | +0.0032% | 1h | 506.02 | long leg | $1.2M | $506K | 20x | |
| Lighter RH MSFT | +0.0032% | 1h | 506.01 | −0.002% | $719K | $1.9M | 20x | as long as short |
| QFEX MSFT-USD | +0.0038% | 1h | 506.05 | +0.006% | $1.2M | $4.7M | 10x | as long as short |
| Arcus MSFT-USD | +0.0040% | 1h | 505.84 | −0.036% | $94K | $83K | 10x | as long as short |
| Vest MSFT-USD-PERP | +0.0046% | 1h | 506.32 | +0.059% | — | $1K | 25x | as long as short |
| Phoenix MSFT | +0.0048% | 1h | 506.10 | +0.016% | $11K | $16K | 20x | as long as short |
| tradeXYZ xyz:MSFT | +0.0050% | 1h | 505.74 | −0.055% | $22.4M | $9.5M | 20x | as long as short |
| Polymarket Perps MSFT-USD | +0.0050% | 1h | 505.79 | −0.045% | $319K | $674K | 10x | as long as short |
| SoDEX MSFT-USD | +0.0050% | 1h | 505.90 | −0.024% | $61K | $3K | 10x | as long as short |
| Ondo Perps MSFT-USD.P | +0.0050% | 1h | 505.92 | −0.020% | $521K | $429K | 15x | as long as short |
| Paradex MSFT-USD-PERP | +0.0056% | 8h | 506.04 | +0.003% | $223 | — | 5x | as long as short |
| OKX MSFT-USDT-SWAP | +0.0063% | 8h | 506.29 | +0.053% | $3.2M | $2.9M | 20x | as long as short |
| KuCoin MSFTUSDTM | +0.0077% | 8h | 505.50 | −0.103% | $1.6M | $295K | 20x | as long as short |
| ApeX Omni MSFTUSDT | +0.0100% | 1h | 505.91 | −0.022% | $161K | $7K | 50x | as long as short |
| Orderly PERP_MSFT_USDC_mythos | +0.0100% | 8h | 505.96 | −0.012% | $8K | — | 10x | as long as short |
| Aevo MSFT-PERP | +0.0104% | 1h | 505.24 | −0.155% | $56 | — | 10x | as long as short |
| Injective MSFT/USDC PERP | +0.0220% | 1h | 506.25 | +0.045% | $116K | $45K | 30x | as long as short |
| edgeX MSFTUSDC | +0.0317% | 4h | 506.28 | +0.052% | $103K | $244K | 10x | as long as short |
GRVT MSFT_USDT_Perp
SunX MSFT-USDT
Deribit MSFT_USDC-PERPETUAL
HTX MSFT-USDT
Phemex MSFTUSDT
BloFin MSFT-USDT
Lighter RH MSFT
QFEX MSFT-USD
Arcus MSFT-USD
Vest MSFT-USD-PERP
Phoenix MSFT
tradeXYZ xyz:MSFT
Polymarket Perps MSFT-USD
SoDEX MSFT-USD
Ondo Perps MSFT-USD.P
Paradex MSFT-USD-PERP
OKX MSFT-USDT-SWAP
KuCoin MSFTUSDTM
ApeX Omni MSFTUSDT
Orderly PERP_MSFT_USDC_mythos
Aevo MSFT-PERP
Injective MSFT/USDC PERP
edgeX MSFTUSDC