Funding you earn now, next payment 05:00 UTC−0.0072%/8h= −7.9% APRnext payment −$0.09 per $10,000 · paid last 24h −0.008%
Price spread now: Phoenix against Lighter−0.044%74s7-day average — · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 7 days−0.046%−$5 on $10k
+Price spread, last 7 days—no price history on both exchanges yet
=Together, before fees—+ Points / potential airdropLighter: Season 3 · farm boardneeds both histories
Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Phoenix is 0.044% cheaper against Lighter than usual: you would sell low and buy high (−$4 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 74 seconds apart, so part of this spread may be the market moving, not a spread.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Lighter MSFT | 504.09 | 0.0088 | pay 0.0011% / 1h | 5m 58s | $1.2M | $516K | 20x |
| Short | Phoenix MSFT | 503.87 | 0.0016 | get 0.0002% / 1h | 5m 58s | $11K | $15K | 20x |
Lighter MSFT
Phoenix MSFTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix 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
- −$15.14
- Price spread: −0.044% → 0.000%
- −$4.36
- Slippage, 4 orders
- no order book: not counted
- Fee Lighter: 0 bp × 2 orders
- $0
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$26.51
- Costs to cover
- 0.070%
- Break-even
- never at this rate
Slippage unknown: Lighter: live order book, 5 min ago; Phoenix: no order-book sample. Net counts fees only.
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 | 0.50 bp | 0.9 bp −$1 | 8.8 bp −$88 | doesn't fit | doesn't fit |
| Sell Phoenix no order-book sample | — | — | — | — | — |
Phoenix: 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 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 | −0.0903% | 4h | 504.37 | +0.055% | $103K | $242K | 10x | as long as short |
| Coinbase International MSFT-PERP-INTX | −0.0064% | 1h | 503.75 | −0.067% | $683K | $494K | 10x | as long as short |
| Nado MSFT-PERP | −0.0017% | 1h | 503.94 | −0.030% | $415K | $68K | 20x | as long as short |
| Hotstuff MSFT-PERP | −0.0008% | 1h | 503.81 | −0.056% | $33K | $8K | 20x | as long as short |
| Aster MSFTUSDT | 0.0000% | 8h | 503.90 | −0.038% | $162K | $114K | 20x | as long as short |
| Extended MSFT_24_5-USD | 0.0000% | 1h | 504.05 | −0.008% | $338K | $1.2M | 17x | as long as short |
| Binance MSFTUSDT | 0.0000% | 8h | 504.19 | +0.020% | $15.8M | $19.6M | 20x | as long as short |
| Bybit MSFTUSDT | 0.0000% | 8h | 503.95 | −0.028% | $7.2M | $2.3M | 100x | as long as short |
| OKX MSFT-USDT-SWAP | 0.0000% | 8h | 504.29 | +0.040% | $3.0M | $2.4M | 20x | as long as short |
| Gate MSFT_USDT | 0.0000% | 8h | 504.01 | −0.016% | $3.1M | $1.8M | 100x | as long as short |
edgeX MSFTUSDC
Coinbase International MSFT-PERP-INTX
Nado MSFT-PERP
Hotstuff MSFT-PERP
Aster MSFTUSDT
Extended MSFT_24_5-USD
Binance MSFTUSDT
Bybit MSFTUSDT
OKX MSFT-USDT-SWAP
Gate MSFT_USDTShow all 34 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Bitget MSFTUSDT | 0.0000% | 8h | 504.17 | +0.016% | $3.8M | $3.0M | 100x | as long as short |
| Variational Omni MSFT | 0.0000% | 8h | 504.20 | +0.021% | $1.3M | $499K | — | as long as short |
| GRVT MSFT_USDT_Perp | 0.0000% | 8h | 504.28 | +0.038% | $19K | $323K | 10x | as long as short |
| SunX MSFT-USDT | 0.0000% | 8h | 504.94 | +0.169% | $6K | $3.9M | 20x | as long as short |
| HTX MSFT-USDT | 0.0000% | 8h | 504.09 | 0.000% | $59K | $226K | 20x | as long as short |
| Phemex MSFTUSDT | 0.0000% | 8h | 504.33 | +0.048% | $2.2M | $815K | 10x | as long as short |
| Phoenix MSFTshort | +0.0016% | 1h | 503.87 | −0.044% | $11K | $15K | 20x | |
| BloFin MSFT-USDT | +0.0021% | 8h | 504.36 | +0.054% | $189K | $207K | 20x | as long as short |
| Lighter RH MSFT | +0.0032% | 1h | 503.88 | −0.042% | $711K | $2.0M | 20x | as long as short |
| QFEX MSFT-USD | +0.0036% | 1h | 504.15 | +0.012% | $1.1M | $4.8M | 10x | as long as short |
| Arcus MSFT-USD | +0.0040% | 1h | 503.99 | −0.020% | $97K | $110K | 10x | as long as short |
| Vest MSFT-USD-PERP | +0.0046% | 1h | 504.08 | −0.002% | — | $1K | 25x | as long as short |
| tradeXYZ xyz:MSFT | +0.0050% | 1h | 503.66 | −0.085% | $22.4M | $9.0M | 20x | as long as short |
| Polymarket Perps MSFT-USD | +0.0050% | 1h | 503.80 | −0.058% | $303K | $717K | 10x | as long as short |
| SoDEX MSFT-USD | +0.0050% | 1h | 504.03 | −0.012% | $61K | $3K | 10x | as long as short |
| Ondo Perps MSFT-USD.P | +0.0050% | 1h | 503.83 | −0.052% | $522K | $476K | 15x | as long as short |
| Paradex MSFT-USD-PERP | +0.0059% | 8h | 504.06 | −0.005% | $222 | — | 5x | as long as short |
| Lighter MSFTlong | +0.0088% | 1h | 504.09 | long leg | $1.2M | $516K | 20x | |
| KuCoin MSFTUSDTM | +0.0100% | 8h | 503.58 | −0.101% | $1.6M | $57K | 20x | as long as short |
| ApeX Omni MSFTUSDT | +0.0100% | 1h | 503.79 | −0.060% | $160K | $7K | 50x | as long as short |
| Orderly PERP_MSFT_USDC_mythos | +0.0100% | 8h | 504.04 | −0.010% | $8K | — | 10x | as long as short |
| Aevo MSFT-PERP | +0.0104% | 1h | 504.10 | +0.001% | $55 | — | 10x | as long as short |
| Deribit MSFT_USDC-PERPETUAL | +0.0107% | 1h | 503.92 | −0.034% | $27K | $43K | 10x | as long as short |
| Injective MSFT/USDC PERP | +0.0220% | 1h | 504.48 | +0.077% | $116K | $45K | 30x | as long as short |
Bitget MSFTUSDT
Variational Omni MSFT
GRVT MSFT_USDT_Perp
SunX MSFT-USDT
HTX MSFT-USDT
Phemex MSFTUSDT
BloFin MSFT-USDT
Lighter RH MSFT
QFEX MSFT-USD
Arcus MSFT-USD
Vest MSFT-USD-PERP
tradeXYZ xyz:MSFT
Polymarket Perps MSFT-USD
SoDEX MSFT-USD
Ondo Perps MSFT-USD.P
Paradex MSFT-USD-PERP
KuCoin MSFTUSDTM
ApeX Omni MSFTUSDT
Orderly PERP_MSFT_USDC_mythos
Aevo MSFT-PERP
Deribit MSFT_USDC-PERPETUAL
Injective MSFT/USDC PERP