Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h −0.010%

Price spread now: Gate against Lighter RH+0.028%7-day average +0.049% · you sell dearer than you buy

Net, funding: paid 7d − costs−$33as in the Funding arb table

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$280.285% of the position

Long on Lighter RH Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.042%−$4 on $10k

Price spread, last 7 days+0.026%+$3 · spread now +0.028%, 7d avg +0.049%

Together, before fees−0.016%+ Points / potential airdropLighter RH: Points live · farm board−$2 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Gate is 0.021% cheaper against Lighter RH than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of +0.049%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH MSFT	501.11	0.0032	pay 0.0004% / 1h	40m 10s	$674K	$2.0M	20x
Short	Gate MSFT_USDT	501.25	0	get 0.0000% / 8h	4h 40m	$3.1M	$1.7M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Lighter RH. 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 Lighter RHbpFee GatebpOrdersPrice spread, now +0.028%Rate

Funding earned: −$6.72
Price spread: +0.028% → +0.049%: −$2.06
Slippage, 4 orders: −$13.5
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$37.28
Costs to cover: 0.285%
Break-even: never at this rate

Slippage from Lighter RH: live order book, 3 min ago; Gate: live order book, 3 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 RH live order book, 3 min ago	1.50 bp	1.8 bp −$2	4.5 bp −$45	42.6 bp −$4,256	doesn't fit
Sell Gate live order book, 3 min ago	3.79 bp	13.4 bp −$13	62.3 bp −$623	doesn't fit	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	−0.0040%	1h	500.97	−0.028%	$678K	$456K	10x	as long as short
Nado MSFT-PERP	−0.0029%	1h	501.13	+0.004%	$414K	$64K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.10	−0.001%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.20	+0.019%	$341K	$893K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.35	+0.049%	$15.8M	$19.1M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.07	−0.008%	$7.2M	$2.1M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.55	+0.088%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDTshort	0.0000%	8h	501.25	+0.028%	$3.1M	$1.7M	100x
Bitget MSFTUSDT	0.0000%	8h	501.38	+0.054%	$4.5M	$2.5M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.35	+0.048%	$1.3M	$613K	—	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	501.33	+0.044%	$19K	$302K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.15	+0.208%	$6K	$4.0M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.00	−0.022%	$27K	$41K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.23	+0.024%	$58K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.54	+0.086%	$2.2M	$779K	10x	as long as short
BloFin MSFT-USDT	+0.0001%	8h	501.44	+0.066%	$189K	$204K	20x	as long as short
Lighter RH MSFTlong	+0.0032%	1h	501.11	long leg	$674K	$2.0M	20x
QFEX MSFT-USD	+0.0036%	1h	501.24	+0.026%	$1.1M	$5.6M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.11	0.000%	$96K	$111K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.07	−0.008%	—	$1K	25x	as long as short
Phoenix MSFT	+0.0048%	1h	501.04	−0.014%	$10K	$15K	20x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	500.85	−0.052%	$22.1M	$8.8M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	500.98	−0.026%	$295K	$672K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.25	+0.028%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.84	−0.054%	$527K	$456K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0057%	8h	501.26	+0.030%	$221	—	5x	as long as short
Hotstuff MSFT-PERP	+0.0096%	1h	500.86	−0.050%	$32K	$8K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	500.85	−0.052%	$1.5M	$20K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	500.93	−0.036%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.23	+0.024%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.26	+0.029%	$55	—	10x	as long as short
Lighter MSFT	+0.0112%	1h	501.38	+0.054%	$1.1M	$489K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.34	+0.046%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0513%	4h	501.36	+0.051%	$102K	$242K	10x	as long as short