Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0068%/8h= +7.4% APRpaid last 24h +0.020%

Price spread now: Orderly against Lighter RH+0.024%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Lighter RH Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropLighter RH: Points live · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Orderly is 0.024% dearer against Lighter RH than usual: you sell high and buy low: +$2 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH MSFT	504.21	0.0032	pay 0.0004% / 1h	37m 17s	$696K	$1.9M	20x
Short	Orderly PERP_MSFT_USDC_mythos	504.33	0.0100	get 0.0100% / 8h	7h 37m	$8K	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.024%Rate

Funding earned: $14.28
Price spread: +0.024% → 0.000%: $2.38
Slippage, 4 orders: no order book: not counted
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Orderly: 3 bp × 2 orders: −$6
Net: $10.66
Costs to cover: 0.060%
Break-even: 1.8 days

Slippage unknown: Lighter RH: live order book, 1 min ago; Orderly: 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 RH live order book, 1 min ago	0.40 bp	2.2 bp −$2	7.3 bp −$73	46.3 bp −$4,633	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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
Hotstuff MSFT-PERP	−0.0168%	1h	503.92	−0.058%	$33K	$8K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0056%	1h	503.83	−0.075%	$682K	$494K	10x	as long as short
Nado MSFT-PERP	−0.0055%	1h	504.16	−0.010%	$415K	$67K	20x	as long as short
BloFin MSFT-USDT	−0.0017%	8h	504.46	+0.050%	$192K	$205K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	504.39	+0.036%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	504.32	+0.021%	$339K	$1.9M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	504.45	+0.048%	$15.9M	$19.1M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	504.14	−0.014%	$7.2M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	504.51	+0.059%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	504.16	−0.010%	$3.1M	$1.9M	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	504.51	+0.059%	$3.9M	$2.9M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	504.05	−0.031%	$1.3M	$387K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	504.34	+0.026%	$18K	$316K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	505.23	+0.202%	$6K	$3.6M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	504.32	+0.022%	$59K	$224K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	504.58	+0.073%	$2.2M	$830K	10x	as long as short
Phoenix MSFT	+0.0016%	1h	504.13	−0.016%	$11K	$15K	20x	as long as short
QFEX MSFT-USD	+0.0023%	1h	504.30	+0.018%	$1.1M	$4.7M	10x	as long as short
Lighter MSFT	+0.0032%	1h	504.26	+0.010%	$1.2M	$511K	20x	as long as short
Lighter RH MSFTlong	+0.0032%	1h	504.21	long leg	$696K	$1.9M	20x
Arcus MSFT-USD	+0.0040%	1h	504.18	−0.006%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	504.39	+0.036%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	503.79	−0.083%	$22.4M	$8.9M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.67	−0.107%	$303K	$654K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	504.18	−0.006%	$61K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	504.11	−0.020%	$514K	$411K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0052%	8h	504.27	+0.012%	$222	—	5x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.94	−0.054%	$1.6M	$106K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.91	−0.059%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythosshort	+0.0100%	8h	504.33	+0.024%	$8K	—	10x
Aevo MSFT-PERP	+0.0104%	1h	504.24	+0.007%	$55	—	10x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0167%	1h	504.28	+0.014%	$27K	$44K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	505.94	+0.343%	$116K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0695%	4h	504.34	+0.025%	$103K	$243K	10x	as long as short