Funding you earn now, next payment 08:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h −0.010%
Price spread now: Phemex against Lighter RH+0.054%7-day average +0.100% · you sell dearer than you buy
Net, funding: paid 7d − costs−$79as in the Funding arb table
Net, price: spread back to 7d avg − costs−$77as in the Price arb table
costs, in and out, $10k−$720.723% of the position
Funding, last 7 days−0.069%−$7 on $10k
+Price spread, last 4 days (all we have)+0.074%+$7 · spread now +0.054%, 7d avg +0.100%
=Together, before fees+0.005%+ Points / potential airdropLighter RH: Points live · farm board+$1 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 Phemex is 0.046% cheaper against Lighter RH than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.100%). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Lighter RH MSFT | 503.40 | 0.0032 | pay 0.0004% / 1h | 9m 25s | $706K | $1.9M | 20x |
| Short | Phemex MSFTUSDT | 503.67 | 0 | get 0.0000% / 8h | 9m 25s | $2.2M | $818K | 10x |
Lighter RH MSFT
Phemex MSFTUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phemex 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 itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$6.72
- Price spread: +0.054% → +0.100%
- −$4.59
- Slippage, 4 orders
- −$60.34
- Fee Lighter RH: 0 bp × 2 orders
- $0
- Fee Phemex: 6 bp × 2 orders
- −$12
- Net
- −$83.66
- Costs to cover
- 0.723%
- Break-even
- never at this rate
Slippage from Lighter RH: live order book, 3 min ago; Phemex: live order book, 4 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 | 1.49 bp | 2.0 bp −$2 | 4.9 bp −$49 | 39.2 bp −$3,921 | doesn't fit |
| Sell Phemex live order book, 4 min ago | 1.89 bp | 28.4 bp −$28 | doesn't fit | 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 | |
|---|---|---|---|---|---|---|---|---|
| Nado MSFT-PERP | −0.0053% | 1h | 503.40 | 0.000% | $414K | $67K | 20x | as long as short |
| BloFin MSFT-USDT | −0.0010% | 8h | 503.61 | +0.042% | $191K | $206K | 20x | as long as short |
| tradeXYZ xyz:MSFT | −0.0003% | 1h | 503.12 | −0.056% | $22.4M | $8.8M | 20x | as long as short |
| Aster MSFTUSDT | 0.0000% | 8h | 503.52 | +0.025% | $162K | $114K | 20x | as long as short |
| Extended MSFT_24_5-USD | 0.0000% | 1h | 503.47 | +0.014% | $339K | $1.9M | 17x | as long as short |
| Binance MSFTUSDT | 0.0000% | 8h | 503.57 | +0.034% | $15.8M | $19.1M | 20x | as long as short |
| Bybit MSFTUSDT | 0.0000% | 8h | 503.26 | −0.028% | $7.2M | $2.3M | 100x | as long as short |
| OKX MSFT-USDT-SWAP | 0.0000% | 8h | 503.53 | +0.026% | $3.0M | $2.4M | 20x | as long as short |
| Gate MSFT_USDT | 0.0000% | 8h | 503.31 | −0.018% | $3.1M | $1.9M | 100x | as long as short |
| Bitget MSFTUSDT | 0.0000% | 8h | 503.55 | +0.030% | $3.8M | $2.9M | 100x | as long as short |
Nado MSFT-PERP
BloFin MSFT-USDT
tradeXYZ xyz:MSFT
Aster MSFTUSDT
Extended MSFT_24_5-USD
Binance MSFTUSDT
Bybit MSFTUSDT
OKX MSFT-USDT-SWAP
Gate MSFT_USDT
Bitget MSFTUSDTShow all 34 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Variational Omni MSFT | 0.0000% | 8h | 503.50 | +0.019% | $1.3M | $402K | — | as long as short |
| GRVT MSFT_USDT_Perp | 0.0000% | 8h | 503.61 | +0.041% | $19K | $320K | 10x | as long as short |
| SunX MSFT-USDT | 0.0000% | 8h | 504.39 | +0.197% | $6K | $3.8M | 20x | as long as short |
| Deribit MSFT_USDC-PERPETUAL | 0.0000% | 1h | 503.35 | −0.010% | $27K | $44K | 10x | as long as short |
| Coinbase International MSFT-PERP-INTX | 0.0000% | 1h | 503.07 | −0.066% | $687K | $454K | 10x | as long as short |
| HTX MSFT-USDT | 0.0000% | 8h | 503.43 | +0.006% | $59K | $225K | 20x | as long as short |
| Phemex MSFTUSDTshort | 0.0000% | 8h | 503.67 | +0.054% | $2.2M | $818K | 10x | |
| Lighter MSFT | +0.0032% | 1h | 503.48 | +0.016% | $1.2M | $532K | 20x | as long as short |
| Lighter RH MSFTlong | +0.0032% | 1h | 503.40 | long leg | $706K | $1.9M | 20x | |
| QFEX MSFT-USD | +0.0037% | 1h | 503.53 | +0.026% | $1.1M | $4.6M | 10x | as long as short |
| Arcus MSFT-USD | +0.0040% | 1h | 503.33 | −0.014% | $97K | $110K | 10x | as long as short |
| Vest MSFT-USD-PERP | +0.0046% | 1h | 503.66 | +0.052% | — | $1K | 25x | as long as short |
| Polymarket Perps MSFT-USD | +0.0050% | 1h | 503.24 | −0.032% | $303K | $717K | 10x | as long as short |
| SoDEX MSFT-USD | +0.0050% | 1h | 503.31 | −0.018% | $60K | $3K | 10x | as long as short |
| Ondo Perps MSFT-USD.P | +0.0050% | 1h | 503.17 | −0.046% | $512K | $428K | 15x | as long as short |
| Paradex MSFT-USD-PERP | +0.0052% | 8h | 503.44 | +0.007% | $222 | — | 5x | as long as short |
| Phoenix MSFT | +0.0064% | 1h | 503.38 | −0.004% | $11K | $15K | 20x | as long as short |
| Hotstuff MSFT-PERP | +0.0064% | 1h | 503.12 | −0.056% | $32K | $8K | 20x | as long as short |
| KuCoin MSFTUSDTM | +0.0100% | 8h | 503.00 | −0.079% | $1.6M | $71K | 20x | as long as short |
| ApeX Omni MSFTUSDT | +0.0100% | 1h | 503.16 | −0.048% | $160K | $7K | 50x | as long as short |
| Orderly PERP_MSFT_USDC_mythos | +0.0100% | 8h | 503.42 | +0.004% | $8K | — | 10x | as long as short |
| Aevo MSFT-PERP | +0.0104% | 1h | 503.48 | +0.015% | $55 | — | 10x | as long as short |
| Injective MSFT/USDC PERP | +0.0220% | 1h | 503.80 | +0.079% | $115K | $45K | 30x | as long as short |
| edgeX MSFTUSDC | +0.0771% | 4h | 503.52 | +0.023% | $102K | $242K | 10x | as long as short |
Variational Omni MSFT
GRVT MSFT_USDT_Perp
SunX MSFT-USDT
Deribit MSFT_USDC-PERPETUAL
Coinbase International MSFT-PERP-INTX
HTX MSFT-USDT
Lighter MSFT
QFEX MSFT-USD
Arcus MSFT-USD
Vest MSFT-USD-PERP
Polymarket Perps MSFT-USD
SoDEX MSFT-USD
Ondo Perps MSFT-USD.P
Paradex MSFT-USD-PERP
Phoenix MSFT
Hotstuff MSFT-PERP
KuCoin MSFTUSDTM
ApeX Omni MSFTUSDT
Orderly PERP_MSFT_USDC_mythos
Aevo MSFT-PERP
Injective MSFT/USDC PERP
edgeX MSFTUSDC