Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC+0.0018%/8hnext payment +$0.02 per $10,000 · paid last 24h +0.010%

Price spread now: Polymarket Perps against Lighter RH−0.064%46s7-day average −0.018% · you buy dearer than you sell

to open and close $10k−$16fees + slippage, both legs, in and out

costs, in % of the position0.163%what the two incomes have to cover

Long on Lighter RH Short on Polymarket Perps

What this pair did over the last

the charts below follow

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

Price spread, last 3 days (all we have)+0.047%+$5 · spread now −0.064%, 7d avg −0.018%

Together, before fees+0.089%+ Points / potential airdropLighter RH: Points live · farm board+$9 on $10k · with fees, hour by hour

Funding pays, the price is against you. Polymarket Perps is 0.046% cheaper against Lighter RH than usual: you would sell low and buy high (spread −0.064% now, against its 7-day average of −0.018%). If the spread goes back, that is −$5 on $10k: about 8.5 days of funding at the current rate (+$1 a day). The two prices were read 46 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 RH MSFT	498.98	0.0032	pay 0.0004% / 1h	51m 45s	$661K	$2.1M	20x
Short	Polymarket Perps MSFT-USD	498.66	0.0050	get 0.0006% / 1h	51m 45s	$298K	$448K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now −0.064%Rate

Funding earned: $3.78
Price spread: −0.064% → −0.018%: −$4.6
Slippage, 4 orders: −$8.28
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$17.1
Costs to cover: 0.163%
Break-even: 38.7 days

Slippage from Lighter RH: live order book, 8 min ago; Polymarket Perps: live order book, 42 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, 8 min ago	1.71 bp	2.3 bp −$2	4.7 bp −$47	43.3 bp −$4,329	doesn't fit
Sell Polymarket Perps live order book, 42 min ago	0.90 bp	5.2 bp −$5	6.0 bp −$60	7.0 bp −$698	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
edgeX MSFTUSDC	−0.0464%	4h	498.79	−0.038%	$101K	$244K	10x	as long as short
Hotstuff MSFT-PERP	−0.0048%	1h	498.75	−0.046%	$40K	—	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0016%	1h	498.66	−0.064%	$685K	$366K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	498.94	−0.008%	$156K	$87K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	498.90	−0.016%	$373K	$398K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	499.08	+0.020%	$15.6M	$17.4M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	499.12	+0.028%	$7.3M	$1.5M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	498.66	−0.064%	$3.0M	$2.1M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	498.86	−0.024%	$3.0M	$1.4M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	499.17	+0.039%	$1.3M	$704K	—	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	498.83	−0.030%	$18K	$344K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	499.87	+0.178%	$6K	$4.4M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	498.90	−0.016%	$27K	$114K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	498.95	−0.006%	$58K	$231K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	499.17	+0.038%	$2.1M	$692K	10x	as long as short
Nado MSFT-PERP	+0.0006%	1h	498.61	−0.075%	$445K	$25K	20x	as long as short
BloFin MSFT-USDT	+0.0015%	8h	498.69	−0.058%	$192K	$197K	20x	as long as short
Lighter RH MSFTlong	+0.0032%	1h	498.98	long leg	$661K	$2.1M	20x
Bitget MSFTUSDT	+0.0038%	8h	498.97	−0.002%	$3.7M	$1.8M	100x	as long as short
QFEX MSFT-USD	+0.0045%	1h	499.03	+0.010%	$1.2M	$5.1M	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	498.90	−0.016%	—	—	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	498.76	−0.044%	$22.1M	$8.9M	20x	as long as short
Polymarket Perps MSFT-USDshort	+0.0050%	1h	498.66	−0.064%	$298K	$448K	10x
SoDEX MSFT-USD	+0.0050%	1h	499.02	+0.008%	$60K	$3K	10x	as long as short
Paradex MSFT-USD-PERP	+0.0050%	8h	499.05	+0.015%	$220	—	5x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	498.30	−0.136%	$509K	$454K	15x	as long as short
Lighter MSFT	+0.0056%	1h	499.14	+0.032%	$1.1M	$618K	20x	as long as short
Phoenix MSFT	+0.0080%	1h	498.09	−0.178%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	498.47	−0.102%	$1.5M	$11K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	498.51	−0.094%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	499.03	+0.010%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	499.04	+0.012%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	498.81	−0.034%	$114K	$45K	30x	as long as short
Arcus MSFT-USD	+0.0553%	1h	499.04	+0.012%	$111K	$76K	10x	as long as short