Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC+0.0068%/8hnext payment +$0.08 per $10,000 · paid last 24h +0.006%

Price spread now: Lighter RH against Nado+0.041%48s7-day average −0.031% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$150.151% of the position

Long on Nado Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.066%+$7 on $10k

Price spread, last 3 days (all we have)+0.136%+$14 · spread now +0.041%, 7d avg −0.031%

Together, before fees+0.202%+ Points / potential airdropNado: Active · Lighter RH: Points live · farm board+$20 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Lighter RH is 0.072% dearer against Nado than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of −0.031%. The two prices were read 48 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	Nado MSFT-PERP	500.55	−0.0036	get 0.0004% / 1h	22m 30s	$447K	$41K	20x
Short	Lighter RH MSFT	500.75	0.0032	get 0.0004% / 1h	22m 30s	$673K	$2.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH against Nado. 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 NadobpFee Lighter RHbpOrdersPrice spread, now +0.041%Rate

Funding earned: $14.25
Price spread: +0.041% → −0.031%: $7.15
Slippage, 4 orders: −$8.15
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Lighter RH: 0 bp × 2 orders: $0
Net: $6.25
Costs to cover: 0.151%
Break-even: 3.9 days

Slippage from Nado: live order book, 9 min ago; Lighter RH: live order book, 5 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 Nado live order book, 9 min ago	0.90 bp	6.9 bp −$7	15.5 bp −$155	doesn't fit	doesn't fit
Sell Lighter RH live order book, 5 min ago	1.70 bp	1.8 bp −$2	3.6 bp −$36	41.7 bp −$4,172	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-PERPlong	−0.0036%	1h	500.55	long leg	$447K	$41K	20x
Coinbase International MSFT-PERP-INTX	−0.0016%	1h	500.15	−0.079%	$687K	$377K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	500.58	+0.007%	$156K	$87K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	500.74	+0.040%	$374K	$398K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	500.78	+0.047%	$15.6M	$17.9M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	500.76	+0.043%	$7.3M	$1.5M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	500.74	+0.039%	$3.1M	$2.2M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	500.47	−0.015%	$3.0M	$1.5M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	500.70	+0.030%	$1.3M	$732K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	500.67	+0.025%	$19K	$338K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX MSFT-USDT	0.0000%	8h	501.45	+0.181%	$6K	$4.4M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	500.50	−0.009%	$58K	$231K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.08	+0.107%	$2.2M	$719K	10x	as long as short
BloFin MSFT-USDT	+0.0001%	8h	500.71	+0.033%	$192K	$202K	20x	as long as short
Bitget MSFTUSDT	+0.0015%	8h	500.75	+0.041%	$3.8M	$1.8M	100x	as long as short
Hotstuff MSFT-PERP	+0.0016%	1h	500.51	−0.007%	$40K	—	20x	as long as short
Lighter MSFT	+0.0032%	1h	500.80	+0.051%	$1.1M	$624K	20x	as long as short
Lighter RH MSFTshort	+0.0032%	1h	500.75	+0.041%	$673K	$2.2M	20x
QFEX MSFT-USD	+0.0045%	1h	500.68	+0.027%	$1.2M	$5.3M	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	500.88	+0.067%	—	—	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	500.51	−0.007%	$22.5M	$9.3M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	500.52	−0.005%	$299K	$450K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	500.65	+0.021%	$60K	$3K	10x	as long as short
Paradex MSFT-USD-PERP	+0.0050%	8h	500.70	+0.032%	$220	—	5x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.44	−0.021%	$510K	$458K	15x	as long as short
Phoenix MSFT	+0.0080%	1h	500.73	+0.037%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	500.28	−0.053%	$1.5M	$11K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	500.58	+0.007%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	500.60	+0.011%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	500.62	+0.015%	$55	—	10x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0170%	1h	500.70	+0.031%	$27K	$115K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	500.66	+0.023%	$115K	$45K	30x	as long as short
Arcus MSFT-USD	+0.0553%	1h	500.73	+0.037%	$111K	$76K	10x	as long as short
edgeX MSFTUSDC	+0.0773%	4h	500.68	+0.028%	$102K	$243K	10x	as long as short