Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0019%/8h= −2.0% APRpaid last 24h +0.008%

Price spread now: Lighter against Paradex+0.025%7-day average — · you sell dearer than you buy

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

Long on Paradex Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropParadex: Active · Lighter: Season 3 · farm boardneeds both histories

The price spread pays, funding is against you. Lighter is 0.025% dearer against Paradex than usual: you sell high and buy low (spread +0.025% now, against zero (this spread has no 7-day history yet)): +$3 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 4.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex MSFT-USD-PERP	503.63	0.0051	pay 0.0051% / 8h	3h 07m	$222	—	5x
Short	Lighter MSFT	503.76	0.0032	get 0.0004% / 1h	7m 09s	$1.1M	$514K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Paradex. 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 ParadexbpFee LighterbpOrdersPrice spread, now +0.025%Rate

Funding earned: −$3.92
Price spread: +0.025% → 0.000%: $2.55
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Lighter: 0 bp × 2 orders: $0
Net: −$5.37
Costs to cover: 0.040%
Break-even: never at this rate

Slippage unknown: Paradex: no order-book sample; Lighter: live order book, 4 min ago. 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 Paradex no order-book sample	—	—	—	—	—
Sell Lighter live order book, 4 min ago	0.79 bp	1.4 bp −$1	9.7 bp −$97	doesn't fit	doesn't fit

Paradex: 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	−0.0112%	1h	503.30	−0.066%	$32K	$8K	20x	as long as short
Nado MSFT-PERP	−0.0102%	1h	503.53	−0.019%	$414K	$65K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0032%	1h	503.14	−0.098%	$681K	$452K	10x	as long as short
BloFin MSFT-USDT	−0.0023%	8h	503.83	+0.039%	$189K	$205K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.61	−0.005%	$162K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.59	−0.008%	$339K	$885K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	503.87	+0.047%	$15.8M	$19.1M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.58	−0.010%	$7.2M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	503.83	+0.039%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.50	−0.026%	$3.1M	$1.8M	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	503.73	+0.020%	$4.4M	$2.6M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	502.85	−0.156%	$1.3M	$490K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	503.55	−0.017%	$18K	$300K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	504.51	+0.174%	$6K	$4.0M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	503.58	−0.010%	$27K	$42K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.63	0.000%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	503.83	+0.039%	$2.2M	$781K	10x	as long as short
tradeXYZ xyz:MSFT	+0.0012%	1h	503.41	−0.044%	$22.3M	$8.8M	20x	as long as short
Lighter MSFTshort	+0.0032%	1h	503.76	+0.025%	$1.1M	$514K	20x
Lighter RH MSFT	+0.0032%	1h	503.53	−0.020%	$680K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0035%	1h	503.64	+0.002%	$1.1M	$4.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.19	−0.088%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.58	−0.010%	—	$1K	25x	as long as short
Phoenix MSFT	+0.0048%	1h	503.14	−0.098%	$11K	$15K	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.27	−0.072%	$304K	$712K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.62	−0.002%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.25	−0.076%	$512K	$459K	15x	as long as short
Paradex MSFT-USD-PERPlong	+0.0051%	8h	503.63	long leg	$222	—	5x
KuCoin MSFTUSDTM	+0.0100%	8h	503.17	−0.092%	$1.6M	$56K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.14	−0.098%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.64	+0.002%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.66	+0.005%	$55	—	10x	as long as short
edgeX MSFTUSDC	+0.0208%	4h	503.56	−0.014%	$102K	$243K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	503.08	−0.110%	$115K	$45K	30x	as long as short