Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0128%/8h= +14.0% APRpaid last 24h +0.024%

Price spread now: Lighter against Phemex−0.024%7-day average −0.057% · you buy dearer than you sell

Net, funding: paid 7d − costs−$58as in the Funding arb table

Net, price: spread back to 7d avg − costs−$66as in the Price arb table

costs, in and out, $10k−$700.695% of the position

Long on Phemex Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.112%+$11 on $10k

Price spread, last 4 days (all we have)−0.036%−$4 · spread now −0.024%, 7d avg −0.057%

Together, before fees+0.076%+ Points / potential airdropLighter: Season 3 · farm board+$8 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Lighter is 0.033% dearer against Phemex than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.057%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex MSFTUSDT	504.14	0	get 0.0000% / 8h	1h 42m	$2.2M	$820K	10x
Short	Lighter MSFT	504.02	0.0128	get 0.0016% / 1h	42m 26s	$1.2M	$514K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Phemex. 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 PhemexbpFee LighterbpOrdersPrice spread, now −0.024%Rate

Funding earned: $26.88
Price spread: −0.024% → −0.057%: $3.28
Slippage, 4 orders: −$57.51
Fee Phemex: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$39.36
Costs to cover: 0.695%
Break-even: 17.2 days

Slippage from Phemex: live order book, 6 min ago; Lighter: 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 Phemex live order book, 6 min ago	1.59 bp	35.5 bp −$35	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 4 min ago	0.50 bp	2.0 bp −$2	4.5 bp −$45	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
Coinbase International MSFT-PERP-INTX	−0.0048%	1h	503.66	−0.095%	$682K	$500K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.76	−0.076%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.88	−0.051%	$341K	$1.2M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	504.06	−0.017%	$15.8M	$19.6M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.72	−0.083%	$7.3M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	503.92	−0.044%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.75	−0.077%	$3.1M	$1.8M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	503.97	−0.034%	$3.8M	$3.0M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	503.96	−0.036%	$1.3M	$499K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	504.05	−0.018%	$18K	$327K	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	504.74	+0.119%	$6K	$3.9M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	503.73	−0.081%	$27K	$43K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.91	−0.046%	$59K	$226K	20x	as long as short
Phemex MSFTUSDTlong	0.0000%	8h	504.14	long leg	$2.2M	$820K	10x
Nado MSFT-PERP	+0.0011%	1h	503.71	−0.085%	$415K	$67K	20x	as long as short
BloFin MSFT-USDT	+0.0027%	8h	504.05	−0.018%	$190K	$206K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.81	−0.065%	$689K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0039%	1h	503.94	−0.040%	$1.2M	$4.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.72	−0.083%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.90	−0.048%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	503.60	−0.107%	$22.4M	$9.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.66	−0.095%	$303K	$718K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.88	−0.052%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.57	−0.113%	$522K	$476K	15x	as long as short
Hotstuff MSFT-PERP	+0.0056%	1h	503.60	−0.107%	$32K	$8K	20x	as long as short
Paradex MSFT-USD-PERP	+0.0058%	8h	503.83	−0.062%	$222	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	503.74	−0.079%	$11K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.45	−0.137%	$1.6M	$58K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.69	−0.089%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.91	−0.046%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.91	−0.046%	$55	—	10x	as long as short
Lighter MSFTshort	+0.0128%	1h	504.02	−0.024%	$1.2M	$514K	20x
Injective MSFT/USDC PERP	+0.0220%	1h	504.21	+0.014%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0978%	4h	503.91	−0.045%	$103K	$244K	10x	as long as short