Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h +0.010%

Price spread now: Lighter RH against Phemex−0.058%7-day average −0.100% · you buy dearer than you sell

Net, funding: paid 7d − costs−$65as in the Funding arb table

Net, price: spread back to 7d avg − costs−$68as in the Price arb table

costs, in and out, $10k−$720.723% of the position

Long on Phemex Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days+0.069%+$7 on $10k

Price spread, last 4 days (all we have)−0.070%−$7 · spread now −0.058%, 7d avg −0.100%

Together, before fees−0.001%+ Points / potential airdropLighter RH: Points live · farm board$0 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Lighter RH is 0.042% dearer against Phemex than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.100%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex MSFTUSDT	503.68	0	get 0.0000% / 8h	9m 08s	$2.2M	$818K	10x
Short	Lighter RH MSFT	503.39	0.0032	get 0.0004% / 1h	9m 08s	$706K	$1.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH 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 Lighter RHbpOrdersPrice spread, now −0.058%Rate

Funding earned: $6.72
Price spread: −0.058% → −0.100%: $4.2
Slippage, 4 orders: −$60.34
Fee Phemex: 6 bp × 2 orders: −$12
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$61.42
Costs to cover: 0.723%
Break-even: 71.0 days

Slippage from Phemex: live order book, 4 min ago; Lighter RH: 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, 4 min ago	1.89 bp	40.3 bp −$40	doesn't fit	doesn't fit	doesn't fit
Sell Lighter RH live order book, 4 min ago	1.49 bp	1.6 bp −$2	3.7 bp −$37	36.9 bp −$3,687	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	−0.055%	$414K	$67K	20x	as long as short
tradeXYZ xyz:MSFT	−0.0003%	1h	503.12	−0.111%	$22.4M	$8.8M	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.52	−0.032%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.46	−0.044%	$339K	$1.9M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	503.58	−0.020%	$15.8M	$19.1M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.26	−0.083%	$7.2M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	503.53	−0.030%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.30	−0.075%	$3.1M	$1.9M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	503.54	−0.028%	$3.8M	$2.9M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	503.50	−0.036%	$1.3M	$402K	—	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	503.61	−0.015%	$19K	$320K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	504.35	+0.133%	$6K	$3.8M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	503.34	−0.068%	$27K	$44K	10x	as long as short
Coinbase International MSFT-PERP-INTX	0.0000%	1h	503.07	−0.121%	$687K	$454K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.47	−0.042%	$59K	$225K	20x	as long as short
Phemex MSFTUSDTlong	0.0000%	8h	503.68	long leg	$2.2M	$818K	10x
BloFin MSFT-USDT	+0.0026%	8h	503.57	−0.022%	$191K	$206K	20x	as long as short
Lighter MSFT	+0.0032%	1h	503.49	−0.038%	$1.2M	$532K	20x	as long as short
Lighter RH MSFTshort	+0.0032%	1h	503.39	−0.058%	$706K	$1.9M	20x
QFEX MSFT-USD	+0.0037%	1h	503.53	−0.030%	$1.1M	$4.6M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.33	−0.069%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.66	−0.004%	—	$1K	25x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.24	−0.087%	$303K	$717K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.31	−0.073%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.17	−0.101%	$512K	$428K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0052%	8h	503.44	−0.048%	$222	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	503.38	−0.060%	$11K	$15K	20x	as long as short
Hotstuff MSFT-PERP	+0.0064%	1h	503.12	−0.111%	$32K	$8K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.00	−0.135%	$1.6M	$71K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.16	−0.103%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.46	−0.044%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.49	−0.038%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	503.80	+0.024%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0771%	4h	503.52	−0.032%	$102K	$242K	10x	as long as short