Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0168%/8h= +18.4% APRpaid last 24h +0.021%

Price spread now: Lighter against SunX−0.133%7-day average −0.179% · you buy dearer than you sell

Net, funding: paid 7d − costs−$207as in the Funding arb table

Net, price: spread back to 7d avg − costs−$213as in the Price arb table

costs, in and out, $10k−$2182.177% of the position

Long on SunX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.108%+$11 on $10k

Price spread, last 3 days (all we have)−0.054%−$5 · spread now −0.133%, 7d avg −0.179%

Together, before fees+0.054%+ Points / potential airdropLighter: Season 3 · farm board+$5 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Lighter is 0.046% dearer against SunX than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.179%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX MSFT-USDT	502.54	0	get 0.0000% / 8h	6h 19m	$6K	$4.1M	20x
Short	Lighter MSFT	501.87	0.0168	get 0.0021% / 1h	19m 28s	$1.1M	$489K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against SunX. 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 SunXbpFee LighterbpOrdersPrice spread, now −0.133%Rate

Funding earned: $35.28
Price spread: −0.133% → −0.179%: $4.6
Slippage, 4 orders: −$209.68
Fee SunX: 4 bp × 2 orders: −$8
Fee Lighter: 0 bp × 2 orders: $0
Net: −$177.8
Costs to cover: 2.177%
Break-even: 42.3 days

Slippage from SunX: live order book, 9 min ago; Lighter: live order book, 1 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 SunX live order book, 9 min ago	29.16 bp	110.5 bp −$111	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 1 min ago	1.00 bp	1.8 bp −$2	7.8 bp −$78	doesn't fit	doesn't fit

MSFT on 33 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	−0.0016%	1h	501.22	−0.263%	$679K	$457K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.77	−0.154%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.64	−0.179%	$337K	$899K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.73	−0.161%	$15.6M	$18.8M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.68	−0.171%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.91	−0.125%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.57	−0.193%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.66	−0.175%	$4.5M	$2.5M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.69	−0.169%	$1.3M	$682K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.56	−0.195%	$19K	$295K	10x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX MSFT-USDTlong	0.0000%	8h	502.54	long leg	$6K	$4.1M	20x
HTX MSFT-USDT	0.0000%	8h	501.64	−0.179%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.99	−0.109%	$2.2M	$765K	10x	as long as short
Nado MSFT-PERP	+0.0004%	1h	501.58	−0.190%	$414K	$64K	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0009%	1h	501.64	−0.179%	$27K	$41K	10x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.59	−0.189%	$622K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0038%	1h	501.59	−0.189%	$1.1M	$5.7M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.49	−0.209%	$97K	$109K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.67	−0.173%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.42	−0.223%	$22.1M	$9.3M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.42	−0.223%	$303K	$671K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.63	−0.181%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.29	−0.249%	$522K	$518K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0055%	8h	501.66	−0.175%	$221	—	5x	as long as short
Hotstuff MSFT-PERP	+0.0056%	1h	501.42	−0.223%	$32K	$8K	20x	as long as short
Phoenix MSFT	+0.0080%	1h	501.46	−0.215%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.42	−0.223%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.24	−0.259%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.65	−0.177%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.66	−0.175%	$55	—	10x	as long as short
Lighter MSFTshort	+0.0168%	1h	501.87	−0.133%	$1.1M	$489K	20x
edgeX MSFTUSDC	+0.0215%	4h	501.70	−0.168%	$102K	$243K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.78	−0.151%	$115K	$45K	30x	as long as short