Funding arb · Price arb /

MSFT

RWAall MSFT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h +0.010%

Price spread now: Lighter RH against SunX−0.199%7-day average −0.222% · you buy dearer than you sell

Net, funding: paid 7d − costs−$213as in the Funding arb table

Net, price: spread back to 7d avg − costs−$217as in the Price arb table

costs, in and out, $10k−$2202.197% of the position

Long on SunX 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)−0.241%−$24 · spread now −0.199%, 7d avg −0.222%

Together, before fees−0.172%+ Points / potential airdropLighter RH: Points live · farm board−$17 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 0.023% dearer against SunX than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of −0.222%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX MSFT-USDT	502.41	0	get 0.0000% / 8h	5h 28m	$6K	$4.1M	20x
Short	Lighter RH MSFT	501.41	0.0032	get 0.0004% / 1h	28m 08s	$685K	$2.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH 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 Lighter RHbpOrdersPrice spread, now −0.199%Rate

Funding earned: $6.72
Price spread: −0.199% → −0.222%: $2.3
Slippage, 4 orders: −$211.73
Fee SunX: 4 bp × 2 orders: −$8
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$210.7
Costs to cover: 2.197%
Break-even: 226.5 days

Slippage from SunX: live order book, 10 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 SunX live order book, 10 min ago	29.15 bp	111.4 bp −$111	doesn't fit	doesn't fit	doesn't fit
Sell Lighter RH live order book, 5 min ago	1.60 bp	1.8 bp −$2	3.7 bp −$37	38.4 bp −$3,837	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	−0.0064%	1h	501.24	−0.233%	$679K	$456K	10x	as long as short
Nado MSFT-PERP	−0.0029%	1h	501.36	−0.209%	$414K	$64K	20x	as long as short
BloFin MSFT-USDT	−0.0021%	8h	501.76	−0.129%	$189K	$204K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.63	−0.155%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.50	−0.181%	$337K	$892K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.64	−0.153%	$15.7M	$18.9M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.66	−0.149%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.90	−0.102%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.49	−0.183%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.75	−0.131%	$4.5M	$2.5M	100x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni MSFT	0.0000%	8h	501.82	−0.118%	$1.3M	$650K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.87	−0.107%	$18K	$297K	10x	as long as short
SunX MSFT-USDTlong	0.0000%	8h	502.41	long leg	$6K	$4.1M	20x
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.35	−0.211%	$27K	$41K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.45	−0.191%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.64	−0.153%	$2.2M	$767K	10x	as long as short
QFEX MSFT-USD	+0.0030%	1h	501.45	−0.191%	$1.1M	$5.6M	10x	as long as short
Lighter RH MSFTshort	+0.0032%	1h	501.41	−0.199%	$685K	$2.0M	20x
Arcus MSFT-USD	+0.0040%	1h	501.56	−0.169%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.54	−0.173%	—	$1K	25x	as long as short
Hotstuff MSFT-PERP	+0.0048%	1h	501.23	−0.235%	$32K	$8K	20x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.22	−0.237%	$22.1M	$9.1M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.28	−0.225%	$302K	$648K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.52	−0.177%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.39	−0.203%	$525K	$487K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0061%	8h	501.52	−0.177%	$221	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	501.44	−0.193%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.44	−0.193%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.49	−0.183%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.56	−0.169%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.51	−0.179%	$55	—	10x	as long as short
Lighter MSFT	+0.0184%	1h	501.77	−0.127%	$1.1M	$459K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	503.24	+0.165%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0990%	4h	501.81	−0.119%	$102K	$244K	10x	as long as short