Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h +0.006%

Price spread now: Lighter RH against Bybit−0.044%7-day average −0.048% · you buy dearer than you sell

Net, funding: paid 7d − costs−$19as in the Funding arb table

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$260.256% of the position

Long on Bybit Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days+0.064%+$6 on $10k

Price spread, last 4 days (all we have)+0.004%$0 · spread now −0.044%, 7d avg −0.048%

Together, before fees+0.068%+ Points / potential airdropLighter RH: Points live · farm board+$7 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.048%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit MSFTUSDT	501.85	0	get 0.0000% / 8h	2h 07m	$7.4M	$1.7M	100x
Short	Lighter RH MSFT	501.63	0.0032	get 0.0004% / 1h	7m 33s	$652K	$2.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH against Bybit. 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 BybitbpFee Lighter RHbpOrdersPrice spread, now −0.044%Rate

Funding earned: $6.72
Price spread: −0.044% → −0.048%: $0.38
Slippage, 4 orders: −$14.62
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$18.52
Costs to cover: 0.256%
Break-even: 26.3 days

Slippage from Bybit: live order book, 11 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 Bybit live order book, 11 min ago	1.89 bp	10.1 bp −$10	18.5 bp −$185	doesn't fit	doesn't fit
Sell Lighter RH live order book, 5 min ago	1.10 bp	1.4 bp −$1	4.7 bp −$47	39.9 bp −$3,992	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	−0.0040%	1h	501.47	−0.076%	$690K	$433K	10x	as long as short
Nado MSFT-PERP	−0.0001%	1h	501.39	−0.092%	$414K	$64K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.99	+0.028%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.70	−0.029%	$372K	$369K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.76	−0.019%	$15.7M	$19.3M	20x	as long as short
Bybit MSFTUSDTlong	0.0000%	8h	501.85	long leg	$7.4M	$1.7M	100x
OKX MSFT-USDT-SWAP	0.0000%	8h	501.78	−0.014%	$3.0M	$2.3M	20x	as long as short
Hotstuff MSFT-PERP	0.0000%	1h	501.37	−0.096%	$32K	$8K	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.62	−0.046%	$3.1M	$1.5M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.80	−0.010%	$3.8M	$2.2M	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	501.81	−0.007%	$1.3M	$726K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.71	−0.028%	$19K	$328K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.52	+0.134%	$6K	$4.4M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.57	−0.056%	$27K	$104K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.66	−0.038%	$59K	$230K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.98	+0.026%	$2.2M	$768K	10x	as long as short
BloFin MSFT-USDT	+0.0020%	8h	501.84	−0.002%	$188K	$210K	20x	as long as short
Lighter MSFT	+0.0032%	1h	501.75	−0.020%	$1.1M	$654K	20x	as long as short
Lighter RH MSFTshort	+0.0032%	1h	501.63	−0.044%	$652K	$2.2M	20x
Vest MSFT-USD-PERP	+0.0046%	1h	501.63	−0.044%	—	—	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.31	−0.108%	$22.2M	$10.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.30	−0.110%	$309K	$683K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.70	−0.030%	$60K	$3K	10x	as long as short
Paradex MSFT-USD-PERP	+0.0050%	8h	501.67	−0.035%	$221	—	5x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.32	−0.106%	$521K	$485K	15x	as long as short
QFEX MSFT-USD	+0.0050%	1h	501.69	−0.032%	$1.2M	$5.7M	10x	as long as short
Phoenix MSFT	+0.0096%	1h	501.60	−0.050%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.22	−0.126%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.39	−0.092%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.76	−0.018%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.82	−0.006%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.89	+0.008%	$115K	$45K	30x	as long as short
Arcus MSFT-USD	+0.0531%	1h	501.61	−0.048%	$109K	$90K	10x	as long as short
edgeX MSFTUSDC	+0.0657%	4h	501.84	−0.002%	$102K	$243K	10x	as long as short