Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0080%/8h= −8.8% APRpaid last 24h −0.021%

Price spread now: OKX against Lighter+0.022%7-day average +0.041% · you sell dearer than you buy

Net, funding: paid 7d − costs−$29as in the Funding arb table

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$190.193% of the position

Long on Lighter Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.095%−$9 on $10k

Price spread, last 7 days−0.006%−$1 · spread now +0.022%, 7d avg +0.041%

Together, before fees−0.101%+ Points / potential airdropLighter: Season 3 · farm board−$10 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.041%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter MSFT	501.31	0.0080	pay 0.0010% / 1h	48m 05s	$1.1M	$487K	20x
Short	OKX MSFT-USDT-SWAP	501.42	0	get 0.0000% / 8h	6h 48m	$3.0M	$2.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Lighter. 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 LighterbpFee OKXbpOrdersPrice spread, now +0.022%Rate

Funding earned: −$16.8
Price spread: +0.022% → +0.041%: −$1.86
Slippage, 4 orders: −$9.27
Fee Lighter: 0 bp × 2 orders: $0
Fee OKX: 5 bp × 2 orders: −$10
Net: −$37.93
Costs to cover: 0.193%
Break-even: never at this rate

Slippage from Lighter: live order book, 3 min ago; OKX: 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 Lighter live order book, 3 min ago	1.00 bp	1.6 bp −$2	4.0 bp −$40	doesn't fit	doesn't fit
Sell OKX live order book, 4 min ago	0.50 bp	9.1 bp −$9	15.6 bp −$156	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
edgeX MSFTUSDC	−0.0590%	4h	501.27	−0.008%	$102K	$242K	10x	as long as short
Nado MSFT-PERP	−0.0039%	1h	501.00	−0.061%	$414K	$64K	20x	as long as short
BloFin MSFT-USDT	−0.0028%	8h	501.33	+0.004%	$189K	$204K	20x	as long as short
Hotstuff MSFT-PERP	−0.0024%	1h	500.88	−0.086%	$32K	$8K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0016%	1h	500.76	−0.110%	$684K	$449K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.29	−0.005%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.16	−0.029%	$342K	$898K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.31	0.000%	$15.6M	$18.7M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.14	−0.034%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAPshort	0.0000%	8h	501.42	+0.022%	$3.0M	$2.3M	20x

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate MSFT_USDT	0.0000%	8h	501.18	−0.026%	$3.1M	$1.6M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.29	−0.004%	$4.3M	$2.4M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.30	−0.003%	$1.3M	$688K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.28	−0.006%	$18K	$292K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.07	+0.152%	$7K	$4.1M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.16	−0.030%	$58K	$227K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.31	0.000%	$2.2M	$758K	10x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.08	−0.046%	$620K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0038%	1h	501.18	−0.026%	$1.1M	$5.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.13	−0.036%	$97K	$109K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.05	−0.052%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	500.84	−0.094%	$22.1M	$9.2M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	500.89	−0.084%	$303K	$672K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.19	−0.024%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.95	−0.072%	$514K	$502K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0050%	8h	501.14	−0.034%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.01	−0.060%	$10K	$15K	20x	as long as short
Lighter MSFTlong	+0.0080%	1h	501.31	long leg	$1.1M	$487K	20x
KuCoin MSFTUSDTM	+0.0100%	8h	500.79	−0.104%	$1.5M	$20K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	500.77	−0.108%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.16	−0.030%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.14	−0.034%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.54	+0.046%	$115K	$45K	30x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0269%	1h	501.19	−0.024%	$27K	$41K	10x	as long as short