Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h −0.011%

Price spread now: OKX against Lighter RH+0.064%7-day average +0.059% · you sell dearer than you buy

Net, funding: paid 7d − costs−$26as in the Funding arb table

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$210.208% of the position

Long on Lighter RH Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.055%−$6 on $10k

Price spread, last 4 days (all we have)+0.034%+$3 · spread now +0.064%, 7d avg +0.059%

Together, before fees−0.021%+ Points / potential airdropLighter RH: Points live · farm board−$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.059%, 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	Lighter RH MSFT	501.92	0.0032	pay 0.0004% / 1h	7m 43s	$648K	$2.1M	20x
Short	OKX MSFT-USDT-SWAP	502.24	0	get 0.0000% / 8h	1h 07m	$3.0M	$2.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Lighter RH. 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 Lighter RHbpFee OKXbpOrdersPrice spread, now +0.064%Rate

Funding earned: −$6.72
Price spread: +0.064% → +0.059%: $0.5
Slippage, 4 orders: −$10.81
Fee Lighter RH: 0 bp × 2 orders: $0
Fee OKX: 5 bp × 2 orders: −$10
Net: −$27.03
Costs to cover: 0.208%
Break-even: never at this rate

Slippage from Lighter RH: live order book, 5 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 RH live order book, 5 min ago	1.49 bp	2.0 bp −$2	4.9 bp −$49	42.2 bp −$4,222	doesn't fit
Sell OKX live order book, 4 min ago	0.10 bp	10.1 bp −$10	17.0 bp −$170	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
BloFin MSFT-USDT	−0.0015%	8h	502.06	+0.028%	$188K	$209K	20x	as long as short
Nado MSFT-PERP	−0.0001%	1h	501.86	−0.012%	$414K	$64K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	502.12	+0.040%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.98	+0.012%	$337K	$392K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	502.15	+0.045%	$15.7M	$19.1M	20x	as long as short
OKX MSFT-USDT-SWAPshort	0.0000%	8h	502.24	+0.064%	$3.0M	$2.3M	20x
Gate MSFT_USDT	0.0000%	8h	501.88	−0.008%	$3.1M	$1.6M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	502.10	+0.036%	$3.8M	$2.2M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	502.07	+0.029%	$1.3M	$702K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	502.07	+0.030%	$19K	$309K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX MSFT-USDT	0.0000%	8h	502.91	+0.197%	$6K	$4.3M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.70	−0.044%	$27K	$101K	10x	as long as short
Coinbase International MSFT-PERP-INTX	0.0000%	1h	501.58	−0.068%	$688K	$449K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.99	+0.014%	$59K	$228K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.34	+0.084%	$2.2M	$755K	10x	as long as short
Bybit MSFTUSDT	+0.0018%	8h	502.16	+0.048%	$7.4M	$1.7M	100x	as long as short
Lighter RH MSFTlong	+0.0032%	1h	501.92	long leg	$648K	$2.1M	20x
QFEX MSFT-USD	+0.0040%	1h	502.03	+0.022%	$1.1M	$5.8M	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.91	−0.002%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.66	−0.052%	$22.3M	$9.6M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.61	−0.062%	$305K	$674K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	502.05	+0.026%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.73	−0.038%	$529K	$493K	15x	as long as short
Hotstuff MSFT-PERP	+0.0056%	1h	501.73	−0.038%	$32K	$8K	20x	as long as short
Paradex MSFT-USD-PERP	+0.0057%	8h	501.99	+0.014%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.86	−0.012%	$11K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.52	−0.080%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.91	−0.002%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.98	+0.012%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	502.03	+0.021%	$55	—	10x	as long as short
Lighter MSFT	+0.0120%	1h	502.11	+0.038%	$1.1M	$590K	20x	as long as short
Arcus MSFT-USD	+0.0200%	1h	502.00	+0.016%	$98K	$109K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.30	+0.076%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0793%	4h	502.06	+0.027%	$102K	$242K	10x	as long as short