Funding arb · Price arb /

MSFT

RWAall MSFT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC+0.0018%/8hnext payment +$0.02 per $10,000 · paid last 24h +0.018%

Price spread now: Ondo Perps against Lighter RH−0.158%7-day average −0.029% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Lighter RH Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.046%+$5 on $10k

Price spread, last 3 days (all we have)+0.137%+$14 · spread now −0.158%, 7d avg −0.029%

Together, before fees+0.183%+ Points / potential airdropLighter RH: Points live · Ondo Perps: Active · farm board+$18 on $10k · with fees, hour by hour

Funding pays, the price is against you. Ondo Perps is 0.129% cheaper against Lighter RH than usual: you would sell low and buy high (spread −0.158% now, against its 7-day average of −0.029%). If the spread goes back, that is −$13 on $10k: about 23 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH MSFT	501.30	0.0032	pay 0.0004% / 1h	5m 11s	$667K	$2.3M	20x
Short	Ondo Perps MSFT-USD.P	500.51	0.0050	get 0.0006% / 1h	5m 11s	$514K	$474K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps 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 Ondo PerpsbpOrdersPrice spread, now −0.158%Rate

Funding earned: $3.86
Price spread: −0.158% → −0.029%: −$12.9
Slippage, 4 orders: no order book: not counted
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$14.04
Costs to cover: 0.050%
Break-even: 32.4 days

Slippage unknown: Lighter RH: live order book, 2 min ago; Ondo Perps: no order-book sample. Net counts fees only.

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, 2 min ago	1.50 bp	1.6 bp −$2	5.4 bp −$54	42.9 bp −$4,289	doesn't fit
Sell Ondo Perps no order-book sample	—	—	—	—	—

Ondo Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0549%	4h	500.58	−0.143%	$102K	$243K	10x	as long as short
Nado MSFT-PERP	−0.0028%	1h	500.58	−0.144%	$449K	$44K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0016%	1h	499.93	−0.273%	$692K	$403K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	500.92	−0.076%	$156K	$110K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.29	−0.002%	$371K	$401K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.41	+0.023%	$15.7M	$18.5M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.41	+0.022%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.28	−0.004%	$3.1M	$2.2M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.04	−0.052%	$3.1M	$1.5M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.10	−0.039%	$1.3M	$741K	—	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT MSFT_USDT_Perp	0.0000%	8h	501.24	−0.012%	$18K	$340K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.16	+0.172%	$6K	$4.4M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.26	−0.008%	$58K	$231K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.49	+0.038%	$2.2M	$730K	10x	as long as short
Bitget MSFTUSDT	+0.0009%	8h	501.27	−0.006%	$3.9M	$2.0M	100x	as long as short
BloFin MSFT-USDT	+0.0027%	8h	501.32	+0.004%	$192K	$206K	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0029%	1h	501.17	−0.026%	$27K	$115K	10x	as long as short
Lighter MSFT	+0.0032%	1h	501.45	+0.030%	$1.1M	$635K	20x	as long as short
Lighter RH MSFTlong	+0.0032%	1h	501.30	long leg	$667K	$2.3M	20x
Hotstuff MSFT-PERP	+0.0040%	1h	500.63	−0.134%	$32K	$8K	20x	as long as short
QFEX MSFT-USD	+0.0045%	1h	500.90	−0.080%	$1.1M	$5.5M	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.05	−0.050%	—	—	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	500.84	−0.092%	$22.2M	$9.6M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	500.80	−0.100%	$315K	$654K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.33	+0.006%	$60K	$3K	10x	as long as short
Paradex MSFT-USD-PERP	+0.0050%	8h	500.82	−0.097%	$220	—	5x	as long as short
Ondo Perps MSFT-USD.Pshort	+0.0050%	1h	500.51	−0.158%	$514K	$474K	15x
Phoenix MSFT	+0.0080%	1h	500.53	−0.154%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	500.83	−0.094%	$1.5M	$11K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	500.84	−0.092%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.00	−0.060%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.00	−0.061%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	500.34	−0.192%	$115K	$45K	30x	as long as short
Arcus MSFT-USD	+0.0553%	1h	500.90	−0.080%	$111K	$76K	10x	as long as short