Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h −0.006%

Price spread now: Variational Omni against Lighter RH+0.043%7-day average +0.070% · you sell dearer than you buy

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

Long on Lighter RH Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.030%−$3 on $10k

Price spread, last 7 days−0.014%−$1 · spread now +0.043%, 7d avg +0.070%

Together, before fees−0.044%+ Points / potential airdropLighter RH: Points live · Variational Omni: Active · farm board−$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Variational Omni is 0.027% cheaper against Lighter RH than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.070%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH MSFT	503.79	0.0032	pay 0.0004% / 1h	31m 35s	$701K	$2.0M	20x
Short	Variational Omni MSFT	504.01	0	get 0.0000% / 8h	1h 31m	$1.3M	$499K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now +0.043%Rate

Funding earned: −$6.72
Price spread: +0.043% → +0.070%: −$2.69
Slippage, 4 orders: no order book: not counted
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$9.41
Costs to cover: 0.000%
Break-even: never at this rate

Slippage unknown: Lighter RH: live order book, 1 min ago; Variational Omni: RFQ quote, 2 min ago. 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, 1 min ago	1.19 bp	2.1 bp −$2	5.2 bp −$52	42.8 bp −$4,280	doesn't fit
Sell Variational Omni RFQ quote, 2 min ago	2.53 bp	doesn't fit	15.4 bp −$154	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	−0.0088%	4h	503.94	+0.030%	$103K	$243K	10x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0048%	1h	503.66	−0.026%	$682K	$500K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.78	−0.003%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.90	+0.022%	$338K	$1.2M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	504.02	+0.046%	$15.8M	$19.6M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.73	−0.012%	$7.3M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	503.93	+0.028%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.83	+0.008%	$3.1M	$1.8M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	503.97	+0.036%	$3.8M	$3.0M	100x	as long as short
Variational Omni MSFTshort	0.0000%	8h	504.01	+0.043%	$1.3M	$499K	—

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	504.01	+0.043%	$19K	$328K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	504.78	+0.197%	$6K	$3.9M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	503.76	−0.006%	$27K	$43K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.83	+0.008%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	503.90	+0.022%	$2.2M	$821K	10x	as long as short
Nado MSFT-PERP	+0.0012%	1h	503.72	−0.014%	$415K	$67K	20x	as long as short
BloFin MSFT-USDT	+0.0023%	8h	504.00	+0.042%	$191K	$206K	20x	as long as short
Lighter RH MSFTlong	+0.0032%	1h	503.79	long leg	$701K	$2.0M	20x
QFEX MSFT-USD	+0.0039%	1h	503.93	+0.028%	$1.1M	$4.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.71	−0.016%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.88	+0.018%	—	$1K	25x	as long as short
Hotstuff MSFT-PERP	+0.0048%	1h	503.54	−0.050%	$32K	$8K	20x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	503.52	−0.054%	$22.4M	$9.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.68	−0.022%	$303K	$718K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.83	+0.008%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.54	−0.050%	$522K	$476K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0056%	8h	503.84	+0.010%	$222	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	503.69	−0.020%	$11K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.49	−0.060%	$1.6M	$60K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.64	−0.030%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.88	+0.018%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.92	+0.026%	$55	—	10x	as long as short
Lighter MSFT	+0.0128%	1h	504.08	+0.058%	$1.2M	$514K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	504.21	+0.083%	$115K	$45K	30x	as long as short