Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0128%/8h= +14.0% APRpaid last 24h +0.021%

Price spread now: Lighter against OKX−0.020%7-day average −0.041% · you buy dearer than you sell

Net, funding: paid 7d − costs−$11as in the Funding arb table

Net, price: spread back to 7d avg − costs−$18as in the Price arb table

costs, in and out, $10k−$200.204% of the position

Long on OKX Short on Lighter

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+0.004%$0 · spread now −0.020%, 7d avg −0.041%

Together, before fees+0.099%+ Points / potential airdropLighter: Season 3 · farm board+$10 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Lighter is 0.021% dearer against OKX than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of −0.041%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX MSFT-USDT-SWAP	501.90	0	get 0.0000% / 8h	6h 03m	$3.0M	$2.3M	20x
Short	Lighter MSFT	501.80	0.0128	get 0.0016% / 1h	3m 48s	$1.1M	$489K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against OKX. 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 OKXbpFee LighterbpOrdersPrice spread, now −0.020%Rate

Funding earned: $26.88
Price spread: −0.020% → −0.041%: $2.06
Slippage, 4 orders: −$10.37
Fee OKX: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: $8.57
Costs to cover: 0.204%
Break-even: 4.8 days

Slippage from OKX: live order book, 3 min ago; Lighter: live order book, 2 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 OKX live order book, 3 min ago	1.29 bp	9.4 bp −$9	14.7 bp −$147	doesn't fit	doesn't fit
Sell Lighter live order book, 2 min ago	0.80 bp	1.2 bp −$1	6.5 bp −$65	doesn't fit	doesn't fit

MSFT on 33 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
Deribit MSFT_USDC-PERPETUAL	−0.0129%	1h	501.37	−0.106%	$27K	$41K	10x	as long as short
Nado MSFT-PERP	−0.0031%	1h	501.59	−0.063%	$414K	$64K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0016%	1h	501.24	−0.132%	$679K	$457K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.82	−0.016%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.61	−0.059%	$337K	$899K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.69	−0.042%	$15.6M	$18.7M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.73	−0.034%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAPlong	0.0000%	8h	501.90	long leg	$3.0M	$2.3M	20x
Gate MSFT_USDT	0.0000%	8h	501.58	−0.064%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.74	−0.032%	$4.5M	$2.5M	100x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni MSFT	0.0000%	8h	501.70	−0.040%	$1.3M	$652K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.72	−0.035%	$18K	$296K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.48	+0.116%	$6K	$4.1M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.63	−0.054%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.87	−0.006%	$2.2M	$765K	10x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.55	−0.070%	$642K	$2.1M	20x	as long as short
QFEX MSFT-USD	+0.0038%	1h	501.54	−0.072%	$1.1M	$5.7M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.52	−0.076%	$97K	$109K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.76	−0.028%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.32	−0.116%	$22.1M	$9.3M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.26	−0.128%	$303K	$671K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.60	−0.060%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.32	−0.116%	$522K	$483K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0054%	8h	501.62	−0.056%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.56	−0.068%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.41	−0.098%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.63	−0.054%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.60	−0.060%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.58	−0.064%	$55	—	10x	as long as short
Lighter MSFTshort	+0.0128%	1h	501.80	−0.020%	$1.1M	$489K	20x
Hotstuff MSFT-PERP	+0.0168%	1h	501.36	−0.108%	$32K	$8K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.78	−0.024%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0549%	4h	501.71	−0.038%	$102K	$243K	10x	as long as short