Funding arb · Price arb /

MSFT

RWAall MSFT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h +0.011%

Price spread now: Lighter RH against OKX−0.020%7-day average −0.059% · you buy dearer than you sell

Net, funding: paid 7d − costs−$10as in the Funding arb table

Net, price: spread back to 7d avg − costs−$12as in the Price arb table

costs, in and out, $10k−$160.157% of the position

Long on OKX Short on Lighter RH

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)−0.083%−$8 · spread now −0.020%, 7d avg −0.059%

Together, before fees−0.028%+ Points / potential airdropLighter RH: Points live · farm board−$3 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Lighter RH is 0.039% dearer against OKX than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.059%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX MSFT-USDT-SWAP	501.78	0	get 0.0000% / 8h	2h 01m	$3.0M	$2.3M	20x
Short	Lighter RH MSFT	501.68	0.0032	get 0.0004% / 1h	1m 22s	$652K	$2.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH 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 Lighter RHbpOrdersPrice spread, now −0.020%Rate

Funding earned: $6.72
Price spread: −0.020% → −0.059%: $3.93
Slippage, 4 orders: −$5.67
Fee OKX: 5 bp × 2 orders: −$10
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$5.02
Costs to cover: 0.157%
Break-even: 12.2 days

Slippage from OKX: live order book, 1 min ago; Lighter RH: 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, 1 min ago	0.20 bp	6.5 bp −$7	16.3 bp −$163	doesn't fit	doesn't fit
Sell Lighter RH live order book, 2 min ago	0.50 bp	1.7 bp −$2	5.5 bp −$55	40.9 bp −$4,090	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	−0.0515%	4h	501.89	+0.022%	$102K	$244K	10x	as long as short
Hotstuff MSFT-PERP	−0.0040%	1h	501.41	−0.074%	$32K	$8K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0040%	1h	501.47	−0.062%	$690K	$433K	10x	as long as short
BloFin MSFT-USDT	−0.0008%	8h	501.90	+0.024%	$188K	$210K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.99	+0.042%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.80	+0.004%	$372K	$369K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.84	+0.012%	$15.7M	$19.3M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.83	+0.010%	$7.4M	$1.7M	100x	as long as short
OKX MSFT-USDT-SWAPlong	0.0000%	8h	501.78	long leg	$3.0M	$2.3M	20x
Gate MSFT_USDT	0.0000%	8h	501.60	−0.036%	$3.1M	$1.5M	100x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MSFTUSDT	0.0000%	8h	501.85	+0.014%	$3.8M	$2.2M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.88	+0.019%	$1.3M	$710K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.76	−0.004%	$19K	$325K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.61	+0.165%	$6K	$4.4M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.44	−0.068%	$27K	$104K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.70	−0.016%	$59K	$230K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.92	+0.028%	$2.2M	$768K	10x	as long as short
Nado MSFT-PERP	+0.0007%	1h	501.38	−0.079%	$414K	$64K	20x	as long as short
Lighter MSFT	+0.0032%	1h	501.83	+0.010%	$1.1M	$654K	20x	as long as short
Lighter RH MSFTshort	+0.0032%	1h	501.68	−0.020%	$652K	$2.2M	20x
Vest MSFT-USD-PERP	+0.0046%	1h	501.57	−0.042%	—	—	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.41	−0.074%	$22.2M	$10.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.37	−0.082%	$309K	$683K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.77	−0.002%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.42	−0.072%	$529K	$494K	15x	as long as short
QFEX MSFT-USD	+0.0050%	1h	501.76	−0.004%	$1.1M	$5.7M	10x	as long as short
Paradex MSFT-USD-PERP	+0.0053%	8h	501.71	−0.013%	$221	—	5x	as long as short
Phoenix MSFT	+0.0096%	1h	501.59	−0.038%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.22	−0.112%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.20	−0.116%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.75	−0.006%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.78	0.000%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	503.08	+0.259%	$115K	$45K	30x	as long as short
Arcus MSFT-USD	+0.0531%	1h	501.66	−0.024%	$109K	$90K	10x	as long as short