Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h +0.006%

Price spread now: Lighter RH against Variational Omni−0.014%7-day average −0.062% · you buy dearer than you sell

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

Long on Variational Omni Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.027%+$3 on $10k

Price spread, last 4 days (all we have)−0.187%−$19 · spread now −0.014%, 7d avg −0.062%

Together, before fees−0.160%+ Points / potential airdropVariational Omni: Active · Lighter RH: Points live · farm board−$16 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 0.048% dearer against Variational Omni than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.062%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni MSFT	501.33	0	get 0.0000% / 8h	7h 06m	$1.3M	$690K	—
Short	Lighter RH MSFT	501.26	0.0032	get 0.0004% / 1h	6m 38s	$617K	$2.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH against Variational Omni. 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 Variational OmnibpFee Lighter RHbpOrdersPrice spread, now −0.014%Rate

Funding earned: $6.72
Price spread: −0.014% → −0.062%: $4.79
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Lighter RH: 0 bp × 2 orders: $0
Net: $11.51
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 2 min ago; Lighter RH: live order book, 1 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 Variational Omni RFQ quote, 2 min ago	2.53 bp	doesn't fit	17.1 bp −$171	doesn't fit	doesn't fit
Sell Lighter RH live order book, 1 min ago	0.40 bp	0.9 bp −$1	5.2 bp −$52	40.8 bp −$4,079	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	−0.0619%	4h	501.32	−0.003%	$102K	$242K	10x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0008%	1h	501.03	−0.060%	$685K	$454K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.46	+0.025%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.29	−0.008%	$342K	$905K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.42	+0.017%	$15.6M	$18.7M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.25	−0.016%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.51	+0.035%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.23	−0.020%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.42	+0.017%	$3.8M	$2.1M	100x	as long as short
Variational Omni MSFTlong	0.0000%	8h	501.33	long leg	$1.3M	$690K	—

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	501.41	+0.016%	$19K	$293K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.20	+0.173%	$6K	$4.1M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.13	−0.040%	$27K	$41K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.33	0.000%	$58K	$227K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.74	+0.081%	$2.2M	$761K	10x	as long as short
Nado MSFT-PERP	+0.0011%	1h	501.19	−0.029%	$414K	$64K	20x	as long as short
BloFin MSFT-USDT	+0.0020%	8h	501.42	+0.017%	$188K	$205K	20x	as long as short
Lighter RH MSFTshort	+0.0032%	1h	501.26	−0.014%	$617K	$2.0M	20x
QFEX MSFT-USD	+0.0044%	1h	501.39	+0.012%	$1.1M	$5.8M	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.28	−0.010%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	500.97	−0.072%	$22.1M	$9.2M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	500.94	−0.078%	$303K	$672K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.29	−0.008%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.92	−0.082%	$514K	$503K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0051%	8h	501.34	+0.001%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.07	−0.052%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.27	−0.012%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	500.87	−0.092%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.26	−0.014%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.22	−0.022%	$55	—	10x	as long as short
Lighter MSFT	+0.0112%	1h	501.50	+0.033%	$1.1M	$486K	20x	as long as short
Hotstuff MSFT-PERP	+0.0176%	1h	500.99	−0.068%	$32K	$8K	20x	as long as short
Arcus MSFT-USD	+0.0212%	1h	501.23	−0.020%	$97K	$109K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.76	+0.085%	$115K	$45K	30x	as long as short