Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0072%/8h= −7.9% APRpaid last 24h −0.018%

Price spread now: Variational Omni against Lighter−0.035%7-day average +0.032% · you buy dearer than you sell

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

Long on Lighter Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.044%−$4 on $10k

Price spread, last 7 days+0.019%+$2 · spread now −0.035%, 7d avg +0.032%

Together, before fees−0.025%+ Points / potential airdropLighter: Season 3 · Variational Omni: Active · farm board−$2 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Variational Omni is 0.067% cheaper against Lighter than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of +0.032%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter MSFT	502.21	0.0072	pay 0.0009% / 1h	31m 21s	$1.1M	$660K	20x
Short	Variational Omni MSFT	502.03	0	get 0.0000% / 8h	3h 31m	$1.3M	$725K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Lighter. 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 LighterbpFee Variational OmnibpOrdersPrice spread, now −0.035%Rate

Funding earned: −$15.12
Price spread: −0.035% → +0.032%: −$6.73
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$21.85
Costs to cover: 0.000%
Break-even: never at this rate

Slippage unknown: Lighter: live order book, 5 min ago; Variational Omni: RFQ quote, 3 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 live order book, 5 min ago	0.10 bp	2.8 bp −$3	5.4 bp −$54	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 3 min ago	3.99 bp	doesn't fit	10.8 bp −$108	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	−0.0247%	4h	502.06	−0.030%	$102K	$243K	10x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0056%	1h	501.71	−0.100%	$689K	$431K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.82	−0.078%	$160K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	502.11	−0.020%	$371K	$368K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	502.14	−0.014%	$15.7M	$19.0M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	502.24	+0.006%	$7.4M	$1.7M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	502.20	−0.002%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.87	−0.068%	$3.1M	$1.5M	100x	as long as short
Variational Omni MSFTshort	0.0000%	8h	502.03	−0.035%	$1.3M	$725K	—
GRVT MSFT_USDT_Perp	0.0000%	8h	501.94	−0.053%	$18K	$340K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX MSFT-USDT	0.0000%	8h	502.92	+0.141%	$6K	$4.4M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.90	−0.062%	$27K	$115K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	502.01	−0.040%	$58K	$231K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.40	+0.038%	$2.2M	$742K	10x	as long as short
Nado MSFT-PERP	+0.0003%	1h	501.84	−0.073%	$415K	$62K	20x	as long as short
Bitget MSFTUSDT	+0.0004%	8h	502.14	−0.014%	$3.9M	$2.1M	100x	as long as short
BloFin MSFT-USDT	+0.0010%	8h	502.07	−0.028%	$190K	$208K	20x	as long as short
Hotstuff MSFT-PERP	+0.0016%	1h	501.82	−0.078%	$32K	$8K	20x	as long as short
QFEX MSFT-USD	+0.0031%	1h	502.14	−0.014%	$1.1M	$5.6M	10x	as long as short
Lighter RH MSFT	+0.0032%	1h	502.04	−0.034%	$659K	$2.2M	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	502.03	−0.036%	—	—	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.81	−0.080%	$22.2M	$9.9M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.80	−0.082%	$304K	$676K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	502.08	−0.026%	$60K	$3K	10x	as long as short
Paradex MSFT-USD-PERP	+0.0050%	8h	502.15	−0.012%	$221	—	5x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.56	−0.129%	$515K	$479K	15x	as long as short
Phoenix MSFT	+0.0064%	1h	502.03	−0.036%	$11K	$15K	20x	as long as short
Lighter MSFTlong	+0.0072%	1h	502.21	long leg	$1.1M	$660K	20x
KuCoin MSFTUSDTM	+0.0100%	8h	501.64	−0.113%	$1.5M	$18K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.51	−0.139%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	502.13	−0.016%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	502.14	−0.014%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.99	−0.044%	$115K	$45K	30x	as long as short
Arcus MSFT-USD	+0.0301%	1h	502.13	−0.016%	$109K	$78K	10x	as long as short