Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0003%/8h= −0.3% APRpaid last 24h −0.004%

Price spread now: Bybit against Lighter RH+0.036%7-day average +0.047% · you sell dearer than you buy

Net, funding: paid 7d − costs−$29as in the Funding arb table

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$230.226% of the position

Long on Lighter RH Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.064%−$6 on $10k

Price spread, last 4 days (all we have)+0.018%+$2 · spread now +0.036%, 7d avg +0.047%

Together, before fees−0.046%+ Points / potential airdropLighter RH: Points live · farm board−$5 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH MSFT	502.13	0.0032	pay 0.0004% / 1h	38m 57s	$636K	$2.1M	20x
Short	Bybit MSFTUSDT	502.31	0.0029	get 0.0029% / 8h	38m 57s	$7.4M	$1.7M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.036%Rate

Funding earned: −$0.59
Price spread: +0.036% → +0.047%: −$1.16
Slippage, 4 orders: −$11.57
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$24.32
Costs to cover: 0.226%
Break-even: never at this rate

Slippage from Lighter RH: live order book, 4 min ago; Bybit: live order book, 4 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 Lighter RH live order book, 4 min ago	1.10 bp	1.1 bp −$1	4.2 bp −$42	39.8 bp −$3,978	doesn't fit
Sell Bybit live order book, 4 min ago	1.00 bp	10.5 bp −$11	18.4 bp −$184	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
BloFin MSFT-USDT	−0.0027%	8h	502.26	+0.026%	$188K	$209K	20x	as long as short
Nado MSFT-PERP	−0.0018%	1h	501.95	−0.035%	$414K	$64K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0016%	1h	501.76	−0.074%	$687K	$450K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	502.23	+0.020%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	502.16	+0.007%	$337K	$392K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	502.24	+0.022%	$15.7M	$19.1M	20x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	502.28	+0.030%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	502.03	−0.020%	$3.2M	$1.6M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	502.25	+0.024%	$3.8M	$2.3M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	502.20	+0.014%	$1.3M	$692K	—	as long as short

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	502.15	+0.004%	$18K	$300K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	503.01	+0.175%	$6K	$4.3M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	502.13	0.000%	$59K	$227K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.33	+0.040%	$2.2M	$748K	10x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0029%	1h	502.05	−0.016%	$27K	$101K	10x	as long as short
Bybit MSFTUSDTshort	+0.0029%	8h	502.31	+0.036%	$7.4M	$1.7M	100x
Lighter RH MSFTlong	+0.0032%	1h	502.13	long leg	$636K	$2.1M	20x
Hotstuff MSFT-PERP	+0.0040%	1h	501.87	−0.052%	$32K	$8K	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	502.13	0.000%	—	$1K	25x	as long as short
QFEX MSFT-USD	+0.0049%	1h	502.13	0.000%	$1.1M	$5.8M	10x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.87	−0.052%	$22.3M	$9.4M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.76	−0.074%	$303K	$678K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	502.17	+0.008%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.91	−0.044%	$529K	$494K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0054%	8h	502.19	+0.011%	$221	—	5x	as long as short
edgeX MSFTUSDC	+0.0075%	4h	502.21	+0.015%	$102K	$242K	10x	as long as short
Phoenix MSFT	+0.0080%	1h	501.94	−0.038%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.71	−0.084%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.72	−0.082%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	502.19	+0.012%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	502.18	+0.011%	$55	—	10x	as long as short
Lighter MSFT	+0.0160%	1h	502.34	+0.042%	$1.1M	$585K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.57	+0.088%	$115K	$45K	30x	as long as short
Arcus MSFT-USD	+0.0286%	1h	502.15	+0.004%	$97K	$109K	10x	as long as short