Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h −0.010%

Price spread now: OKX against Lighter RH+0.010%7-day average +0.059% · you sell dearer than you buy

Net, funding: paid 7d − costs−$25as in the Funding arb table

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

costs, in and out, $10k−$200.196% of the position

Long on Lighter RH Short on OKX

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)+0.086%+$9 · spread now +0.010%, 7d avg +0.059%

Together, before fees+0.031%+ Points / potential airdropLighter RH: Points live · farm board+$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and OKX is 0.049% cheaper against Lighter RH than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.059%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH MSFT	501.16	0.0032	pay 0.0004% / 1h	57m 20s	$617K	$2.0M	20x
Short	OKX MSFT-USDT-SWAP	501.21	0	get 0.0000% / 8h	6h 57m	$3.0M	$2.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.010%Rate

Funding earned: −$6.72
Price spread: +0.010% → +0.059%: −$4.86
Slippage, 4 orders: −$9.56
Fee Lighter RH: 0 bp × 2 orders: $0
Fee OKX: 5 bp × 2 orders: −$10
Net: −$31.13
Costs to cover: 0.196%
Break-even: never at this rate

Slippage from Lighter RH: live order book, 1 min ago; OKX: live order book, 5 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, 1 min ago	1.10 bp	1.5 bp −$2	3.7 bp −$37	44.7 bp −$4,469	doesn't fit
Sell OKX live order book, 5 min ago	0.10 bp	7.2 bp −$7	15.1 bp −$151	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	−0.0451%	4h	501.22	+0.013%	$102K	$244K	10x	as long as short
Nado MSFT-PERP	−0.0130%	1h	501.20	+0.009%	$414K	$64K	20x	as long as short
tradeXYZ xyz:MSFT	−0.0020%	1h	500.84	−0.064%	$22.1M	$9.2M	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0016%	1h	500.76	−0.080%	$684K	$449K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.40	+0.049%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.16	0.000%	$342K	$905K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.29	+0.026%	$15.6M	$18.7M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.12	−0.008%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAPshort	0.0000%	8h	501.21	+0.010%	$3.0M	$2.3M	20x
Gate MSFT_USDT	0.0000%	8h	501.02	−0.028%	$3.1M	$1.6M	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	501.37	+0.042%	$3.8M	$2.1M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.26	+0.019%	$1.3M	$690K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.25	+0.018%	$18K	$292K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.06	+0.180%	$6K	$4.1M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	500.91	−0.050%	$27K	$41K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.16	0.000%	$58K	$227K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.45	+0.058%	$2.2M	$758K	10x	as long as short
BloFin MSFT-USDT	+0.0029%	8h	501.24	+0.016%	$188K	$205K	20x	as long as short
Lighter RH MSFTlong	+0.0032%	1h	501.16	long leg	$617K	$2.0M	20x
QFEX MSFT-USD	+0.0038%	1h	501.09	−0.014%	$1.2M	$5.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.08	−0.016%	$97K	$109K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.11	−0.010%	—	$1K	25x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	500.81	−0.070%	$302K	$672K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.18	+0.004%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.78	−0.076%	$514K	$503K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0051%	8h	501.12	−0.008%	$220	—	5x	as long as short
Lighter MSFT	+0.0056%	1h	501.34	+0.036%	$1.1M	$485K	20x	as long as short
Hotstuff MSFT-PERP	+0.0056%	1h	500.84	−0.064%	$32K	$8K	20x	as long as short
Phoenix MSFT	+0.0080%	1h	500.90	−0.052%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.14	−0.004%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.07	−0.018%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.17	+0.002%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.13	−0.005%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.54	+0.076%	$115K	$45K	30x	as long as short