Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h −0.006%

Price spread now: Variational Omni against Lighter RH+0.013%7-day average +0.070% · you sell dearer than you buy

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

Long on Lighter RH Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.029%−$3 on $10k

Price spread, last 7 days+0.005%+$1 · spread now +0.013%, 7d avg +0.070%

Together, before fees−0.024%+ Points / potential airdropLighter RH: Points live · Variational Omni: Active · farm board−$2 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 Variational Omni is 0.056% cheaper against Lighter RH than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.070%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH MSFT	502.94	0.0032	pay 0.0004% / 1h	18m 21s	$679K	$2.0M	20x
Short	Variational Omni MSFT	503.01	0	get 0.0000% / 8h	3h 18m	$1.3M	$606K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now +0.013%Rate

Funding earned: −$6.72
Price spread: +0.013% → +0.070%: −$5.63
Slippage, 4 orders: no order book: not counted
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$12.35
Costs to cover: 0.000%
Break-even: never at this rate

Slippage unknown: Lighter RH: live order book, 5 min ago; Variational Omni: RFQ quote, 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 Lighter RH live order book, 5 min ago	1.49 bp	1.9 bp −$2	4.8 bp −$48	37.8 bp −$3,784	doesn't fit
Sell Variational Omni RFQ quote, 1 min ago	2.53 bp	doesn't fit	16.4 bp −$164	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	−0.0148%	4h	503.01	+0.013%	$102K	$243K	10x	as long as short
Nado MSFT-PERP	−0.0104%	1h	503.01	+0.014%	$415K	$64K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0032%	1h	502.82	−0.024%	$680K	$449K	10x	as long as short
tradeXYZ xyz:MSFT	−0.0009%	1h	502.70	−0.048%	$22.2M	$8.8M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	−0.0008%	1h	502.96	+0.004%	$27K	$42K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.08	+0.027%	$162K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.00	+0.012%	$339K	$884K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	503.12	+0.036%	$15.8M	$19.2M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	502.96	+0.004%	$7.2M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	503.12	+0.036%	$3.0M	$2.3M	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate MSFT_USDT	0.0000%	8h	502.95	+0.002%	$3.1M	$1.8M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	503.08	+0.028%	$4.4M	$2.6M	100x	as long as short
Variational Omni MSFTshort	0.0000%	8h	503.01	+0.013%	$1.3M	$606K	—
GRVT MSFT_USDT_Perp	0.0000%	8h	503.14	+0.040%	$19K	$301K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	503.88	+0.187%	$6K	$4.0M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	502.93	−0.002%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	503.19	+0.050%	$2.2M	$786K	10x	as long as short
BloFin MSFT-USDT	+0.0003%	8h	503.05	+0.022%	$189K	$205K	20x	as long as short
Lighter MSFT	+0.0032%	1h	503.23	+0.058%	$1.1M	$504K	20x	as long as short
Lighter RH MSFTlong	+0.0032%	1h	502.94	long leg	$679K	$2.0M	20x
QFEX MSFT-USD	+0.0035%	1h	502.99	+0.010%	$1.2M	$4.9M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	502.74	−0.040%	$96K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.18	+0.048%	—	$1K	25x	as long as short
Phoenix MSFT	+0.0048%	1h	502.82	−0.024%	$11K	$15K	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	502.76	−0.036%	$304K	$705K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	502.91	−0.006%	$60K	$3K	10x	as long as short
Paradex MSFT-USD-PERP	+0.0050%	8h	503.02	+0.016%	$221	—	5x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	502.58	−0.072%	$512K	$462K	15x	as long as short
Hotstuff MSFT-PERP	+0.0064%	1h	502.69	−0.050%	$32K	$8K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	502.66	−0.056%	$1.6M	$55K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	502.92	−0.004%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.14	+0.040%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.06	+0.024%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.14	−0.159%	$115K	$45K	30x	as long as short