Funding arb · Price arb /

MSFT

RWAall MSFT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0056%/8h= +6.1% APRpaid last 24h +0.020%

Price spread now: Lighter against OKX+0.028%7-day average −0.040% · you sell dearer than you buy

Net, funding: paid 7d − costs−$12as in the Funding arb table

Net, price: spread back to 7d avg − costs−$15as in the Price arb table

costs, in and out, $10k−$220.216% of the position

Long on OKX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.094%+$9 on $10k

Price spread, last 7 days−0.028%−$3 · spread now +0.028%, 7d avg −0.040%

Together, before fees+0.066%+ Points / potential airdropLighter: Season 3 · farm board+$7 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Lighter is 0.068% dearer against OKX than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of −0.040%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX MSFT-USDT-SWAP	501.21	0	get 0.0000% / 8h	6h 57m	$3.0M	$2.3M	20x
Short	Lighter MSFT	501.35	0.0056	get 0.0007% / 1h	57m 48s	$1.1M	$485K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against OKX. 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 OKXbpFee LighterbpOrdersPrice spread, now +0.028%Rate

Funding earned: $11.76
Price spread: +0.028% → −0.040%: $6.84
Slippage, 4 orders: −$11.64
Fee OKX: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$3.04
Costs to cover: 0.216%
Break-even: 8.8 days

Slippage from OKX: live order book, 4 min ago; Lighter: live order book, 3 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 OKX live order book, 4 min ago	0.10 bp	9.4 bp −$9	19.4 bp −$194	doesn't fit	doesn't fit
Sell Lighter live order book, 3 min ago	0.80 bp	2.9 bp −$3	4.4 bp −$44	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
Nado MSFT-PERP	−0.0139%	1h	501.20	−0.001%	$414K	$64K	20x	as long as short
tradeXYZ xyz:MSFT	−0.0061%	1h	500.84	−0.074%	$22.1M	$9.2M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	−0.0049%	1h	500.98	−0.046%	$27K	$41K	10x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0016%	1h	500.76	−0.090%	$684K	$449K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.47	+0.053%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.19	−0.005%	$342K	$905K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.30	+0.018%	$15.6M	$18.7M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.16	−0.010%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAPlong	0.0000%	8h	501.21	long leg	$3.0M	$2.3M	20x
Gate MSFT_USDT	0.0000%	8h	501.06	−0.030%	$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	+0.032%	$3.8M	$2.1M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.26	+0.009%	$1.3M	$690K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.40	+0.038%	$19K	$293K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.08	+0.174%	$6K	$4.1M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.23	+0.004%	$58K	$227K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.39	+0.036%	$2.2M	$758K	10x	as long as short
BloFin MSFT-USDT	+0.0029%	8h	501.24	+0.006%	$188K	$205K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.16	−0.010%	$617K	$2.0M	20x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.09	−0.024%	$97K	$109K	10x	as long as short
QFEX MSFT-USD	+0.0044%	1h	501.12	−0.018%	$1.2M	$5.8M	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.13	−0.016%	—	$1K	25x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	500.91	−0.060%	$303K	$672K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.17	−0.008%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.78	−0.086%	$514K	$503K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0051%	8h	501.21	+0.001%	$221	—	5x	as long as short
Lighter MSFTshort	+0.0056%	1h	501.35	+0.028%	$1.1M	$485K	20x
Hotstuff MSFT-PERP	+0.0056%	1h	500.85	−0.072%	$32K	$8K	20x	as long as short
Phoenix MSFT	+0.0080%	1h	501.05	−0.032%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.20	−0.002%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	500.82	−0.078%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.19	−0.004%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.15	−0.011%	$55	—	10x	as long as short
edgeX MSFTUSDC	+0.0163%	4h	501.29	+0.015%	$102K	$243K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.54	+0.066%	$115K	$45K	30x	as long as short