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 +0.010%

Price spread now: Lighter RH against OKX−0.072%7-day average −0.078% · you buy dearer than you sell

Net, funding: paid 7d − costs−$13as in the Funding arb table

Net, price: spread back to 7d avg − costs−$18as in the Price arb table

costs, in and out, $10k−$190.185% of the position

Long on OKX Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days+0.055%+$6 on $10k

Price spread, last 7 days+0.006%+$1 · spread now −0.072%, 7d avg −0.078%

Together, before fees+0.062%+ Points / potential airdropLighter RH: Points live · farm board+$6 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.078%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX MSFT-USDT-SWAP	501.53	0	get 0.0000% / 8h	3h 41m	$3.0M	$2.3M	20x
Short	Lighter RH MSFT	501.17	0.0032	get 0.0004% / 1h	41m 38s	$676K	$2.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH 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 Lighter RHbpOrdersPrice spread, now −0.072%Rate

Funding earned: $6.72
Price spread: −0.072% → −0.078%: $0.6
Slippage, 4 orders: −$8.52
Fee OKX: 5 bp × 2 orders: −$10
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$11.2
Costs to cover: 0.185%
Break-even: 18.7 days

Slippage from OKX: live order book, 6 min ago; Lighter RH: live order book, 1 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, 6 min ago	0.90 bp	7.1 bp −$7	14.8 bp −$148	doesn't fit	doesn't fit
Sell Lighter RH live order book, 1 min ago	1.10 bp	1.3 bp −$1	3.4 bp −$34	41.2 bp −$4,124	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	−0.0760%	4h	501.36	−0.034%	$102K	$242K	10x	as long as short
Nado MSFT-PERP	−0.0111%	1h	501.19	−0.068%	$414K	$64K	20x	as long as short
Hotstuff MSFT-PERP	−0.0048%	1h	501.01	−0.104%	$32K	$8K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0032%	1h	500.97	−0.112%	$677K	$450K	10x	as long as short
tradeXYZ xyz:MSFT	−0.0007%	1h	501.04	−0.098%	$22.1M	$8.7M	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.28	−0.050%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.30	−0.046%	$337K	$883K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.44	−0.018%	$15.8M	$19.0M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.15	−0.076%	$7.2M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAPlong	0.0000%	8h	501.53	long leg	$3.0M	$2.3M	20x

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate MSFT_USDT	0.0000%	8h	501.24	−0.058%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.31	−0.044%	$4.5M	$2.5M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.34	−0.038%	$1.3M	$607K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.39	−0.028%	$18K	$298K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.21	+0.136%	$6K	$4.0M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.29	−0.048%	$27K	$42K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.29	−0.048%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.50	−0.006%	$2.2M	$770K	10x	as long as short
BloFin MSFT-USDT	+0.0018%	8h	501.47	−0.012%	$189K	$204K	20x	as long as short
Lighter MSFT	+0.0032%	1h	501.44	−0.018%	$1.1M	$503K	20x	as long as short
Lighter RH MSFTshort	+0.0032%	1h	501.17	−0.072%	$676K	$2.0M	20x
QFEX MSFT-USD	+0.0035%	1h	501.32	−0.042%	$1.1M	$4.9M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.13	−0.080%	$96K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.34	−0.038%	—	$1K	25x	as long as short
Phoenix MSFT	+0.0048%	1h	501.07	−0.092%	$10K	$15K	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.01	−0.104%	$302K	$697K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.24	−0.058%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.01	−0.104%	$518K	$452K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0053%	8h	501.36	−0.034%	$221	—	5x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	500.73	−0.160%	$1.6M	$52K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.17	−0.072%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.33	−0.040%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.33	−0.040%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.54	+0.002%	$115K	$45K	30x	as long as short