Funding arb · Price arb /

MSFT

RWAall MSFT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0104%/8h= +11.4% APRpaid last 24h +0.017%

Price spread now: Lighter against Bybit+0.050%7-day average +0.001% · you sell dearer than you buy

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−$230.228% of the position

Long on Bybit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.099%+$10 on $10k

Price spread, last 7 days+0.012%+$1 · spread now +0.050%, 7d avg +0.001%

Together, before fees+0.111%+ Points / potential airdropLighter: Season 3 · farm board+$11 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Lighter is 0.049% dearer against Bybit than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.001%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit MSFTUSDT	501.09	0	get 0.0000% / 8h	7h 00m	$7.4M	$1.6M	100x
Short	Lighter MSFT	501.34	0.0104	get 0.0013% / 1h	0m 37s	$1.1M	$486K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Bybit. 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 BybitbpFee LighterbpOrdersPrice spread, now +0.050%Rate

Funding earned: $21.84
Price spread: +0.050% → +0.001%: $4.85
Slippage, 4 orders: −$11.85
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Lighter: 0 bp × 2 orders: $0
Net: $3.84
Costs to cover: 0.228%
Break-even: 5.8 days

Slippage from Bybit: live order book, 2 min ago; Lighter: 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 Bybit live order book, 2 min ago	1.00 bp	10.4 bp −$10	20.4 bp −$204	doesn't fit	doesn't fit
Sell Lighter live order book, 5 min ago	0.80 bp	1.4 bp −$1	5.9 bp −$59	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
Coinbase International MSFT-PERP-INTX	−0.0008%	1h	500.76	−0.066%	$684K	$449K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.48	+0.078%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.08	−0.002%	$342K	$905K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.20	+0.022%	$15.6M	$18.7M	20x	as long as short
Bybit MSFTUSDTlong	0.0000%	8h	501.09	long leg	$7.4M	$1.6M	100x
OKX MSFT-USDT-SWAP	0.0000%	8h	501.24	+0.030%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.22	+0.026%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.37	+0.056%	$3.8M	$2.1M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.26	+0.033%	$1.3M	$690K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.46	+0.074%	$19K	$293K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX MSFT-USDT	0.0000%	8h	502.10	+0.202%	$6K	$4.1M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.00	−0.018%	$27K	$41K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.24	+0.030%	$58K	$227K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.40	+0.062%	$2.2M	$758K	10x	as long as short
BloFin MSFT-USDT	+0.0002%	8h	501.37	+0.056%	$188K	$205K	20x	as long as short
Nado MSFT-PERP	+0.0006%	1h	501.18	+0.018%	$414K	$64K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.18	+0.018%	$617K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0044%	1h	501.24	+0.030%	$1.1M	$5.8M	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.19	+0.020%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	500.96	−0.026%	$22.1M	$9.2M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	500.83	−0.052%	$303K	$672K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.21	+0.024%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.98	−0.022%	$514K	$504K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0051%	8h	501.01	−0.015%	$220	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.05	−0.008%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.27	+0.036%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	500.82	−0.054%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.24	+0.030%	$8K	—	10x	as long as short
Lighter MSFTshort	+0.0104%	1h	501.34	+0.050%	$1.1M	$486K	20x
Aevo MSFT-PERP	+0.0104%	1h	501.17	+0.015%	$55	—	10x	as long as short
Hotstuff MSFT-PERP	+0.0160%	1h	500.90	−0.038%	$32K	$8K	20x	as long as short
edgeX MSFTUSDC	+0.0163%	4h	501.29	+0.039%	$102K	$243K	10x	as long as short
Arcus MSFT-USD	+0.0212%	1h	501.14	+0.010%	$97K	$109K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.76	+0.134%	$115K	$45K	30x	as long as short