Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h −0.006%

Price spread now: Bybit against Lighter RH+0.042%7-day average +0.048% · you sell dearer than you buy

Net, funding: paid 7d − costs−$27as in the Funding arb table

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$200.205% of the position

Long on Lighter RH Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.064%−$6 on $10k

Price spread, last 4 days (all we have)−0.005%−$1 · spread now +0.042%, 7d avg +0.048%

Together, before fees−0.069%+ Points / potential airdropLighter RH: Points live · farm board−$7 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.048%, 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	Lighter RH MSFT	502.05	0.0032	pay 0.0004% / 1h	32m 10s	$659K	$2.2M	20x
Short	Bybit MSFTUSDT	502.26	0	get 0.0000% / 8h	3h 32m	$7.4M	$1.7M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.042%Rate

Funding earned: −$6.72
Price spread: +0.042% → +0.048%: −$0.59
Slippage, 4 orders: −$9.49
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$27.8
Costs to cover: 0.205%
Break-even: never at this rate

Slippage from Lighter RH: live order book, 1 min ago; Bybit: 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 Lighter RH live order book, 1 min ago	0.10 bp	1.2 bp −$1	5.7 bp −$57	42.3 bp −$4,229	doesn't fit
Sell Bybit live order book, 1 min ago	0.20 bp	11.2 bp −$11	17.5 bp −$175	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	−0.0314%	4h	502.04	−0.002%	$102K	$243K	10x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0056%	1h	501.71	−0.068%	$689K	$431K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.82	−0.046%	$160K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	502.08	+0.007%	$371K	$368K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	502.19	+0.028%	$15.7M	$19.0M	20x	as long as short
Bybit MSFTUSDTshort	0.0000%	8h	502.26	+0.042%	$7.4M	$1.7M	100x
OKX MSFT-USDT-SWAP	0.0000%	8h	502.24	+0.038%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.87	−0.036%	$3.1M	$1.5M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	502.03	−0.003%	$1.3M	$725K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.93	−0.024%	$18K	$341K	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	502.92	+0.173%	$6K	$4.4M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.90	−0.030%	$27K	$115K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	502.01	−0.008%	$58K	$231K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.40	+0.070%	$2.2M	$742K	10x	as long as short
Nado MSFT-PERP	+0.0002%	1h	501.87	−0.037%	$415K	$62K	20x	as long as short
Bitget MSFTUSDT	+0.0003%	8h	502.15	+0.020%	$3.9M	$2.1M	100x	as long as short
BloFin MSFT-USDT	+0.0010%	8h	502.07	+0.004%	$190K	$208K	20x	as long as short
Hotstuff MSFT-PERP	+0.0016%	1h	501.84	−0.042%	$32K	$8K	20x	as long as short
QFEX MSFT-USD	+0.0031%	1h	502.14	+0.018%	$1.1M	$5.6M	10x	as long as short
Lighter RH MSFTlong	+0.0032%	1h	502.05	long leg	$659K	$2.2M	20x
Vest MSFT-USD-PERP	+0.0046%	1h	502.04	−0.002%	—	—	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.82	−0.046%	$22.2M	$9.9M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.80	−0.050%	$304K	$676K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	502.11	+0.012%	$60K	$3K	10x	as long as short
Paradex MSFT-USD-PERP	+0.0050%	8h	502.14	+0.018%	$221	—	5x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.56	−0.098%	$515K	$479K	15x	as long as short
Phoenix MSFT	+0.0064%	1h	501.84	−0.042%	$11K	$15K	20x	as long as short
Lighter MSFT	+0.0072%	1h	502.22	+0.034%	$1.1M	$660K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.66	−0.078%	$1.5M	$18K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.63	−0.084%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	502.14	+0.018%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	502.08	+0.005%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.99	−0.012%	$115K	$45K	30x	as long as short
Arcus MSFT-USD	+0.0301%	1h	502.13	+0.016%	$109K	$78K	10x	as long as short