Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h +0.006%

Price spread now: Lighter RH against Variational Omni−0.034%7-day average −0.070% · you buy dearer than you sell

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

Long on Variational Omni Short on Lighter RH

What this pair did over the last

the charts below follow

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

Price spread, last 7 days+0.012%+$1 · spread now −0.034%, 7d avg −0.070%

Together, before fees+0.041%+ Points / potential airdropVariational Omni: Active · Lighter RH: Points live · farm board+$4 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Lighter RH is 0.035% dearer against Variational Omni than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.070%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni MSFT	501.35	0	get 0.0000% / 8h	4h 40m	$1.3M	$613K	—
Short	Lighter RH MSFT	501.18	0.0032	get 0.0004% / 1h	40m 24s	$674K	$2.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH against Variational Omni. 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 Variational OmnibpFee Lighter RHbpOrdersPrice spread, now −0.034%Rate

Funding earned: $6.72
Price spread: −0.034% → −0.070%: $3.53
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Lighter RH: 0 bp × 2 orders: $0
Net: $10.25
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 4 min ago; Lighter RH: live order book, 2 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 Variational Omni RFQ quote, 4 min ago	2.95 bp	doesn't fit	17.5 bp −$175	doesn't fit	doesn't fit
Sell Lighter RH live order book, 2 min ago	1.50 bp	1.5 bp −$1	3.5 bp −$35	41.3 bp −$4,127	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	−0.0040%	1h	500.97	−0.076%	$678K	$456K	10x	as long as short
Nado MSFT-PERP	−0.0029%	1h	501.13	−0.045%	$414K	$64K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.11	−0.049%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.27	−0.016%	$341K	$893K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.40	+0.010%	$15.7M	$19.1M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.07	−0.056%	$7.2M	$2.1M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.55	+0.039%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.26	−0.018%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.40	+0.010%	$4.5M	$2.5M	100x	as long as short
Variational Omni MSFTlong	0.0000%	8h	501.35	long leg	$1.3M	$613K	—

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT MSFT_USDT_Perp	0.0000%	8h	501.33	−0.004%	$19K	$302K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.20	+0.169%	$6K	$4.0M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.09	−0.052%	$27K	$41K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.33	−0.004%	$58K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.64	+0.057%	$2.2M	$779K	10x	as long as short
BloFin MSFT-USDT	+0.0001%	8h	501.44	+0.018%	$189K	$204K	20x	as long as short
Lighter RH MSFTshort	+0.0032%	1h	501.18	−0.034%	$674K	$2.0M	20x
QFEX MSFT-USD	+0.0036%	1h	501.24	−0.022%	$1.1M	$5.6M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.11	−0.048%	$96K	$111K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.07	−0.056%	—	$1K	25x	as long as short
Phoenix MSFT	+0.0048%	1h	501.04	−0.062%	$10K	$15K	20x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	500.89	−0.092%	$22.1M	$8.8M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	500.98	−0.074%	$295K	$672K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.32	−0.006%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.84	−0.102%	$527K	$456K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0057%	8h	501.26	−0.018%	$221	—	5x	as long as short
Hotstuff MSFT-PERP	+0.0096%	1h	500.86	−0.098%	$32K	$8K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	500.89	−0.092%	$1.5M	$20K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	500.93	−0.084%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.32	−0.006%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.34	−0.002%	$55	—	10x	as long as short
Lighter MSFT	+0.0112%	1h	501.45	+0.019%	$1.1M	$489K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.34	−0.002%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0513%	4h	501.36	+0.002%	$102K	$242K	10x	as long as short