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On my Oasis I use the first font. I forgot the name, but it's an Amazon Kindle font that's very readable. Not the bold one.
I also use the smallest margins and line spacing.
On my Paperwhite, I vaguely remember reading on font 5, or so... On the Oasis 2, it's closer to font 4. But I prefer to go smaller than that.
With other font types (like times new Roman-types), I prefer 3 to 4.
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