In recent years, the swarm of micro Unmanned Aerial Vehicles (micro-UAVs) is becoming a research hotspot. As the basis of swarm autonomous flight, traditional relative positioning methods typically rely on external base stations or onboard sensors of high power consumption, the vast majority of which are not feasible on resource-constrained micro-UAVs flying in a complex environment. This article proposes a lightweight relative positioning system implemented on a micro-UAV platform weighing 150 g. We have developed a distributed graph optimization (DGO) scheme fusing the results of the onboard Ultra-Wideband (UWB) module, camera, and inertial sensors. A Delay Extended Kalman Filter (DEKF) is utilized to mitigate communication delays and enhance accuracy. This scheme enables micro-UAVs to collaboratively compute the relative position graph in real-time. Through real-world experiments, our system has achieved a relative positioning accuracy of 0.167 m, exhibiting significant potential for future swarm applications.