Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0104%/8h= −11.4% APRpaid last 24h −0.028%

Price spread now: Bybit against Aevo−0.042%49s7-day average — · you buy dearer than you sell

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

Long on Aevo Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Bybit is 0.042% cheaper against Aevo than usual: you would sell low and buy high (−$4 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 49 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aevo MSFT-PERP	501.20	0.0104	pay 0.0013% / 1h	0m 30s	$55	—	10x
Short	Bybit MSFTUSDT	500.99	0	get 0.0000% / 8h	4h 00m	$7.2M	$2.2M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Aevo. 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 AevobpFee BybitbpOrdersPrice spread, now −0.042%Rate

Funding earned: −$21.84
Price spread: −0.042% → 0.000%: −$4.23
Slippage, 4 orders: no order book: not counted
Fee Aevo: 8 bp × 2 orders: −$16
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$53.07
Costs to cover: 0.270%
Break-even: never at this rate

Slippage unknown: Aevo: no order-book sample; Bybit: live order book, 3 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 Aevo no order-book sample	—	—	—	—	—
Sell Bybit live order book, 3 min ago	0.10 bp	8.3 bp −$8	16.8 bp −$168	doesn't fit	doesn't fit

Aevo: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0370%	4h	501.29	+0.017%	$102K	$244K	10x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0040%	1h	500.97	−0.046%	$677K	$451K	10x	as long as short
Nado MSFT-PERP	−0.0028%	1h	501.18	−0.005%	$414K	$64K	20x	as long as short
BloFin MSFT-USDT	−0.0006%	8h	501.36	+0.031%	$189K	$204K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.22	+0.003%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.17	−0.006%	$337K	$890K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.31	+0.022%	$15.8M	$19.0M	20x	as long as short
Bybit MSFTUSDTshort	0.0000%	8h	500.99	−0.042%	$7.2M	$2.2M	100x
OKX MSFT-USDT-SWAP	0.0000%	8h	501.27	+0.014%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.17	−0.006%	$3.1M	$1.7M	100x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MSFTUSDT	0.0000%	8h	501.29	+0.018%	$4.5M	$2.5M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.27	+0.013%	$1.3M	$609K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.29	+0.018%	$19K	$301K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.10	+0.179%	$6K	$4.0M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	500.99	−0.042%	$27K	$42K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.25	+0.010%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.37	+0.033%	$2.2M	$769K	10x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.05	−0.030%	$677K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0036%	1h	501.24	+0.008%	$1.1M	$4.9M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.05	−0.030%	$96K	$111K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.32	+0.023%	—	$1K	25x	as long as short
Phoenix MSFT	+0.0048%	1h	501.11	−0.018%	$10K	$15K	20x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	500.83	−0.074%	$22.0M	$8.7M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	500.95	−0.050%	$302K	$722K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.19	−0.002%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.94	−0.052%	$527K	$443K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0055%	8h	501.20	−0.001%	$221	—	5x	as long as short
Lighter MSFT	+0.0080%	1h	501.30	+0.020%	$1.1M	$499K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	500.93	−0.054%	$1.5M	$20K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.08	−0.024%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.21	+0.002%	$8K	—	10x	as long as short
Aevo MSFT-PERPlong	+0.0104%	1h	501.20	long leg	$55	—	10x
Hotstuff MSFT-PERP	+0.0144%	1h	500.89	−0.062%	$32K	$8K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.70	+0.299%	$115K	$45K	30x	as long as short