Funding arb · Price arb /

MSFT

RWAall MSFT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0212%/8h= −23.2% APRpaid last 24h −0.075%

Price spread now: Bybit against Arcus−0.002%7-day average +0.019% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$370.375% of the position

Long on Arcus Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.140%−$14 on $10k

Price spread, last 4 days (all we have)+0.060%+$6 · spread now −0.002%, 7d avg +0.019%

Together, before fees−0.080%−$8 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Bybit is 0.021% cheaper against Arcus than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of +0.019%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Arcus MSFT-USD	501.32	0.0212	pay 0.0026% / 1h	13m 45s	$97K	$109K	10x
Short	Bybit MSFTUSDT	501.31	0	get 0.0000% / 8h	7h 13m	$7.4M	$1.6M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Arcus. 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 ArcusbpFee BybitbpOrdersPrice spread, now −0.002%Rate

Funding earned: −$44.47
Price spread: −0.002% → +0.019%: −$2.12
Slippage, 4 orders: −$21.99
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$84.08
Costs to cover: 0.375%
Break-even: never at this rate

Slippage from Arcus: live order book, 59 min ago; Bybit: live order book, 4 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 Arcus live order book, 59 min ago	2.39 bp	8.7 bp −$9	9.5 bp −$95	19.5 bp −$1,945	doesn't fit
Sell Bybit live order book, 4 min ago	1.10 bp	9.8 bp −$10	17.7 bp −$177	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
BloFin MSFT-USDT	−0.0016%	8h	501.51	+0.038%	$188K	$205K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0008%	1h	501.24	−0.016%	$685K	$453K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.53	+0.042%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.43	+0.021%	$337K	$900K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.54	+0.044%	$15.7M	$18.7M	20x	as long as short
Bybit MSFTUSDTshort	0.0000%	8h	501.31	−0.002%	$7.4M	$1.6M	100x
OKX MSFT-USDT-SWAP	0.0000%	8h	501.51	+0.038%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.36	+0.008%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.58	+0.052%	$3.8M	$2.1M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.45	+0.025%	$1.3M	$690K	—	as long as short

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	501.51	+0.038%	$18K	$293K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.26	+0.188%	$6K	$4.1M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.14	−0.036%	$27K	$41K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.43	+0.022%	$58K	$227K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.06	+0.148%	$2.2M	$760K	10x	as long as short
Nado MSFT-PERP	+0.0016%	1h	501.12	−0.040%	$414K	$64K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.30	−0.004%	$619K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0044%	1h	501.42	+0.020%	$1.1M	$5.8M	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.31	−0.002%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.16	−0.032%	$22.2M	$9.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.17	−0.030%	$303K	$672K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.43	+0.022%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.99	−0.066%	$514K	$503K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0051%	8h	501.40	+0.016%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.11	−0.042%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.32	0.000%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.02	−0.060%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.41	+0.018%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.38	+0.011%	$55	—	10x	as long as short
Lighter MSFT	+0.0112%	1h	501.52	+0.040%	$1.1M	$486K	20x	as long as short
Hotstuff MSFT-PERP	+0.0152%	1h	501.16	−0.032%	$32K	$8K	20x	as long as short
Arcus MSFT-USDlong	+0.0212%	1h	501.32	long leg	$97K	$109K	10x
Injective MSFT/USDC PERP	+0.0220%	1h	501.82	+0.100%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0600%	4h	501.39	+0.014%	$102K	$244K	10x	as long as short