Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0169%/8h= −18.5% APRpaid last 24h −0.004%

Price spread now: Deribit against Binance−0.080%7-day average — · you buy dearer than you sell

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

Long on Binance Short on Deribit

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 −$5 a day on $10k at the current rate, and Deribit is 0.080% cheaper against Binance than usual: you would sell low and buy high (−$8 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance MSFTUSDT	501.35	0	get 0.0000% / 8h	3h 56m	$15.8M	$19.0M	20x
Short	Deribit MSFT_USDC-PERPETUAL	500.95	−0.0169	pay 0.0021% / 1h	56m 03s	$27K	$42K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Binance. 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 BinancebpFee DeribitbpOrdersPrice spread, now −0.080%Rate

Funding earned: −$35.5
Price spread: −0.080% → 0.000%: −$7.98
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$60.47
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Binance: live order book, 15 min ago; Deribit: no order-book sample. 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 Binance live order book, 15 min ago	0.10 bp	5.8 bp −$6	10.6 bp −$106	44.2 bp −$4,418	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

Deribit: 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	−0.0744%	4h	501.26	−0.017%	$102K	$242K	10x	as long as short
Deribit MSFT_USDC-PERPETUALshort	−0.0169%	1h	500.95	−0.080%	$27K	$42K	10x
Nado MSFT-PERP	−0.0120%	1h	501.25	−0.021%	$414K	$64K	20x	as long as short
tradeXYZ xyz:MSFT	−0.0047%	1h	500.89	−0.092%	$22.1M	$8.7M	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0032%	1h	500.97	−0.076%	$677K	$450K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.23	−0.024%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.19	−0.031%	$337K	$883K	17x	as long as short
Binance MSFTUSDTlong	0.0000%	8h	501.35	long leg	$15.8M	$19.0M	20x
Bybit MSFTUSDT	0.0000%	8h	501.05	−0.060%	$7.2M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.32	−0.006%	$3.0M	$2.3M	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate MSFT_USDT	0.0000%	8h	501.19	−0.032%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.25	−0.020%	$4.5M	$2.5M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.25	−0.020%	$1.3M	$607K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.30	−0.010%	$19K	$301K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.11	+0.152%	$6K	$4.0M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.22	−0.026%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.46	+0.022%	$2.2M	$770K	10x	as long as short
BloFin MSFT-USDT	+0.0022%	8h	501.28	−0.014%	$189K	$203K	20x	as long as short
Hotstuff MSFT-PERP	+0.0024%	1h	500.89	−0.092%	$32K	$8K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.11	−0.048%	$677K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0035%	1h	501.24	−0.022%	$1.1M	$4.9M	10x	as long as short
Lighter MSFT	+0.0040%	1h	501.35	0.000%	$1.1M	$498K	20x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.04	−0.062%	$96K	$111K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.37	+0.004%	—	$1K	25x	as long as short
Phoenix MSFT	+0.0048%	1h	501.08	−0.054%	$10K	$15K	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	500.95	−0.080%	$302K	$697K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.21	−0.028%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.85	−0.100%	$518K	$451K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0054%	8h	501.27	−0.016%	$221	—	5x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	500.85	−0.100%	$1.6M	$48K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.16	−0.038%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.20	−0.030%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.22	−0.025%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.70	+0.269%	$115K	$45K	30x	as long as short