Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0208%/8h= +22.8% APRpaid last 24h −0.007%

Price spread now: Deribit against BloFin−0.044%57s7-day average — · you buy dearer than you sell

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

Long on BloFin 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

Funding pays, the price is against you. Deribit is 0.044% cheaper against BloFin than usual: you would sell low and buy high (spread −0.044% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 17 hours of funding at the current rate (+$6 a day). The two prices were read 57 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	BloFin MSFT-USDT	504.40	−0.0021	get 0.0021% / 8h	2h 13m	$190K	$206K	20x
Short	Deribit MSFT_USDC-PERPETUAL	504.18	0.0187	get 0.0023% / 1h	13m 35s	$27K	$43K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against BloFin. 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 BloFinbpFee DeribitbpOrdersPrice spread, now −0.044%Rate

Funding earned: $43.67
Price spread: −0.044% → 0.000%: −$4.36
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $20.31
Costs to cover: 0.190%
Break-even: 3.7 days

Slippage unknown: BloFin: live order book, 2 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 BloFin live order book, 2 min ago	0.10 bp	6.2 bp −$6	10.1 bp −$101	24.3 bp −$2,432	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
Hotstuff MSFT-PERP	−0.0096%	1h	503.91	−0.097%	$33K	$8K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0064%	1h	503.76	−0.127%	$684K	$493K	10x	as long as short
Nado MSFT-PERP	−0.0027%	1h	504.04	−0.072%	$415K	$68K	20x	as long as short
BloFin MSFT-USDTlong	−0.0021%	8h	504.40	long leg	$190K	$206K	20x
Aster MSFTUSDT	0.0000%	8h	503.99	−0.082%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	504.23	−0.033%	$338K	$1.2M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	504.37	−0.006%	$15.8M	$19.5M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	504.09	−0.061%	$7.2M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	504.49	+0.018%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	504.17	−0.046%	$3.1M	$1.8M	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	504.40	0.000%	$3.8M	$3.0M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	504.27	−0.025%	$1.3M	$477K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	504.23	−0.033%	$18K	$323K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	505.21	+0.161%	$6K	$3.9M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	504.30	−0.020%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	504.71	+0.061%	$2.2M	$812K	10x	as long as short
Phoenix MSFT	+0.0016%	1h	503.99	−0.081%	$11K	$15K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	504.09	−0.061%	$693K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0036%	1h	504.26	−0.028%	$1.2M	$4.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	504.07	−0.065%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	504.26	−0.028%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	503.89	−0.101%	$22.4M	$9.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.96	−0.087%	$303K	$719K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	504.24	−0.032%	$61K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.75	−0.129%	$518K	$471K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0056%	8h	504.24	−0.032%	$222	—	5x	as long as short
Lighter MSFT	+0.0080%	1h	504.31	−0.018%	$1.2M	$516K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.66	−0.147%	$1.6M	$57K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.83	−0.113%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	504.23	−0.034%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	504.29	−0.022%	$55	—	10x	as long as short
Deribit MSFT_USDC-PERPETUALshort	+0.0187%	1h	504.18	−0.044%	$27K	$43K	10x
Injective MSFT/USDC PERP	+0.0220%	1h	504.42	+0.004%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0633%	4h	504.28	−0.024%	$103K	$244K	10x	as long as short