Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0059%/8h= +6.5% APRpaid last 24h +0.009%

Price spread now: Polymarket Perps against BloFin−0.066%105s7-day average −0.093% · you buy dearer than you sell

Net, funding: paid 7d − costs−$22as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$290.295% of the position

Long on BloFin Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.076%+$8 on $10k

Price spread, last 3 days (all we have)−0.043%−$4 · spread now −0.066%, 7d avg −0.093%

Together, before fees+0.033%+$3 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Polymarket Perps is 0.028% dearer against BloFin than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.093%. The two prices were read 105 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	502.04	−0.0009	get 0.0009% / 8h	1h 27m	$188K	$209K	20x
Short	Polymarket Perps MSFT-USD	501.71	0.0050	get 0.0006% / 1h	27m 20s	$306K	$678K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now −0.066%Rate

Funding earned: $12.47
Price spread: −0.066% → −0.093%: $2.76
Slippage, 4 orders: −$9.47
Fee BloFin: 6 bp × 2 orders: −$12
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$14.24
Costs to cover: 0.295%
Break-even: 15.0 days

Slippage from BloFin: live order book, 48 min ago; Polymarket Perps: live order book, 55 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 BloFin live order book, 48 min ago	0.80 bp	9.0 bp −$9	12.3 bp −$123	27.9 bp −$2,788	doesn't fit
Sell Polymarket Perps live order book, 55 min ago	1.50 bp	5.5 bp −$5	5.7 bp −$57	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-USDTlong	−0.0009%	8h	502.04	long leg	$188K	$209K	20x
Aster MSFTUSDT	0.0000%	8h	502.13	+0.018%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	502.07	+0.005%	$337K	$407K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	502.16	+0.023%	$15.7M	$19.3M	20x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	502.18	+0.028%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.88	−0.032%	$3.1M	$1.6M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.98	−0.012%	$1.3M	$708K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	502.05	+0.002%	$19K	$318K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.92	+0.175%	$6K	$4.4M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.87	−0.034%	$27K	$104K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International MSFT-PERP-INTX	0.0000%	1h	501.58	−0.092%	$688K	$449K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.94	−0.020%	$58K	$228K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.45	+0.082%	$2.2M	$763K	10x	as long as short
Bitget MSFTUSDT	+0.0005%	8h	502.08	+0.008%	$3.8M	$2.2M	100x	as long as short
Bybit MSFTUSDT	+0.0019%	8h	502.17	+0.026%	$7.4M	$1.7M	100x	as long as short
Lighter RH MSFT	+0.0032%	1h	502.00	−0.008%	$653K	$2.1M	20x	as long as short
Nado MSFT-PERP	+0.0034%	1h	501.90	−0.028%	$414K	$64K	20x	as long as short
QFEX MSFT-USD	+0.0040%	1h	502.04	0.000%	$1.1M	$5.8M	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.89	−0.030%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.74	−0.060%	$22.3M	$9.9M	20x	as long as short
Polymarket Perps MSFT-USDshort	+0.0050%	1h	501.71	−0.066%	$306K	$678K	10x
SoDEX MSFT-USD	+0.0050%	1h	502.07	+0.006%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.76	−0.056%	$529K	$493K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0061%	8h	502.02	−0.005%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.88	−0.032%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.62	−0.084%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.89	−0.030%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	502.03	−0.002%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	502.08	+0.007%	$55	—	10x	as long as short
Lighter MSFT	+0.0160%	1h	502.16	+0.024%	$1.1M	$590K	20x	as long as short
Arcus MSFT-USD	+0.0200%	1h	502.04	0.000%	$98K	$109K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.17	+0.026%	$115K	$45K	30x	as long as short
Hotstuff MSFT-PERP	+0.0224%	1h	501.79	−0.050%	$32K	$8K	20x	as long as short
edgeX MSFTUSDC	+0.0633%	4h	502.01	−0.006%	$102K	$242K	10x	as long as short