Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0531%/8h= +58.2% APRpaid last 24h +0.062%

Price spread now: Arcus against Bybit−0.058%7-day average −0.018% · 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−$39as in the Price arb table

costs, in and out, $10k−$350.350% of the position

Long on Bybit Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.131%+$13 on $10k

Price spread, last 4 days (all we have)−0.008%−$1 · spread now −0.058%, 7d avg −0.018%

Together, before fees+0.123%+$12 on $10k · with fees, hour by hour

Funding pays, the price is against you. Arcus is 0.039% cheaper against Bybit than usual: you would sell low and buy high (spread −0.058% now, against its 7-day average of −0.018%). If the spread goes back, that is −$4 on $10k: about 6 hours of funding at the current rate (+$16 a day). At the pace of the last 3 days (+0.131% in total) that is about 24 hours.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.131% in total (about 14.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit MSFTUSDT	501.82	0	get 0.0000% / 8h	2h 25m	$7.4M	$1.7M	100x
Short	Arcus MSFT-USD	501.53	0.0531	get 0.0066% / 1h	25m 40s	$109K	$90K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus against Bybit. 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 BybitbpFee ArcusbpOrdersPrice spread, now −0.058%Rate

Funding earned: $111.61
Price spread: −0.058% → −0.018%: −$3.94
Slippage, 4 orders: −$19.5
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: $72.67
Costs to cover: 0.350%
Break-even: 2.4 days

Slippage from Bybit: live order book, 2 min ago; Arcus: live order book, 62 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 Bybit live order book, 2 min ago	0.80 bp	10.8 bp −$11	18.4 bp −$184	doesn't fit	doesn't fit
Sell Arcus live order book, 62 min ago	2.69 bp	4.9 bp −$5	7.9 bp −$79	18.3 bp −$1,827	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
Coinbase International MSFT-PERP-INTX	−0.0040%	1h	501.53	−0.058%	$689K	$433K	10x	as long as short
Hotstuff MSFT-PERP	−0.0032%	1h	501.37	−0.090%	$32K	$8K	20x	as long as short
Nado MSFT-PERP	−0.0024%	1h	501.51	−0.063%	$414K	$64K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.91	+0.017%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.63	−0.038%	$372K	$369K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.66	−0.032%	$15.7M	$19.2M	20x	as long as short
Bybit MSFTUSDTlong	0.0000%	8h	501.82	long leg	$7.4M	$1.7M	100x
OKX MSFT-USDT-SWAP	0.0000%	8h	501.83	+0.002%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.54	−0.056%	$3.1M	$1.5M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.69	−0.026%	$3.8M	$2.2M	100x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni MSFT	0.0000%	8h	501.82	0.000%	$1.3M	$726K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.75	−0.014%	$18K	$330K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.43	+0.122%	$6K	$4.4M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.52	−0.060%	$27K	$104K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.49	−0.066%	$59K	$230K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.80	−0.004%	$2.2M	$762K	10x	as long as short
BloFin MSFT-USDT	+0.0029%	8h	501.70	−0.024%	$189K	$209K	20x	as long as short
Lighter MSFT	+0.0032%	1h	501.68	−0.028%	$1.1M	$653K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.57	−0.050%	$662K	$2.2M	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.70	−0.024%	—	—	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.39	−0.086%	$22.2M	$10.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.31	−0.102%	$309K	$683K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.63	−0.038%	$60K	$3K	10x	as long as short
Paradex MSFT-USD-PERP	+0.0050%	8h	501.65	−0.034%	$221	—	5x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.25	−0.114%	$521K	$485K	15x	as long as short
QFEX MSFT-USD	+0.0050%	1h	501.69	−0.026%	$1.2M	$5.7M	10x	as long as short
Phoenix MSFT	+0.0096%	1h	501.57	−0.050%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.25	−0.114%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.53	−0.058%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.59	−0.046%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.66	−0.032%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.03	+0.042%	$115K	$45K	30x	as long as short
Arcus MSFT-USDshort	+0.0531%	1h	501.53	−0.058%	$109K	$90K	10x
edgeX MSFTUSDC	+0.0989%	4h	501.68	−0.027%	$102K	$242K	10x	as long as short