Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0040%/8h= −4.4% APRpaid last 24h −0.001%

Price spread now: Coinbase International against Bybit−0.058%7-day average −0.105% · you buy dearer than you sell

Net, funding: paid 7d − costs−$42as in the Funding arb table

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$380.376% of the position

Long on Bybit Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.039%−$4 on $10k

Price spread, last 3 days (all we have)+0.029%+$3 · spread now −0.058%, 7d avg −0.105%

Together, before fees−0.010%−$1 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Coinbase International is 0.047% dearer against Bybit than usual: you sell high and buy low (spread −0.058% now, against its 7-day average of −0.105%): +$5 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 3.9 days. At the pace of the last 7 days (−0.039% in total) that is about 8.4 days.

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	Coinbase International MSFT-PERP-INTX	501.53	−0.0040	pay 0.0005% / 1h	25m 10s	$689K	$433K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now −0.058%Rate

Funding earned: −$8.4
Price spread: −0.058% → −0.105%: $4.7
Slippage, 4 orders: −$16.64
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$41.33
Costs to cover: 0.376%
Break-even: never at this rate

Slippage from Bybit: live order book, 3 min ago; Coinbase International: live order book, 63 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, 3 min ago	0.80 bp	10.8 bp −$11	18.4 bp −$184	doesn't fit	doesn't fit
Sell Coinbase International live order book, 63 min ago	2.29 bp	7.8 bp −$8	10.4 bp −$104	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
Coinbase International MSFT-PERP-INTXshort	−0.0040%	1h	501.53	−0.058%	$689K	$433K	10x
Hotstuff MSFT-PERP	−0.0032%	1h	501.37	−0.090%	$32K	$8K	20x	as long as short
Nado MSFT-PERP	−0.0024%	1h	501.48	−0.067%	$414K	$64K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.85	+0.005%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.61	−0.042%	$372K	$369K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.65	−0.034%	$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	501.51	−0.062%	$3.1M	$1.5M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.70	−0.024%	$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	501.67	−0.030%	$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	501.57	−0.050%	$27K	$104K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.48	−0.068%	$59K	$230K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.82	0.000%	$2.2M	$762K	10x	as long as short
BloFin MSFT-USDT	+0.0006%	8h	501.65	−0.034%	$189K	$209K	20x	as long as short
Lighter MSFT	+0.0032%	1h	501.66	−0.032%	$1.1M	$653K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.57	−0.050%	$652K	$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	501.40	−0.084%	$22.2M	$10.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.30	−0.104%	$309K	$683K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.61	−0.042%	$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	501.57	−0.050%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.65	−0.033%	$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-USD	+0.0531%	1h	501.53	−0.058%	$109K	$90K	10x	as long as short
edgeX MSFTUSDC	+0.0989%	4h	501.68	−0.027%	$102K	$242K	10x	as long as short