Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0149%/8h= +16.3% APRpaid last 24h +0.009%

Price spread now: Deribit against Bybit−0.012%45s7-day average — · you buy dearer than you sell

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

Long on Bybit 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

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: +$4 a day on $10k at the current rate. The two prices were read 45 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	Bybit MSFTUSDT	501.51	0	get 0.0000% / 8h	6h 23m	$7.4M	$1.6M	100x
Short	Deribit MSFT_USDC-PERPETUAL	501.45	0.0149	get 0.0019% / 1h	23m 36s	$27K	$41K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.012%Rate

Funding earned: $31.29
Price spread: −0.012% → 0.000%: −$1.2
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $12.09
Costs to cover: 0.180%
Break-even: 4.3 days

Slippage unknown: Bybit: live order book, 4 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 Bybit live order book, 4 min ago	0.90 bp	9.7 bp −$10	17.1 bp −$171	doesn't fit	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 33 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	−0.0016%	1h	500.87	−0.128%	$684K	$451K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.52	+0.003%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.44	−0.015%	$337K	$899K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.61	+0.020%	$15.6M	$18.8M	20x	as long as short
Bybit MSFTUSDTlong	0.0000%	8h	501.51	long leg	$7.4M	$1.6M	100x
OKX MSFT-USDT-SWAP	0.0000%	8h	501.70	+0.038%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.44	−0.014%	$3.1M	$1.6M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.61	+0.020%	$4.5M	$2.5M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.54	+0.005%	$1.3M	$682K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.56	+0.011%	$19K	$295K	10x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX MSFT-USDT	0.0000%	8h	502.42	+0.181%	$6K	$4.1M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.48	−0.006%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.57	+0.012%	$2.2M	$765K	10x	as long as short
Nado MSFT-PERP	+0.0009%	1h	501.32	−0.037%	$414K	$64K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.44	−0.014%	$619K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0038%	1h	501.47	−0.008%	$1.1M	$5.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.37	−0.028%	$97K	$109K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.39	−0.024%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.24	−0.054%	$22.1M	$9.2M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.24	−0.054%	$303K	$671K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.50	−0.002%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.29	−0.044%	$521K	$518K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0056%	8h	501.46	−0.009%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.33	−0.036%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.21	−0.060%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.16	−0.070%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.43	−0.016%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.53	+0.003%	$55	—	10x	as long as short
Hotstuff MSFT-PERP	+0.0128%	1h	501.26	−0.050%	$32K	$8K	20x	as long as short
Deribit MSFT_USDC-PERPETUALshort	+0.0149%	1h	501.45	−0.012%	$27K	$41K	10x
Lighter MSFT	+0.0176%	1h	501.73	+0.044%	$1.1M	$489K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.78	+0.054%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0992%	4h	501.51	−0.001%	$102K	$242K	10x	as long as short