Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h +0.016%

Price spread now: Polymarket Perps against Bybit−0.110%7-day average −0.060% · you buy dearer than you sell

Net, funding: paid 7d − costs−$24as in the Funding arb table

Net, price: spread back to 7d avg − costs−$39as in the Price arb table

costs, in and out, $10k−$340.344% of the position

Long on Bybit Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.106%+$11 on $10k

Price spread, last 7 days+0.173%+$17 · spread now −0.110%, 7d avg −0.060%

Together, before fees+0.279%+$28 on $10k · with fees, hour by hour

Funding pays, the price is against you. Polymarket Perps is 0.050% cheaper against Bybit than usual: you would sell low and buy high (spread −0.110% now, against its 7-day average of −0.060%). If the spread goes back, that is −$5 on $10k: about 3.3 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit MSFTUSDT	501.83	0	get 0.0000% / 8h	2h 24m	$7.4M	$1.7M	100x
Short	Polymarket Perps MSFT-USD	501.28	0.0050	get 0.0006% / 1h	24m 02s	$309K	$683K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now −0.110%Rate

Funding earned: $10.5
Price spread: −0.110% → −0.060%: −$5.01
Slippage, 4 orders: −$15.42
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$28.93
Costs to cover: 0.344%
Break-even: 26.3 days

Slippage from Bybit: live order book, 4 min ago; Polymarket Perps: 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, 4 min ago	0.80 bp	10.8 bp −$11	18.4 bp −$184	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 63 min ago	1.59 bp	5.6 bp −$6	6.8 bp −$68	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-INTX	−0.0040%	1h	501.53	−0.060%	$689K	$433K	10x	as long as short
Nado MSFT-PERP	−0.0024%	1h	501.49	−0.068%	$414K	$64K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.81	−0.003%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.62	−0.042%	$372K	$369K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.69	−0.029%	$15.7M	$19.3M	20x	as long as short
Bybit MSFTUSDTlong	0.0000%	8h	501.83	long leg	$7.4M	$1.7M	100x
OKX MSFT-USDT-SWAP	0.0000%	8h	501.81	−0.004%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.53	−0.060%	$3.1M	$1.5M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.68	−0.030%	$3.8M	$2.2M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.67	−0.032%	$1.3M	$726K	—	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT MSFT_USDT_Perp	0.0000%	8h	501.75	−0.016%	$18K	$330K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.42	+0.118%	$6K	$4.4M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.56	−0.054%	$27K	$104K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.60	−0.046%	$59K	$230K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.06	+0.046%	$2.2M	$765K	10x	as long as short
BloFin MSFT-USDT	+0.0006%	8h	501.65	−0.036%	$189K	$209K	20x	as long as short
Hotstuff MSFT-PERP	+0.0024%	1h	501.40	−0.086%	$32K	$8K	20x	as long as short
Lighter MSFT	+0.0032%	1h	501.70	−0.026%	$1.1M	$653K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.59	−0.048%	$652K	$2.2M	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.70	−0.026%	—	—	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.39	−0.088%	$22.2M	$10.0M	20x	as long as short
Polymarket Perps MSFT-USDshort	+0.0050%	1h	501.28	−0.110%	$309K	$683K	10x
SoDEX MSFT-USD	+0.0050%	1h	501.64	−0.038%	$60K	$3K	10x	as long as short
Paradex MSFT-USD-PERP	+0.0050%	8h	501.69	−0.028%	$221	—	5x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.25	−0.116%	$521K	$485K	15x	as long as short
QFEX MSFT-USD	+0.0050%	1h	501.69	−0.028%	$1.1M	$5.7M	10x	as long as short
Phoenix MSFT	+0.0096%	1h	501.57	−0.052%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.26	−0.114%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.53	−0.060%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.59	−0.048%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.65	−0.036%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.03	+0.040%	$115K	$45K	30x	as long as short
Arcus MSFT-USD	+0.0531%	1h	501.53	−0.060%	$109K	$90K	10x	as long as short
edgeX MSFTUSDC	+0.0989%	4h	501.68	−0.029%	$102K	$242K	10x	as long as short