Funding arb · Price arb /

MSFT

RWAall MSFT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h +0.010%

Price spread now: tradeXYZ against Bybit−0.036%7-day average −0.083% · you buy dearer than you sell

Net, funding: paid 7d − costs−$36as in the Funding arb table

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$420.419% of the position

Long on Bybit Short on tradeXYZ

What this pair did over the last

the charts below follow

Funding, last 7 days+0.062%+$6 on $10k

Price spread, last 7 days+0.007%+$1 · spread now −0.036%, 7d avg −0.083%

Together, before fees+0.069%+ Points / potential airdroptradeXYZ: Active · farm board+$7 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 tradeXYZ is 0.047% dearer against Bybit than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.083%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit MSFTUSDT	503.86	0	get 0.0000% / 8h	2h 05m	$7.2M	$2.3M	100x
Short	tradeXYZ xyz:MSFT	503.68	0.0050	get 0.0006% / 1h	5m 08s	$22.4M	$9.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

tradeXYZ 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 tradeXYZbpOrdersPrice spread, now −0.036%Rate

Funding earned: $10.5
Price spread: −0.036% → −0.083%: $4.7
Slippage, 4 orders: −$12.87
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee tradeXYZ: 9 bp × 2 orders: −$18
Net: −$26.67
Costs to cover: 0.419%
Break-even: 24.8 days

Slippage from Bybit: live order book, 3 min ago; tradeXYZ: live order book, 3 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	0.50 bp	11.6 bp −$12	18.4 bp −$184	doesn't fit	doesn't fit
Sell tradeXYZ live order book, 3 min ago	0.10 bp	9.5 bp −$10	doesn't fit	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
edgeX MSFTUSDC	−0.0149%	4h	504.25	+0.078%	$103K	$243K	10x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0064%	1h	503.75	−0.022%	$683K	$494K	10x	as long as short
Hotstuff MSFT-PERP	−0.0016%	1h	503.66	−0.040%	$32K	$8K	20x	as long as short
Nado MSFT-PERP	−0.0016%	1h	503.79	−0.013%	$415K	$68K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.85	−0.002%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	504.01	+0.030%	$338K	$1.2M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	504.16	+0.060%	$15.8M	$19.6M	20x	as long as short
Bybit MSFTUSDTlong	0.0000%	8h	503.86	long leg	$7.2M	$2.3M	100x
OKX MSFT-USDT-SWAP	0.0000%	8h	504.10	+0.048%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.93	+0.014%	$3.1M	$1.8M	100x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MSFTUSDT	0.0000%	8h	504.17	+0.062%	$3.8M	$3.0M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	504.10	+0.047%	$1.3M	$499K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	504.25	+0.078%	$18K	$324K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	504.95	+0.216%	$6K	$3.9M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	504.06	+0.040%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	504.35	+0.097%	$2.2M	$815K	10x	as long as short
BloFin MSFT-USDT	+0.0006%	8h	504.19	+0.065%	$188K	$207K	20x	as long as short
Phoenix MSFT	+0.0016%	1h	503.87	+0.002%	$11K	$15K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.90	+0.008%	$711K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0036%	1h	504.09	+0.046%	$1.1M	$4.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.94	+0.016%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	504.04	+0.036%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFTshort	+0.0050%	1h	503.68	−0.036%	$22.4M	$9.0M	20x
Polymarket Perps MSFT-USD	+0.0050%	1h	503.76	−0.020%	$303K	$717K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	504.04	+0.036%	$61K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.83	−0.006%	$522K	$476K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0059%	8h	503.98	+0.023%	$222	—	5x	as long as short
Lighter MSFT	+0.0088%	1h	504.11	+0.050%	$1.2M	$516K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.60	−0.052%	$1.6M	$57K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.67	−0.038%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	504.03	+0.034%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	504.08	+0.044%	$55	—	10x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0107%	1h	503.87	+0.002%	$27K	$43K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	504.48	+0.123%	$116K	$45K	30x	as long as short