Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0021%/8h= +2.3% APRpaid last 24h +0.002%

Price spread now: Bybit against Coinbase International+0.098%7-day average +0.104% · you sell dearer than you buy

Net, funding: paid 7d − costs−$33as in the Funding arb table

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

costs, in and out, $10k−$360.363% of the position

Long on Coinbase International Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.037%+$4 on $10k

Price spread, last 3 days (all we have)−0.065%−$7 · spread now +0.098%, 7d avg +0.104%

Together, before fees−0.028%−$3 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.104%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International MSFT-PERP-INTX	501.58	0	get 0.0000% / 1h	37m 23s	$688K	$449K	10x
Short	Bybit MSFTUSDT	502.07	0.0021	get 0.0021% / 8h	1h 37m	$7.4M	$1.7M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Coinbase International. 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 Coinbase InternationalbpFee BybitbpOrdersPrice spread, now +0.098%Rate

Funding earned: $4.4
Price spread: +0.098% → +0.104%: −$0.67
Slippage, 4 orders: −$15.32
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$32.6
Costs to cover: 0.363%
Break-even: 58.9 days

Slippage from Coinbase International: live order book, 46 min ago; Bybit: live order book, 1 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 Coinbase International live order book, 46 min ago	2.89 bp	8.9 bp −$9	11.9 bp −$119	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	0.80 bp	10.7 bp −$11	18.6 bp −$186	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
BloFin MSFT-USDT	−0.0018%	8h	502.17	+0.118%	$188K	$210K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.97	+0.078%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	502.02	+0.088%	$372K	$369K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	502.11	+0.106%	$15.7M	$19.3M	20x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	502.09	+0.102%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.83	+0.050%	$3.1M	$1.5M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	502.00	+0.083%	$1.3M	$708K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	502.08	+0.100%	$18K	$319K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.86	+0.255%	$6K	$4.4M	20x	as long as short
Coinbase International MSFT-PERP-INTXlong	0.0000%	1h	501.58	long leg	$688K	$449K	10x

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX MSFT-USDT	0.0000%	8h	501.90	+0.064%	$59K	$229K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.26	+0.136%	$2.2M	$763K	10x	as long as short
Bitget MSFTUSDT	+0.0004%	8h	502.08	+0.100%	$3.8M	$2.2M	100x	as long as short
Bybit MSFTUSDTshort	+0.0021%	8h	502.07	+0.098%	$7.4M	$1.7M	100x
Lighter RH MSFT	+0.0032%	1h	501.89	+0.062%	$653K	$2.1M	20x	as long as short
QFEX MSFT-USD	+0.0040%	1h	501.92	+0.068%	$1.2M	$5.8M	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.83	+0.050%	—	—	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.57	−0.002%	$22.3M	$9.8M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.57	−0.002%	$305K	$683K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	502.00	+0.084%	$60K	$3K	10x	as long as short
Nado MSFT-PERP	+0.0050%	1h	501.56	−0.003%	$414K	$64K	20x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.68	+0.020%	$529K	$493K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0064%	8h	501.87	+0.057%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.69	+0.022%	$10K	$15K	20x	as long as short
Hotstuff MSFT-PERP	+0.0080%	1h	501.59	+0.002%	$32K	$8K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.50	−0.016%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.56	−0.004%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.95	+0.074%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	502.01	+0.085%	$55	—	10x	as long as short
Lighter MSFT	+0.0168%	1h	502.05	+0.094%	$1.1M	$589K	20x	as long as short
Arcus MSFT-USD	+0.0200%	1h	501.88	+0.060%	$110K	$90K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.34	+0.152%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0244%	4h	502.05	+0.094%	$102K	$242K	10x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0308%	1h	501.80	+0.044%	$27K	$104K	10x	as long as short