Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0107%/8h= −11.7% APRpaid last 24h −0.005%

Price spread now: Aster against Deribit+0.031%7-day average — · you sell dearer than you buy

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

Long on Deribit Short on Aster

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—+ Points / potential airdropAster: Stage 5 · farm boardneeds both histories

The price spread pays, funding is against you. Aster is 0.031% dearer against Deribit than usual: you sell high and buy low (spread +0.031% now, against zero (this spread has no 7-day history yet)): +$3 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 23 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit MSFT_USDC-PERPETUAL	504.26	0.0107	pay 0.0013% / 1h	38m 56s	$27K	$44K	10x
Short	Aster MSFTUSDT	504.41	0	get 0.0000% / 8h	7h 38m	$162K	$114K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Deribit. 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 DeribitbpFee AsterbpOrdersPrice spread, now +0.031%Rate

Funding earned: −$22.49
Price spread: +0.031% → 0.000%: $3.06
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Aster: 4 bp × 2 orders: −$8
Net: −$34.43
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Deribit: no order-book sample; Aster: live order book, 57 min ago. 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 Deribit no order-book sample	—	—	—	—	—
Sell Aster live order book, 57 min ago	14.98 bp	21.0 bp −$21	83.6 bp −$836	doesn't fit	doesn't fit

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 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
Nado MSFT-PERP	−0.0066%	1h	503.90	−0.072%	$415K	$67K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0056%	1h	503.83	−0.085%	$682K	$494K	10x	as long as short
Aster MSFTUSDTshort	0.0000%	8h	504.41	+0.031%	$162K	$114K	20x
Extended MSFT_24_5-USD	0.0000%	1h	504.38	+0.024%	$339K	$1.9M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	504.50	+0.048%	$15.9M	$19.0M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	504.06	−0.040%	$7.2M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	504.54	+0.056%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	504.19	−0.014%	$3.1M	$1.9M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	504.39	+0.026%	$3.9M	$2.9M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	504.05	−0.041%	$1.3M	$387K	—	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	504.03	−0.045%	$19K	$316K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	505.32	+0.210%	$6K	$3.6M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	504.46	+0.040%	$59K	$224K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	504.76	+0.099%	$2.2M	$829K	10x	as long as short
edgeX MSFTUSDC	+0.0004%	4h	504.06	−0.040%	$103K	$242K	10x	as long as short
Phoenix MSFT	+0.0016%	1h	503.75	−0.101%	$11K	$15K	20x	as long as short
Hotstuff MSFT-PERP	+0.0016%	1h	503.66	−0.119%	$32K	$8K	20x	as long as short
BloFin MSFT-USDT	+0.0022%	8h	504.56	+0.059%	$191K	$205K	20x	as long as short
QFEX MSFT-USD	+0.0023%	1h	504.40	+0.028%	$1.2M	$4.7M	10x	as long as short
Lighter MSFT	+0.0032%	1h	504.25	−0.002%	$1.2M	$510K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	504.20	−0.012%	$697K	$1.9M	20x	as long as short
Arcus MSFT-USD	+0.0040%	1h	504.17	−0.018%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	504.32	+0.012%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	504.05	−0.042%	$22.4M	$8.9M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	504.02	−0.048%	$304K	$654K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	504.22	−0.008%	$61K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	504.02	−0.048%	$514K	$411K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0052%	8h	504.17	−0.017%	$222	—	5x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.94	−0.063%	$1.6M	$104K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.61	−0.129%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	504.25	−0.002%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	504.13	−0.026%	$55	—	10x	as long as short
Deribit MSFT_USDC-PERPETUALlong	+0.0107%	1h	504.26	long leg	$27K	$44K	10x
Injective MSFT/USDC PERP	+0.0220%	1h	505.94	+0.333%	$116K	$45K	30x	as long as short