Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.012%

Price spread now: Binance against Deribit+0.067%7-day average +0.042% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$270.273% of the position

Long on Deribit Short on Binance

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)−0.056%−$6 on $10k

Price spread, last 2 days (all we have)−0.006%−$1 · spread now +0.067%, 7d avg +0.042%

Together, before fees−0.062%−$6 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Binance is 0.025% dearer against Deribit than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of +0.042%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit MSFT_USDC-PERPETUAL	501.79	0	get 0.0000% / 1h	8m 53s	$27K	$101K	10x
Short	Binance MSFTUSDT	502.13	0	get 0.0000% / 8h	1h 08m	$15.7M	$19.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now +0.067%Rate

Funding earned: $0
Price spread: +0.067% → +0.042%: $2.52
Slippage, 4 orders: −$10.31
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$24.79
Costs to cover: 0.273%
Break-even: never at this rate

Slippage from Deribit: live order book, 9 min ago; Binance: live order book, 2 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 Deribit live order book, 9 min ago	3.09 bp	6.6 bp −$7	9.7 bp −$97	doesn't fit	doesn't fit
Sell Binance live order book, 2 min ago	0.10 bp	7.2 bp −$7	12.1 bp −$121	48.9 bp −$4,895	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	−0.0015%	8h	502.06	+0.054%	$188K	$209K	20x	as long as short
Nado MSFT-PERP	0.0000%	1h	501.86	+0.014%	$414K	$64K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	502.16	+0.073%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	502.02	+0.046%	$337K	$392K	17x	as long as short
Binance MSFTUSDTshort	0.0000%	8h	502.13	+0.067%	$15.7M	$19.2M	20x
OKX MSFT-USDT-SWAP	0.0000%	8h	502.21	+0.084%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.86	+0.014%	$3.1M	$1.6M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	502.12	+0.066%	$3.8M	$2.2M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	502.07	+0.055%	$1.3M	$702K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	502.07	+0.056%	$19K	$309K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX MSFT-USDT	0.0000%	8h	502.89	+0.219%	$6K	$4.3M	20x	as long as short
Deribit MSFT_USDC-PERPETUALlong	0.0000%	1h	501.79	long leg	$27K	$101K	10x
Coinbase International MSFT-PERP-INTX	0.0000%	1h	501.58	−0.042%	$688K	$449K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.99	+0.040%	$59K	$228K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.35	+0.112%	$2.2M	$756K	10x	as long as short
Bybit MSFTUSDT	+0.0018%	8h	502.18	+0.078%	$7.4M	$1.7M	100x	as long as short
Lighter RH MSFT	+0.0032%	1h	502.01	+0.044%	$649K	$2.1M	20x	as long as short
QFEX MSFT-USD	+0.0040%	1h	501.95	+0.032%	$1.1M	$5.8M	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.91	+0.024%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.73	−0.012%	$22.3M	$9.6M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.64	−0.030%	$305K	$674K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	502.03	+0.048%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.73	−0.012%	$529K	$493K	15x	as long as short
Hotstuff MSFT-PERP	+0.0056%	1h	501.73	−0.012%	$32K	$8K	20x	as long as short
Paradex MSFT-USD-PERP	+0.0057%	8h	502.00	+0.042%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.86	+0.014%	$11K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.60	−0.038%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.91	+0.024%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.99	+0.040%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	502.04	+0.050%	$55	—	10x	as long as short
Lighter MSFT	+0.0120%	1h	502.19	+0.080%	$1.1M	$590K	20x	as long as short
Arcus MSFT-USD	+0.0200%	1h	502.00	+0.042%	$98K	$109K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.30	+0.102%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0793%	4h	502.06	+0.053%	$102K	$242K	10x	as long as short