Funding arb · Price arb /

MSFT

RWAall MSFT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.019%

Price spread now: Bybit against Deribit+0.026%7-day average +0.023% · 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−$32as in the Price arb table

costs, in and out, $10k−$320.321% of the position

Long on Deribit Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)−0.079%−$8 on $10k

Price spread, last 3 days (all we have)−0.037%−$4 · spread now +0.026%, 7d avg +0.023%

Together, before fees−0.116%−$12 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit MSFT_USDC-PERPETUAL	501.66	0	get 0.0000% / 1h	31m 53s	$27K	$104K	10x
Short	Bybit MSFTUSDT	501.79	0	get 0.0000% / 8h	2h 31m	$7.4M	$1.7M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.026%Rate

Funding earned: $0
Price spread: +0.026% → +0.023%: $0.25
Slippage, 4 orders: −$14.07
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$31.82
Costs to cover: 0.321%
Break-even: never at this rate

Slippage from Deribit: live order book, 56 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 Deribit live order book, 56 min ago	0.10 bp	9.1 bp −$9	11.7 bp −$117	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	0.30 bp	10.7 bp −$11	18.1 bp −$181	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
Nado MSFT-PERP	−0.0040%	1h	501.52	−0.027%	$414K	$64K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0040%	1h	501.71	+0.010%	$689K	$431K	10x	as long as short
BloFin MSFT-USDT	−0.0022%	8h	501.81	+0.030%	$189K	$209K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	502.01	+0.070%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.67	+0.003%	$372K	$369K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.72	+0.013%	$15.7M	$19.2M	20x	as long as short
Bybit MSFTUSDTshort	0.0000%	8h	501.79	+0.026%	$7.4M	$1.7M	100x
OKX MSFT-USDT-SWAP	0.0000%	8h	501.68	+0.004%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.52	−0.028%	$3.1M	$1.5M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.69	+0.006%	$3.8M	$2.2M	100x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni MSFT	0.0000%	8h	501.64	−0.003%	$1.3M	$726K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.65	−0.001%	$18K	$329K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.50	+0.167%	$6K	$4.4M	20x	as long as short
Deribit MSFT_USDC-PERPETUALlong	0.0000%	1h	501.66	long leg	$27K	$104K	10x
HTX MSFT-USDT	0.0000%	8h	501.61	−0.010%	$59K	$230K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.84	+0.036%	$2.2M	$759K	10x	as long as short
Lighter MSFT	+0.0032%	1h	501.70	+0.008%	$1.1M	$653K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.60	−0.012%	$662K	$2.2M	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.72	+0.012%	—	—	25x	as long as short
Hotstuff MSFT-PERP	+0.0048%	1h	501.43	−0.046%	$32K	$8K	20x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.40	−0.052%	$22.2M	$10.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.32	−0.068%	$309K	$683K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.70	+0.008%	$60K	$3K	10x	as long as short
Paradex MSFT-USD-PERP	+0.0050%	8h	501.71	+0.009%	$221	—	5x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.25	−0.082%	$515K	$479K	15x	as long as short
QFEX MSFT-USD	+0.0050%	1h	501.69	+0.006%	$1.2M	$5.7M	10x	as long as short
Phoenix MSFT	+0.0096%	1h	501.59	−0.014%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.45	−0.042%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.25	−0.082%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.66	0.000%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.75	+0.017%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.96	+0.060%	$115K	$45K	30x	as long as short
Arcus MSFT-USD	+0.0531%	1h	501.59	−0.014%	$109K	$90K	10x	as long as short
edgeX MSFTUSDC	+0.0930%	4h	501.68	+0.004%	$102K	$243K	10x	as long as short