Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.023%

Price spread now: KuCoin against Deribit−0.052%7-day average — · you buy dearer than you sell

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

Long on Deribit Short on KuCoin

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—needs both histories

Funding pays, the price is against you. KuCoin is 0.052% cheaper against Deribit than usual: you would sell low and buy high (spread −0.052% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$5 on $10k: about 41 hours of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit MSFT_USDC-PERPETUAL	502.45	0	get 0.0000% / 1h	24m 44s	$27K	$42K	10x
Short	KuCoin MSFTUSDTM	502.19	0.0100	get 0.0100% / 8h	3h 24m	$1.6M	$55K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.052%Rate

Funding earned: $21
Price spread: −0.052% → 0.000%: −$5.17
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$3.17
Costs to cover: 0.190%
Break-even: 8.1 days

Slippage unknown: Deribit: no order-book sample; KuCoin: live order book, 6 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 KuCoin live order book, 6 min ago	10.17 bp	100.0 bp −$100	doesn't fit	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	−0.0103%	1h	502.55	+0.019%	$415K	$64K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0032%	1h	500.97	−0.295%	$677K	$447K	10x	as long as short
BloFin MSFT-USDT	−0.0008%	8h	502.76	+0.062%	$189K	$204K	20x	as long as short
tradeXYZ xyz:MSFT	−0.0007%	1h	502.39	−0.012%	$22.2M	$8.8M	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	502.59	+0.028%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	502.63	+0.035%	$339K	$884K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	502.87	+0.083%	$15.8M	$19.1M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	502.55	+0.020%	$7.2M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	502.89	+0.088%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	502.55	+0.020%	$3.1M	$1.7M	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	502.78	+0.066%	$4.4M	$2.6M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	502.37	−0.016%	$1.3M	$607K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	502.17	−0.055%	$19K	$297K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	503.52	+0.213%	$6K	$4.0M	20x	as long as short
Deribit MSFT_USDC-PERPETUALlong	0.0000%	1h	502.45	long leg	$27K	$42K	10x
HTX MSFT-USDT	0.0000%	8h	502.60	+0.030%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.86	+0.082%	$2.2M	$780K	10x	as long as short
Lighter MSFT	+0.0032%	1h	502.87	+0.084%	$1.1M	$503K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	502.64	+0.038%	$679K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0035%	1h	502.58	+0.026%	$1.2M	$4.9M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	502.20	−0.050%	$96K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	502.68	+0.046%	—	$1K	25x	as long as short
Phoenix MSFT	+0.0048%	1h	501.61	−0.167%	$10K	$15K	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	502.28	−0.034%	$303K	$701K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	502.61	+0.032%	$60K	$3K	10x	as long as short
Paradex MSFT-USD-PERP	+0.0050%	8h	502.78	+0.065%	$221	—	5x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.96	−0.098%	$511K	$461K	15x	as long as short
Hotstuff MSFT-PERP	+0.0056%	1h	502.30	−0.030%	$32K	$8K	20x	as long as short
KuCoin MSFTUSDTMshort	+0.0100%	8h	502.19	−0.052%	$1.6M	$55K	20x
ApeX Omni MSFTUSDT	+0.0100%	1h	502.18	−0.054%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	502.53	+0.016%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	502.56	+0.022%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.14	−0.062%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0614%	4h	502.32	−0.026%	$102K	$242K	10x	as long as short