Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0031%/8h= +3.4% APRpaid last 24h +0.022%

Price spread now: Orderly against Deribit+0.040%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 Orderly

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

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Orderly is 0.040% dearer against Deribit than usual: you sell high and buy low: +$4 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit MSFT_USDC-PERPETUAL	501.54	0.0069	pay 0.0009% / 1h	37m 29s	$27K	$41K	10x
Short	Orderly PERP_MSFT_USDC_mythos	501.74	0.0100	get 0.0100% / 8h	5h 37m	$8K	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.040%Rate

Funding earned: $6.48
Price spread: +0.040% → 0.000%: $3.99
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$2.53
Costs to cover: 0.130%
Break-even: 9.7 days

Slippage unknown: Deribit: no order-book sample; Orderly: no order-book sample. 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 Orderly no order-book sample	—	—	—	—	—

Deribit and Orderly: 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
Coinbase International MSFT-PERP-INTX	−0.0064%	1h	501.24	−0.060%	$679K	$456K	10x	as long as short
Nado MSFT-PERP	−0.0047%	1h	501.47	−0.015%	$414K	$64K	20x	as long as short
BloFin MSFT-USDT	−0.0027%	8h	501.97	+0.086%	$189K	$204K	20x	as long as short
Hotstuff MSFT-PERP	−0.0008%	1h	501.35	−0.038%	$32K	$8K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.66	+0.025%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.69	+0.030%	$338K	$891K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.83	+0.058%	$15.7M	$18.9M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.78	+0.048%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	502.04	+0.100%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.78	+0.048%	$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	501.81	+0.054%	$4.5M	$2.5M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.90	+0.071%	$1.3M	$650K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.90	+0.072%	$19K	$297K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.62	+0.215%	$6K	$4.1M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.71	+0.034%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.28	+0.148%	$2.2M	$770K	10x	as long as short
QFEX MSFT-USD	+0.0030%	1h	501.71	+0.034%	$1.2M	$5.7M	10x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.59	+0.010%	$681K	$2.0M	20x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.62	+0.016%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.61	+0.014%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.36	−0.036%	$22.1M	$9.1M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.45	−0.018%	$302K	$648K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.80	+0.052%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.40	−0.028%	$524K	$487K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0060%	8h	501.62	+0.016%	$221	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	501.58	+0.008%	$10K	$15K	20x	as long as short
Deribit MSFT_USDC-PERPETUALlong	+0.0069%	1h	501.54	long leg	$27K	$41K	10x
KuCoin MSFTUSDTM	+0.0100%	8h	501.56	+0.004%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.43	−0.022%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythosshort	+0.0100%	8h	501.74	+0.040%	$8K	—	10x
Aevo MSFT-PERP	+0.0104%	1h	501.73	+0.037%	$55	—	10x	as long as short
Lighter MSFT	+0.0136%	1h	501.87	+0.066%	$1.1M	$458K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.81	+0.054%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0622%	4h	501.92	+0.075%	$102K	$242K	10x	as long as short