Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.005%

Price spread now: Bybit against Extended+0.001%7-day average +0.008% · you sell dearer than you buy

Net, funding: paid 7d − costs−$33as in the Funding arb table

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$320.319% of the position

Long on Extended Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.006%−$1 on $10k

Price spread, last 4 days (all we have)+0.016%+$2 · spread now +0.001%, 7d avg +0.008%

Together, before fees+0.010%+ Points / potential airdropExtended: Active · farm board+$1 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended MSFT_24_5-USD	501.46	0	get 0.0000% / 1h	27m 12s	$342K	$894K	17x
Short	Bybit MSFTUSDT	501.46	0	get 0.0000% / 8h	6h 27m	$7.4M	$1.6M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Extended. 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 ExtendedbpFee BybitbpOrdersPrice spread, now +0.001%Rate

Funding earned: $0
Price spread: +0.001% → +0.008%: −$0.69
Slippage, 4 orders: −$15.93
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$32.61
Costs to cover: 0.319%
Break-even: never at this rate

Slippage from Extended: live order book, 41 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 Extended live order book, 41 min ago	0.70 bp	6.0 bp −$6	38.6 bp −$386	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	0.90 bp	10.5 bp −$10	17.7 bp −$177	doesn't fit	doesn't fit

MSFT on 33 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
Hotstuff MSFT-PERP	−0.0064%	1h	501.15	−0.061%	$32K	$8K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0016%	1h	500.87	−0.117%	$684K	$451K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.46	+0.001%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USDlong	0.0000%	1h	501.46	long leg	$342K	$894K	17x
Binance MSFTUSDT	0.0000%	8h	501.59	+0.027%	$15.6M	$18.8M	20x	as long as short
Bybit MSFTUSDTshort	0.0000%	8h	501.46	+0.001%	$7.4M	$1.6M	100x
OKX MSFT-USDT-SWAP	0.0000%	8h	501.65	+0.039%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.39	−0.013%	$3.1M	$1.6M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.43	−0.005%	$4.5M	$2.5M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.49	+0.006%	$1.3M	$682K	—	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT MSFT_USDT_Perp	0.0000%	8h	501.43	−0.006%	$19K	$294K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.33	+0.174%	$6K	$4.1M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.45	−0.001%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.59	+0.027%	$2.2M	$765K	10x	as long as short
Nado MSFT-PERP	+0.0005%	1h	501.18	−0.055%	$414K	$64K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.37	−0.017%	$619K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0038%	1h	501.45	−0.001%	$1.1M	$5.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.31	−0.029%	$97K	$109K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.31	−0.029%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.08	−0.075%	$22.1M	$9.2M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.21	−0.049%	$303K	$671K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.45	−0.001%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.15	−0.061%	$521K	$518K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0054%	8h	501.39	−0.012%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.21	−0.049%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.07	−0.077%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.07	−0.077%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.42	−0.007%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.43	−0.005%	$55	—	10x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0149%	1h	501.34	−0.023%	$27K	$41K	10x	as long as short
Lighter MSFT	+0.0168%	1h	501.65	+0.039%	$1.1M	$489K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.62	+0.033%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0314%	4h	501.51	+0.011%	$102K	$242K	10x	as long as short