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 +0.023%

Price spread now: Deribit against Gate−0.036%7-day average −0.001% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$45as in the Price arb table

costs, in and out, $10k−$420.418% of the position

Long on Gate Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)+0.078%+$8 on $10k

Price spread, last 3 days (all we have)+0.061%+$6 · spread now −0.036%, 7d avg −0.001%

Together, before fees+0.139%+$14 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: Deribit is 0.034% cheaper against Gate than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of −0.001%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate MSFT_USDT	501.83	0	get 0.0000% / 8h	1h 38m	$3.1M	$1.5M	100x
Short	Deribit MSFT_USDC-PERPETUAL	501.65	0	get 0.0000% / 1h	38m 34s	$27K	$103K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Gate. 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 GatebpFee DeribitbpOrdersPrice spread, now −0.036%Rate

Funding earned: $0
Price spread: −0.036% → −0.001%: −$3.45
Slippage, 4 orders: −$19.79
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$45.24
Costs to cover: 0.418%
Break-even: never at this rate

Slippage from Gate: live order book, 4 min ago; Deribit: live order book, 45 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 Gate live order book, 4 min ago	4.38 bp	12.2 bp −$12	28.5 bp −$285	doesn't fit	doesn't fit
Sell Deribit live order book, 45 min ago	0.10 bp	13.1 bp −$13	15.3 bp −$153	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
edgeX MSFTUSDC	−0.0566%	4h	501.98	+0.029%	$102K	$242K	10x	as long as short
BloFin MSFT-USDT	−0.0018%	8h	502.17	+0.068%	$188K	$210K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	502.03	+0.040%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	502.01	+0.037%	$372K	$369K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	502.08	+0.050%	$15.7M	$19.3M	20x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	502.12	+0.058%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDTlong	0.0000%	8h	501.83	long leg	$3.1M	$1.5M	100x
Variational Omni MSFT	0.0000%	8h	502.00	+0.033%	$1.3M	$708K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	502.06	+0.045%	$18K	$319K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.91	+0.215%	$6K	$4.4M	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit MSFT_USDC-PERPETUALshort	0.0000%	1h	501.65	−0.036%	$27K	$103K	10x
Coinbase International MSFT-PERP-INTX	0.0000%	1h	501.58	−0.050%	$688K	$449K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.97	+0.028%	$59K	$229K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.27	+0.088%	$2.2M	$763K	10x	as long as short
Bitget MSFTUSDT	+0.0003%	8h	502.08	+0.050%	$3.8M	$2.2M	100x	as long as short
Bybit MSFTUSDT	+0.0020%	8h	502.10	+0.054%	$7.4M	$1.7M	100x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.92	+0.018%	$653K	$2.1M	20x	as long as short
QFEX MSFT-USD	+0.0040%	1h	501.99	+0.032%	$1.2M	$5.8M	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.91	+0.016%	—	—	25x	as long as short
Nado MSFT-PERP	+0.0047%	1h	501.60	−0.045%	$414K	$64K	20x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.62	−0.042%	$22.3M	$9.8M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.64	−0.038%	$305K	$683K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	502.05	+0.044%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.68	−0.030%	$529K	$493K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0062%	8h	501.84	+0.003%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.68	−0.030%	$10K	$15K	20x	as long as short
Hotstuff MSFT-PERP	+0.0080%	1h	501.70	−0.026%	$32K	$8K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.55	−0.056%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.69	−0.028%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	502.01	+0.036%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	502.07	+0.048%	$55	—	10x	as long as short
Lighter MSFT	+0.0160%	1h	502.08	+0.050%	$1.1M	$589K	20x	as long as short
Arcus MSFT-USD	+0.0200%	1h	501.90	+0.014%	$110K	$90K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.34	+0.102%	$115K	$45K	30x	as long as short