Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.003%

Price spread now: Bybit against GRVT−0.040%7-day average −0.011% · you buy dearer than you sell

Net, funding: paid 7d − costs−$35as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$350.352% of the position

Long on GRVT 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 3 days (all we have)+0.043%+$4 · spread now −0.040%, 7d avg −0.011%

Together, before fees+0.049%+ Points / potential airdropGRVT: Active · farm board+$5 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: Bybit is 0.029% cheaper against GRVT than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of −0.011%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT MSFT_USDT_Perp	501.51	0	get 0.0000% / 8h	7h 13m	$19K	$293K	10x
Short	Bybit MSFTUSDT	501.31	0	get 0.0000% / 8h	7h 13m	$7.4M	$1.6M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against GRVT. 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 GRVTbpFee BybitbpOrdersPrice spread, now −0.040%Rate

Funding earned: $0
Price spread: −0.040% → −0.011%: −$2.86
Slippage, 4 orders: −$15.17
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$38.03
Costs to cover: 0.352%
Break-even: never at this rate

Slippage from GRVT: live order book, 59 min ago; Bybit: live order book, 5 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 GRVT live order book, 59 min ago	1.10 bp	8.2 bp −$8	15.8 bp −$158	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	1.10 bp	9.8 bp −$10	17.7 bp −$177	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	−0.0508%	4h	501.42	−0.018%	$102K	$244K	10x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0008%	1h	501.24	−0.054%	$685K	$453K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.49	−0.003%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.39	−0.024%	$337K	$900K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.50	−0.002%	$15.7M	$18.7M	20x	as long as short
Bybit MSFTUSDTshort	0.0000%	8h	501.31	−0.040%	$7.4M	$1.6M	100x
OKX MSFT-USDT-SWAP	0.0000%	8h	501.59	+0.016%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.36	−0.030%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.51	0.000%	$3.8M	$2.1M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.45	−0.013%	$1.3M	$690K	—	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT MSFT_USDT_Perplong	0.0000%	8h	501.51	long leg	$19K	$293K	10x
SunX MSFT-USDT	0.0000%	8h	502.29	+0.156%	$6K	$4.1M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.13	−0.076%	$27K	$41K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.43	−0.016%	$58K	$227K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.07	+0.112%	$2.2M	$760K	10x	as long as short
BloFin MSFT-USDT	+0.0007%	8h	501.51	0.000%	$188K	$205K	20x	as long as short
Nado MSFT-PERP	+0.0018%	1h	501.12	−0.078%	$414K	$64K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.30	−0.042%	$619K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0044%	1h	501.44	−0.014%	$1.1M	$5.8M	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.31	−0.040%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.15	−0.072%	$22.2M	$9.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.17	−0.068%	$303K	$672K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.39	−0.024%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.99	−0.104%	$514K	$503K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0051%	8h	501.40	−0.022%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.24	−0.054%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.33	−0.036%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.13	−0.076%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.41	−0.020%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.38	−0.026%	$55	—	10x	as long as short
Lighter MSFT	+0.0120%	1h	501.53	+0.004%	$1.1M	$486K	20x	as long as short
Hotstuff MSFT-PERP	+0.0152%	1h	501.22	−0.058%	$32K	$8K	20x	as long as short
Arcus MSFT-USD	+0.0212%	1h	501.32	−0.038%	$97K	$109K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.82	+0.062%	$115K	$45K	30x	as long as short