Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.012%

Price spread now: Bybit against Ondo Perps+0.040%7-day average +0.079% · you sell dearer than you buy

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

Long on Ondo Perps Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.107%−$11 on $10k

Price spread, last 4 days (all we have)+0.093%+$9 · spread now +0.040%, 7d avg +0.079%

Together, before fees−0.014%+ Points / potential airdropOndo Perps: Active · farm board−$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Bybit is 0.039% cheaper against Ondo Perps than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.079%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps MSFT-USD.P	500.85	0.0050	pay 0.0006% / 1h	55m 26s	$518K	$451K	15x
Short	Bybit MSFTUSDT	501.05	0	get 0.0000% / 8h	3h 55m	$7.2M	$2.2M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Ondo Perps. 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 Ondo PerpsbpFee BybitbpOrdersPrice spread, now +0.040%Rate

Funding earned: −$10.58
Price spread: +0.040% → +0.079%: −$3.87
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$30.45
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Ondo Perps: no order-book sample; Bybit: live order book, 3 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 Ondo Perps no order-book sample	—	—	—	—	—
Sell Bybit live order book, 3 min ago	0.20 bp	7.3 bp −$7	16.7 bp −$167	doesn't fit	doesn't fit

Ondo Perps: 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
Deribit MSFT_USDC-PERPETUAL	−0.0169%	1h	500.95	+0.020%	$27K	$42K	10x	as long as short
Nado MSFT-PERP	−0.0128%	1h	501.25	+0.079%	$414K	$64K	20x	as long as short
tradeXYZ xyz:MSFT	−0.0046%	1h	500.90	+0.010%	$22.1M	$8.7M	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0032%	1h	500.97	+0.024%	$677K	$450K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.24	+0.079%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.21	+0.072%	$337K	$883K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.33	+0.095%	$15.8M	$19.0M	20x	as long as short
Bybit MSFTUSDTshort	0.0000%	8h	501.05	+0.040%	$7.2M	$2.2M	100x
OKX MSFT-USDT-SWAP	0.0000%	8h	501.32	+0.094%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.20	+0.070%	$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	501.25	+0.080%	$4.5M	$2.5M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.25	+0.079%	$1.3M	$607K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.30	+0.089%	$19K	$300K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.11	+0.252%	$6K	$4.0M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.22	+0.074%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.46	+0.122%	$2.2M	$770K	10x	as long as short
BloFin MSFT-USDT	+0.0022%	8h	501.28	+0.086%	$189K	$203K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.11	+0.052%	$677K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0035%	1h	501.24	+0.078%	$1.1M	$4.9M	10x	as long as short
Lighter MSFT	+0.0040%	1h	501.35	+0.100%	$1.1M	$498K	20x	as long as short
Hotstuff MSFT-PERP	+0.0040%	1h	500.89	+0.008%	$32K	$8K	20x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.04	+0.038%	$96K	$111K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.37	+0.104%	—	$1K	25x	as long as short
Phoenix MSFT	+0.0048%	1h	500.98	+0.026%	$10K	$15K	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	500.97	+0.024%	$302K	$697K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.21	+0.072%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.Plong	+0.0050%	1h	500.85	long leg	$518K	$451K	15x
Paradex MSFT-USD-PERP	+0.0054%	8h	501.27	+0.084%	$221	—	5x	as long as short
edgeX MSFTUSDC	+0.0062%	4h	501.28	+0.085%	$102K	$242K	10x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	500.83	−0.004%	$1.5M	$48K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.00	+0.030%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.20	+0.070%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.23	+0.076%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.70	+0.369%	$115K	$45K	30x	as long as short