Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0051%/8h= −5.6% APRpaid last 24h −0.022%

Price spread now: Deribit against Orderly−0.040%7-day average — · you buy dearer than you sell

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

Long on Orderly Short on Deribit

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 against this trade now: funding costs −$2 a day on $10k at the current rate, and Deribit is 0.040% cheaper against Orderly than usual: you would sell low and buy high (−$4 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_MSFT_USDC_mythos	501.73	0.0100	pay 0.0100% / 8h	5h 36m	$8K	—	10x
Short	Deribit MSFT_USDC-PERPETUAL	501.53	0.0049	get 0.0006% / 1h	36m 44s	$27K	$41K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Orderly. 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 OrderlybpFee DeribitbpOrdersPrice spread, now −0.040%Rate

Funding earned: −$10.67
Price spread: −0.040% → 0.000%: −$3.99
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$27.66
Costs to cover: 0.130%
Break-even: never at this rate

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

Orderly and Deribit: 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	−0.098%	$679K	$456K	10x	as long as short
Nado MSFT-PERP	−0.0047%	1h	501.47	−0.052%	$414K	$64K	20x	as long as short
Hotstuff MSFT-PERP	−0.0008%	1h	501.35	−0.076%	$32K	$8K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.68	−0.010%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.77	+0.008%	$338K	$891K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.95	+0.044%	$15.7M	$18.9M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.85	+0.024%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	502.04	+0.062%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.79	+0.012%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.91	+0.036%	$4.5M	$2.5M	100x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni MSFT	0.0000%	8h	501.90	+0.033%	$1.3M	$650K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.90	+0.034%	$19K	$297K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.68	+0.189%	$6K	$4.1M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.74	+0.002%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.95	+0.044%	$2.2M	$770K	10x	as long as short
BloFin MSFT-USDT	+0.0028%	8h	501.85	+0.024%	$189K	$204K	20x	as long as short
QFEX MSFT-USD	+0.0030%	1h	501.71	−0.004%	$1.2M	$5.7M	10x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.60	−0.026%	$683K	$2.0M	20x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.62	−0.022%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.61	−0.024%	—	$1K	25x	as long as short
Deribit MSFT_USDC-PERPETUALshort	+0.0049%	1h	501.53	−0.040%	$27K	$41K	10x
tradeXYZ xyz:MSFT	+0.0050%	1h	501.42	−0.062%	$22.1M	$9.1M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.45	−0.056%	$302K	$648K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.79	+0.012%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.40	−0.066%	$524K	$487K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0060%	8h	501.62	−0.022%	$221	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	501.58	−0.030%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.58	−0.030%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.43	−0.060%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythoslong	+0.0100%	8h	501.73	long leg	$8K	—	10x
Aevo MSFT-PERP	+0.0104%	1h	501.71	−0.005%	$55	—	10x	as long as short
Lighter MSFT	+0.0144%	1h	501.89	+0.032%	$1.1M	$458K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	503.24	+0.301%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0622%	4h	501.92	+0.038%	$102K	$242K	10x	as long as short