Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.009%

Price spread now: Polymarket Perps against Orderly−0.072%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 Polymarket Perps

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 Polymarket Perps is 0.072% cheaper against Orderly than usual: you would sell low and buy high (−$7 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	501.91	0.0100	pay 0.0100% / 8h	1h 31m	$8K	—	10x
Short	Polymarket Perps MSFT-USD	501.55	0.0050	get 0.0006% / 1h	31m 21s	$305K	$681K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now −0.072%Rate

Funding earned: −$10.5
Price spread: −0.072% → 0.000%: −$7.17
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$31.67
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Polymarket Perps: live order book, 51 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 Orderly no order-book sample	—	—	—	—	—
Sell Polymarket Perps live order book, 51 min ago	1.50 bp	5.5 bp −$5	5.7 bp −$57	doesn't fit	doesn't fit

Orderly: 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
edgeX MSFTUSDC	−0.0817%	4h	501.97	+0.012%	$102K	$243K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	502.04	+0.026%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.96	+0.011%	$337K	$407K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	502.02	+0.021%	$15.7M	$19.3M	20x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.96	+0.010%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.82	−0.018%	$3.1M	$1.6M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.99	+0.016%	$1.3M	$708K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	502.01	+0.020%	$18K	$318K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.83	+0.183%	$6K	$4.4M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.70	−0.042%	$27K	$104K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International MSFT-PERP-INTX	0.0000%	1h	501.58	−0.066%	$688K	$449K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.88	−0.006%	$58K	$227K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.13	+0.044%	$2.2M	$763K	10x	as long as short
BloFin MSFT-USDT	0.0000%	8h	502.04	+0.026%	$188K	$209K	20x	as long as short
Bitget MSFTUSDT	+0.0006%	8h	502.07	+0.032%	$3.8M	$2.2M	100x	as long as short
Bybit MSFTUSDT	+0.0022%	8h	502.06	+0.030%	$7.4M	$1.7M	100x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.88	−0.006%	$653K	$2.1M	20x	as long as short
QFEX MSFT-USD	+0.0040%	1h	501.95	+0.008%	$1.1M	$5.8M	10x	as long as short
Nado MSFT-PERP	+0.0046%	1h	501.69	−0.044%	$414K	$64K	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.75	−0.032%	—	—	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.59	−0.064%	$22.3M	$9.9M	20x	as long as short
Polymarket Perps MSFT-USDshort	+0.0050%	1h	501.55	−0.072%	$305K	$681K	10x
SoDEX MSFT-USD	+0.0050%	1h	501.95	+0.008%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.62	−0.058%	$529K	$493K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0062%	8h	501.86	−0.011%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.61	−0.060%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.53	−0.076%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.79	−0.024%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythoslong	+0.0100%	8h	501.91	long leg	$8K	—	10x
Aevo MSFT-PERP	+0.0104%	1h	501.96	+0.011%	$55	—	10x	as long as short
Lighter MSFT	+0.0168%	1h	502.06	+0.030%	$1.1M	$590K	20x	as long as short
Hotstuff MSFT-PERP	+0.0168%	1h	501.63	−0.056%	$32K	$8K	20x	as long as short
Arcus MSFT-USD	+0.0200%	1h	501.85	−0.012%	$98K	$109K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.17	+0.052%	$115K	$45K	30x	as long as short