Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.004%

Price spread now: Binance against Polymarket Perps+0.099%56s7-day average +0.091% · you sell dearer than you buy

Net, funding: paid 7d − costs−$33as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$240.245% of the position

Long on Polymarket Perps Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.083%−$8 on $10k

Price spread, last 2 days (all we have)−0.012%−$1 · spread now +0.099%, 7d avg +0.091%

Together, before fees−0.094%−$9 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.091%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate. The two prices were read 56 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps MSFT-USD	501.30	0.0050	pay 0.0006% / 1h	0m 41s	$303K	$678K	10x
Short	Binance MSFTUSDT	501.80	0	get 0.0000% / 8h	0m 41s	$15.6M	$19.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Polymarket 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 Polymarket PerpsbpFee BinancebpOrdersPrice spread, now +0.099%Rate

Funding earned: −$10.5
Price spread: +0.099% → +0.091%: $0.81
Slippage, 4 orders: −$6.47
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Binance: 5 bp × 2 orders: −$10
Net: −$34.17
Costs to cover: 0.245%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 12 min ago; Binance: live order book, 10 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 Polymarket Perps live order book, 12 min ago	1.40 bp	6.2 bp −$6	7.7 bp −$77	9.0 bp −$897	doesn't fit
Sell Binance live order book, 10 min ago	0.30 bp	7.0 bp −$7	10.4 bp −$104	42.5 bp −$4,250	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
Nado MSFT-PERP	−0.0018%	1h	501.40	+0.020%	$414K	$64K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0016%	1h	501.76	+0.092%	$687K	$449K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.79	+0.097%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.69	+0.077%	$337K	$387K	17x	as long as short
Binance MSFTUSDTshort	0.0000%	8h	501.80	+0.099%	$15.6M	$19.1M	20x
OKX MSFT-USDT-SWAP	0.0000%	8h	501.95	+0.130%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.48	+0.036%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.81	+0.102%	$3.8M	$2.3M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.66	+0.071%	$1.3M	$692K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.74	+0.088%	$18K	$294K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX MSFT-USDT	0.0000%	8h	502.48	+0.235%	$6K	$4.3M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.66	+0.072%	$59K	$228K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.06	+0.152%	$2.2M	$746K	10x	as long as short
BloFin MSFT-USDT	+0.0002%	8h	501.76	+0.092%	$188K	$209K	20x	as long as short
Hotstuff MSFT-PERP	+0.0008%	1h	501.40	+0.020%	$32K	$8K	20x	as long as short
Bybit MSFTUSDT	+0.0032%	8h	501.82	+0.104%	$7.4M	$1.7M	100x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.63	+0.066%	$621K	$2.1M	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.54	+0.048%	—	$1K	25x	as long as short
QFEX MSFT-USD	+0.0049%	1h	501.70	+0.080%	$1.2M	$5.9M	10x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.37	+0.014%	$22.3M	$9.4M	20x	as long as short
Polymarket Perps MSFT-USDlong	+0.0050%	1h	501.30	long leg	$303K	$678K	10x
SoDEX MSFT-USD	+0.0050%	1h	501.69	+0.078%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.23	−0.014%	$529K	$493K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0052%	8h	501.64	+0.067%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.37	+0.014%	$10K	$15K	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0089%	1h	501.64	+0.068%	$27K	$102K	10x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.24	−0.012%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.46	+0.032%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.61	+0.062%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.64	+0.069%	$55	—	10x	as long as short
edgeX MSFTUSDC	+0.0150%	4h	501.63	+0.066%	$102K	$243K	10x	as long as short
Lighter MSFT	+0.0160%	1h	501.87	+0.114%	$1.1M	$586K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.31	+0.201%	$115K	$45K	30x	as long as short
Arcus MSFT-USD	+0.0286%	1h	501.67	+0.074%	$97K	$109K	10x	as long as short