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 Polymarket Perps+0.022%7-day average +0.063% · you sell dearer than you buy

Net, funding: paid 7d − costs−$43as in the Funding arb table

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$320.324% of the position

Long on Polymarket Perps Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.103%−$10 on $10k

Price spread, last 7 days−0.050%−$5 · spread now +0.022%, 7d avg +0.063%

Together, before fees−0.153%−$15 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 0.041% cheaper against Polymarket Perps than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.063%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps MSFT-USD	503.29	0.0050	pay 0.0006% / 1h	7m 57s	$304K	$712K	10x
Short	Bybit MSFTUSDT	503.40	0	get 0.0000% / 8h	3h 07m	$7.2M	$2.2M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.022%Rate

Funding earned: −$10.5
Price spread: +0.022% → +0.063%: −$4.14
Slippage, 4 orders: −$13.44
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$47.09
Costs to cover: 0.324%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 45 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 Polymarket Perps live order book, 45 min ago	2.00 bp	6.0 bp −$6	6.7 bp −$67	8.9 bp −$891	doesn't fit
Sell Bybit live order book, 5 min ago	0.70 bp	9.3 bp −$9	16.4 bp −$164	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	−0.0324%	4h	503.07	−0.043%	$102K	$242K	10x	as long as short
Nado MSFT-PERP	−0.0103%	1h	503.53	+0.047%	$414K	$65K	20x	as long as short
Hotstuff MSFT-PERP	−0.0048%	1h	503.19	−0.020%	$32K	$8K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0032%	1h	503.14	−0.030%	$681K	$452K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.51	+0.045%	$162K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.61	+0.064%	$339K	$885K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	503.74	+0.089%	$15.8M	$19.1M	20x	as long as short
Bybit MSFTUSDTshort	0.0000%	8h	503.40	+0.022%	$7.2M	$2.2M	100x
OKX MSFT-USDT-SWAP	0.0000%	8h	503.95	+0.131%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.42	+0.026%	$3.1M	$1.8M	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	503.65	+0.072%	$4.4M	$2.6M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	502.85	−0.088%	$1.3M	$490K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	503.10	−0.037%	$19K	$301K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	504.48	+0.236%	$6K	$4.0M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	503.52	+0.046%	$27K	$42K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.58	+0.058%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	503.84	+0.109%	$2.2M	$781K	10x	as long as short
tradeXYZ xyz:MSFT	+0.0009%	1h	503.26	−0.006%	$22.2M	$8.8M	20x	as long as short
BloFin MSFT-USDT	+0.0010%	8h	503.60	+0.062%	$189K	$205K	20x	as long as short
Lighter MSFT	+0.0032%	1h	503.69	+0.079%	$1.1M	$514K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.53	+0.048%	$680K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0035%	1h	503.52	+0.046%	$1.1M	$4.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.08	−0.042%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.57	+0.056%	—	$1K	25x	as long as short
Phoenix MSFT	+0.0048%	1h	503.14	−0.030%	$11K	$15K	20x	as long as short
Polymarket Perps MSFT-USDlong	+0.0050%	1h	503.29	long leg	$304K	$712K	10x
SoDEX MSFT-USD	+0.0050%	1h	503.40	+0.022%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.25	−0.008%	$512K	$459K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0051%	8h	503.64	+0.070%	$222	—	5x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.11	−0.036%	$1.6M	$56K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	502.93	−0.072%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.51	+0.044%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.59	+0.060%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	503.08	−0.042%	$115K	$45K	30x	as long as short