Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.003%

Price spread now: Bybit against SunX−0.193%46s7-day average −0.176% · you buy dearer than you sell

Net, funding: paid 7d − costs−$231as 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−$2322.316% of the position

Long on SunX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.008%+$1 on $10k

Price spread, last 4 days (all we have)−0.043%−$4 · spread now −0.193%, 7d avg −0.176%

Together, before fees−0.035%−$4 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX MSFT-USDT	501.89	0	get 0.0000% / 8h	4h 51m	$6K	$4.0M	20x
Short	Bybit MSFTUSDT	500.92	0	get 0.0000% / 8h	4h 51m	$7.2M	$2.1M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against SunX. 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 SunXbpFee BybitbpOrdersPrice spread, now −0.193%Rate

Funding earned: $0
Price spread: −0.193% → −0.176%: −$1.7
Slippage, 4 orders: −$212.57
Fee SunX: 4 bp × 2 orders: −$8
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$233.28
Costs to cover: 2.316%
Break-even: never at this rate

Slippage from SunX: live order book, 7 min ago; Bybit: live order book, 1 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 SunX live order book, 7 min ago	29.08 bp	110.4 bp −$110	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	0.50 bp	8.0 bp −$8	16.2 bp −$162	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
Coinbase International MSFT-PERP-INTX	−0.0040%	1h	500.97	−0.183%	$678K	$458K	10x	as long as short
Nado MSFT-PERP	−0.0040%	1h	500.97	−0.184%	$414K	$64K	20x	as long as short
BloFin MSFT-USDT	−0.0029%	8h	501.16	−0.145%	$190K	$204K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.22	−0.134%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	500.98	−0.182%	$341K	$893K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.11	−0.155%	$15.7M	$19.0M	20x	as long as short
Bybit MSFTUSDTshort	0.0000%	8h	500.92	−0.193%	$7.2M	$2.1M	100x
OKX MSFT-USDT-SWAP	0.0000%	8h	501.24	−0.130%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.05	−0.167%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.17	−0.143%	$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	501.20	−0.137%	$1.3M	$617K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.19	−0.139%	$19K	$300K	10x	as long as short
SunX MSFT-USDTlong	0.0000%	8h	501.89	long leg	$6K	$4.0M	20x
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	500.81	−0.215%	$27K	$41K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	500.99	−0.179%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.11	−0.155%	$2.2M	$772K	10x	as long as short
Lighter RH MSFT	+0.0032%	1h	500.91	−0.195%	$680K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0036%	1h	501.09	−0.159%	$1.1M	$5.6M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	500.90	−0.197%	$96K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.13	−0.151%	—	$1K	25x	as long as short
Phoenix MSFT	+0.0048%	1h	500.83	−0.211%	$10K	$15K	20x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	500.77	−0.223%	$22.1M	$8.7M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	500.76	−0.225%	$301K	$647K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	500.99	−0.179%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.77	−0.223%	$516K	$442K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0056%	8h	501.02	−0.173%	$220	—	5x	as long as short
Hotstuff MSFT-PERP	+0.0088%	1h	500.76	−0.225%	$32K	$8K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	500.72	−0.233%	$1.5M	$20K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	500.69	−0.239%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.06	−0.165%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.01	−0.175%	$55	—	10x	as long as short
Lighter MSFT	+0.0160%	1h	501.19	−0.139%	$1.1M	$479K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.49	−0.080%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0290%	4h	501.08	−0.161%	$102K	$243K	10x	as long as short