Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.023%

Price spread now: Deribit against SunX−0.221%7-day average −0.201% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$235as in the Price arb table

costs, in and out, $10k−$2332.326% of the position

Long on SunX Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)+0.084%+$8 on $10k

Price spread, last 3 days (all we have)+0.030%+$3 · spread now −0.221%, 7d avg −0.201%

Together, before fees+0.114%+$11 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	502.80	0	get 0.0000% / 8h	1h 33m	$6K	$4.4M	20x
Short	Deribit MSFT_USDC-PERPETUAL	501.69	0	get 0.0000% / 1h	33m 19s	$27K	$104K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.221%Rate

Funding earned: $0
Price spread: −0.221% → −0.201%: −$1.94
Slippage, 4 orders: −$217.6
Fee SunX: 4 bp × 2 orders: −$8
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$234.53
Costs to cover: 2.326%
Break-even: never at this rate

Slippage from SunX: live order book, 5 min ago; Deribit: live order book, 50 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, 5 min ago	29.23 bp	111.6 bp −$112	doesn't fit	doesn't fit	doesn't fit
Sell Deribit live order book, 50 min ago	0.10 bp	13.1 bp −$13	15.3 bp −$153	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	−0.0036%	4h	501.87	−0.184%	$102K	$243K	10x	as long as short
BloFin MSFT-USDT	−0.0011%	8h	502.05	−0.149%	$188K	$210K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	502.04	−0.152%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.94	−0.170%	$337K	$407K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	502.03	−0.153%	$15.7M	$19.3M	20x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.96	−0.167%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.75	−0.209%	$3.1M	$1.6M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.99	−0.161%	$1.3M	$708K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	502.01	−0.157%	$18K	$318K	10x	as long as short
SunX MSFT-USDTlong	0.0000%	8h	502.80	long leg	$6K	$4.4M	20x

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit MSFT_USDC-PERPETUALshort	0.0000%	1h	501.69	−0.221%	$27K	$104K	10x
Coinbase International MSFT-PERP-INTX	0.0000%	1h	501.58	−0.243%	$688K	$449K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.87	−0.185%	$59K	$229K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.11	−0.137%	$2.2M	$763K	10x	as long as short
Bitget MSFTUSDT	+0.0006%	8h	502.03	−0.153%	$3.8M	$2.2M	100x	as long as short
Bybit MSFTUSDT	+0.0024%	8h	501.98	−0.163%	$7.4M	$1.7M	100x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.88	−0.183%	$654K	$2.1M	20x	as long as short
QFEX MSFT-USD	+0.0040%	1h	501.97	−0.165%	$1.2M	$5.8M	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.80	−0.199%	—	—	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.58	−0.243%	$22.3M	$9.9M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.56	−0.247%	$305K	$681K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.94	−0.171%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.60	−0.239%	$529K	$493K	15x	as long as short
Nado MSFT-PERP	+0.0051%	1h	501.56	−0.247%	$414K	$64K	20x	as long as short
Paradex MSFT-USD-PERP	+0.0063%	8h	501.77	−0.204%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.69	−0.221%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.47	−0.265%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.71	−0.217%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.91	−0.177%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.96	−0.167%	$55	—	10x	as long as short
Hotstuff MSFT-PERP	+0.0120%	1h	501.60	−0.239%	$32K	$8K	20x	as long as short
Lighter MSFT	+0.0176%	1h	502.03	−0.153%	$1.1M	$590K	20x	as long as short
Arcus MSFT-USD	+0.0200%	1h	501.91	−0.177%	$96K	$108K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.34	−0.091%	$115K	$45K	30x	as long as short