Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.010%

Price spread now: Bybit against tradeXYZ+0.084%7-day average +0.083% · you sell dearer than you buy

Net, funding: paid 7d − costs−$47as in the Funding arb table

Net, price: spread back to 7d avg − costs−$41as in the Price arb table

costs, in and out, $10k−$410.407% of the position

Long on tradeXYZ Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.059%−$6 on $10k

Price spread, last 7 days−0.040%−$4 · spread now +0.084%, 7d avg +0.083%

Together, before fees−0.098%+ Points / potential airdroptradeXYZ: Active · farm board−$10 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.083%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	tradeXYZ xyz:MSFT	501.37	0.0050	pay 0.0006% / 1h	29m 48s	$22.1M	$9.1M	20x
Short	Bybit MSFTUSDT	501.79	0	get 0.0000% / 8h	5h 29m	$7.4M	$1.6M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against tradeXYZ. 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 tradeXYZbpFee BybitbpOrdersPrice spread, now +0.084%Rate

Funding earned: −$10.5
Price spread: +0.084% → +0.083%: $0.06
Slippage, 4 orders: −$11.7
Fee tradeXYZ: 9 bp × 2 orders: −$18
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$51.14
Costs to cover: 0.407%
Break-even: never at this rate

Slippage from tradeXYZ: live order book, 9 min ago; Bybit: live order book, 3 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 tradeXYZ live order book, 9 min ago	0.80 bp	10.3 bp −$10	13.1 bp −$131	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	1.50 bp	10.7 bp −$11	16.8 bp −$168	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	−0.0064%	1h	501.24	−0.026%	$679K	$456K	10x	as long as short
Nado MSFT-PERP	−0.0032%	1h	501.49	+0.025%	$414K	$64K	20x	as long as short
BloFin MSFT-USDT	−0.0011%	8h	501.86	+0.098%	$189K	$204K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.72	+0.070%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.72	+0.070%	$337K	$892K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.86	+0.098%	$15.7M	$18.9M	20x	as long as short
Bybit MSFTUSDTshort	0.0000%	8h	501.79	+0.084%	$7.4M	$1.6M	100x
OKX MSFT-USDT-SWAP	0.0000%	8h	501.96	+0.118%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.73	+0.072%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.82	+0.090%	$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	501.82	+0.089%	$1.3M	$650K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.87	+0.100%	$18K	$297K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.68	+0.261%	$6K	$4.1M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.50	+0.026%	$27K	$41K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.75	+0.076%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.89	+0.104%	$2.2M	$767K	10x	as long as short
Hotstuff MSFT-PERP	+0.0016%	1h	501.38	+0.002%	$32K	$8K	20x	as long as short
QFEX MSFT-USD	+0.0030%	1h	501.71	+0.068%	$1.1M	$5.6M	10x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.63	+0.052%	$685K	$2.0M	20x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.62	+0.050%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.65	+0.056%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFTlong	+0.0050%	1h	501.37	long leg	$22.1M	$9.1M	20x
Polymarket Perps MSFT-USD	+0.0050%	1h	501.44	+0.014%	$302K	$648K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.78	+0.082%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.26	−0.022%	$525K	$486K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0061%	8h	501.67	+0.059%	$221	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	501.54	+0.034%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.57	+0.040%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.19	−0.036%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.67	+0.060%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.64	+0.054%	$55	—	10x	as long as short
Lighter MSFT	+0.0184%	1h	501.95	+0.116%	$1.1M	$459K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	503.24	+0.373%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0990%	4h	501.81	+0.089%	$102K	$244K	10x	as long as short