Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0190%/8h= −20.8% APRpaid last 24h −0.073%

Price spread now: Bybit against Arcus−0.026%7-day average +0.017% · 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−$44as in the Price arb table

costs, in and out, $10k−$390.393% of the position

Long on Arcus Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.147%−$15 on $10k

Price spread, last 4 days (all we have)+0.092%+$9 · spread now −0.026%, 7d avg +0.017%

Together, before fees−0.055%−$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Bybit is 0.042% cheaper against Arcus than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.017%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Arcus MSFT-USD	503.36	0.0190	pay 0.0024% / 1h	50m 59s	$93K	$83K	10x
Short	Bybit MSFTUSDT	503.23	0	get 0.0000% / 8h	5h 50m	$7.3M	$2.3M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Arcus. 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 ArcusbpFee BybitbpOrdersPrice spread, now −0.026%Rate

Funding earned: −$39.96
Price spread: −0.026% → +0.017%: −$4.25
Slippage, 4 orders: −$23.8
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$83.51
Costs to cover: 0.393%
Break-even: never at this rate

Slippage from Arcus: live order book, 60 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 Arcus live order book, 60 min ago	3.27 bp	7.3 bp −$7	9.8 bp −$98	19.4 bp −$1,938	doesn't fit
Sell Bybit live order book, 5 min ago	1.39 bp	13.0 bp −$13	24.3 bp −$243	doesn't fit	doesn't fit

MSFT on 34 exchanges

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
Hotstuff MSFT-PERP	−0.1600%	1h	503.33	−0.006%	$32K	$8K	20x	as long as short
Nado MSFT-PERP	−0.0031%	1h	503.38	+0.005%	$411K	$72K	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	−0.0008%	1h	503.07	−0.058%	$30K	$47K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.99	+0.125%	$166K	$118K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.26	−0.020%	$326K	$1.9M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	503.43	+0.014%	$16.4M	$20.8M	20x	as long as short
Bybit MSFTUSDTshort	0.0000%	8h	503.23	−0.026%	$7.3M	$2.3M	100x
Gate MSFT_USDT	0.0000%	8h	503.24	−0.024%	$3.1M	$1.9M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	503.36	0.000%	$3.9M	$2.9M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	503.47	+0.021%	$1.3M	$396K	—	as long as short

Show all 34 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX MSFT-USDT	0.0000%	8h	504.13	+0.153%	$6K	$3.5M	20x	as long as short
Coinbase International MSFT-PERP-INTX	0.0000%	1h	502.80	−0.111%	$702K	$522K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.31	−0.010%	$48K	$246K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	504.07	+0.141%	$2.3M	$908K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0002%	1h	503.04	−0.064%	$532K	$382K	15x	as long as short
GRVT MSFT_USDT_Perp	+0.0007%	8h	503.55	+0.038%	$19K	$318K	10x	as long as short
BloFin MSFT-USDT	+0.0024%	8h	503.37	+0.002%	$202K	$214K	20x	as long as short
tradeXYZ xyz:MSFT	+0.0029%	1h	503.01	−0.070%	$22.5M	$9.2M	20x	as long as short
Lighter MSFT	+0.0032%	1h	503.22	−0.028%	$1.2M	$480K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.25	−0.022%	$691K	$1.8M	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.46	+0.020%	—	$1K	25x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.09	−0.054%	$318K	$677K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.16	−0.040%	$60K	$3K	10x	as long as short
Paradex MSFT-USD-PERP	+0.0057%	8h	503.39	+0.007%	$221	—	5x	as long as short
QFEX MSFT-USD	+0.0058%	1h	503.50	+0.028%	$1.1M	$4.7M	10x	as long as short
OKX MSFT-USDT-SWAP	+0.0061%	8h	503.58	+0.044%	$3.2M	$2.7M	20x	as long as short
Phoenix MSFT	+0.0079%	1h	503.25	−0.022%	$11K	$5K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.04	−0.064%	$1.6M	$220K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.38	+0.004%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.41	+0.010%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.42	+0.012%	$55	—	10x	as long as short
Arcus MSFT-USDlong	+0.0190%	1h	503.36	long leg	$93K	$83K	10x
Injective MSFT/USDC PERP	+0.0220%	1h	503.61	+0.050%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0351%	4h	503.48	+0.023%	$102K	$243K	10x	as long as short