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 +0.022%

Price spread now: Deribit against Bitget−0.084%7-day average −0.044% · 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−$36as in the Price arb table

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

Long on Bitget Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)+0.069%+$7 on $10k

Price spread, last 3 days (all we have)+0.084%+$8 · spread now −0.084%, 7d avg −0.044%

Together, before fees+0.153%+$15 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Deribit is 0.040% cheaper against Bitget than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of −0.044%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget MSFTUSDT	502.12	0	get 0.0000% / 8h	1h 08m	$3.8M	$2.2M	100x
Short	Deribit MSFT_USDC-PERPETUAL	501.70	0	get 0.0000% / 1h	8m 17s	$27K	$101K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Bitget. 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 BitgetbpFee DeribitbpOrdersPrice spread, now −0.084%Rate

Funding earned: $0
Price spread: −0.084% → −0.044%: −$3.97
Slippage, 4 orders: −$13.37
Fee Bitget: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$36.33
Costs to cover: 0.324%
Break-even: never at this rate

Slippage from Bitget: live order book, 5 min ago; Deribit: live order book, 10 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 Bitget live order book, 5 min ago	1.49 bp	8.0 bp −$8	11.7 bp −$117	36.9 bp −$3,693	doesn't fit
Sell Deribit live order book, 10 min ago	3.09 bp	6.8 bp −$7	8.5 bp −$85	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
BloFin MSFT-USDT	−0.0015%	8h	502.06	−0.012%	$188K	$209K	20x	as long as short
Nado MSFT-PERP	−0.0001%	1h	501.86	−0.052%	$414K	$64K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	502.17	+0.010%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	502.03	−0.018%	$337K	$392K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	502.13	+0.003%	$15.7M	$19.1M	20x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	502.21	+0.018%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.86	−0.052%	$3.1M	$1.6M	100x	as long as short
Bitget MSFTUSDTlong	0.0000%	8h	502.12	long leg	$3.8M	$2.2M	100x
Variational Omni MSFT	0.0000%	8h	502.07	−0.011%	$1.3M	$702K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	502.07	−0.010%	$19K	$309K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX MSFT-USDT	0.0000%	8h	502.91	+0.157%	$6K	$4.3M	20x	as long as short
Deribit MSFT_USDC-PERPETUALshort	0.0000%	1h	501.70	−0.084%	$27K	$101K	10x
Coinbase International MSFT-PERP-INTX	0.0000%	1h	501.58	−0.108%	$688K	$449K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.99	−0.026%	$59K	$228K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.34	+0.044%	$2.2M	$755K	10x	as long as short
Bybit MSFTUSDT	+0.0018%	8h	502.18	+0.012%	$7.4M	$1.7M	100x	as long as short
Lighter RH MSFT	+0.0032%	1h	502.01	−0.022%	$649K	$2.1M	20x	as long as short
QFEX MSFT-USD	+0.0040%	1h	502.03	−0.018%	$1.1M	$5.8M	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.91	−0.042%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.69	−0.086%	$22.3M	$9.6M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.61	−0.102%	$305K	$674K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	502.05	−0.014%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.73	−0.078%	$529K	$493K	15x	as long as short
Hotstuff MSFT-PERP	+0.0056%	1h	501.73	−0.078%	$32K	$8K	20x	as long as short
Paradex MSFT-USD-PERP	+0.0057%	8h	501.99	−0.026%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.86	−0.052%	$11K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.64	−0.096%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.91	−0.042%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.98	−0.028%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	502.03	−0.019%	$55	—	10x	as long as short
Lighter MSFT	+0.0120%	1h	502.09	−0.006%	$1.1M	$590K	20x	as long as short
Arcus MSFT-USD	+0.0200%	1h	502.00	−0.024%	$98K	$109K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.30	+0.036%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0793%	4h	502.06	−0.012%	$102K	$242K	10x	as long as short