Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0027%/8h= −3.0% APRpaid last 24h −0.008%

Price spread now: Deribit against BloFin−0.063%57s7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on BloFin Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Deribit is 0.063% cheaper against BloFin than usual: you would sell low and buy high (−$6 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 57 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin MSFT-USDT	504.05	0.0027	pay 0.0027% / 8h	1h 41m	$190K	$206K	20x
Short	Deribit MSFT_USDC-PERPETUAL	503.73	0	get 0.0000% / 1h	41m 54s	$27K	$43K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against BloFin. 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 BloFinbpFee DeribitbpOrdersPrice spread, now −0.063%Rate

Funding earned: −$5.77
Price spread: −0.063% → 0.000%: −$6.35
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$31.12
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: BloFin: live order book, 34 min ago; Deribit: no order-book sample. Net counts fees only.

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 BloFin live order book, 34 min ago	0.10 bp	6.2 bp −$6	10.1 bp −$101	24.3 bp −$2,432	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

Deribit: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0048%	1h	503.66	−0.077%	$682K	$500K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.77	−0.055%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.97	−0.016%	$341K	$1.2M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	504.09	+0.008%	$15.8M	$19.6M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.73	−0.063%	$7.3M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	503.92	−0.026%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.75	−0.060%	$3.1M	$1.8M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	503.97	−0.016%	$3.8M	$3.0M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	503.96	−0.018%	$1.3M	$499K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	504.05	0.000%	$18K	$327K	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	504.74	+0.137%	$6K	$3.9M	20x	as long as short
Deribit MSFT_USDC-PERPETUALshort	0.0000%	1h	503.73	−0.063%	$27K	$43K	10x
HTX MSFT-USDT	0.0000%	8h	503.87	−0.036%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	504.14	+0.018%	$2.2M	$820K	10x	as long as short
Nado MSFT-PERP	+0.0011%	1h	503.71	−0.067%	$415K	$67K	20x	as long as short
BloFin MSFT-USDTlong	+0.0027%	8h	504.05	long leg	$190K	$206K	20x
Lighter RH MSFT	+0.0032%	1h	503.86	−0.038%	$689K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0039%	1h	503.94	−0.022%	$1.2M	$4.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.72	−0.065%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.90	−0.030%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	503.60	−0.089%	$22.4M	$9.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.66	−0.077%	$303K	$718K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.79	−0.052%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.57	−0.095%	$522K	$476K	15x	as long as short
Hotstuff MSFT-PERP	+0.0056%	1h	503.60	−0.089%	$32K	$8K	20x	as long as short
Paradex MSFT-USD-PERP	+0.0058%	8h	503.83	−0.044%	$222	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	503.74	−0.062%	$11K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.45	−0.119%	$1.6M	$58K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.69	−0.071%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.91	−0.028%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.91	−0.029%	$55	—	10x	as long as short
Lighter MSFT	+0.0136%	1h	504.10	+0.010%	$1.2M	$514K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	504.21	+0.032%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0978%	4h	503.91	−0.027%	$103K	$244K	10x	as long as short