Funding arb · Price arb /

MSFT

RWAall MSFT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.005%

Price spread now: Extended against Bybit−0.002%7-day average −0.008% · you buy dearer than you sell

Net, funding: paid 7d − costs−$31as in the Funding arb table

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$320.320% of the position

Long on Bybit Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.006%+$1 on $10k

Price spread, last 4 days (all we have)−0.015%−$1 · spread now −0.002%, 7d avg −0.008%

Together, before fees−0.009%+ Points / potential airdropExtended: Active · farm board−$1 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit MSFTUSDT	501.09	0	get 0.0000% / 8h	7h 00m	$7.4M	$1.6M	100x
Short	Extended MSFT_24_5-USD	501.08	0	get 0.0000% / 1h	0m 38s	$342K	$905K	17x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against Bybit. 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 BybitbpFee ExtendedbpOrdersPrice spread, now −0.002%Rate

Funding earned: $0
Price spread: −0.002% → −0.008%: $0.59
Slippage, 4 orders: −$15.95
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$31.36
Costs to cover: 0.320%
Break-even: never at this rate

Slippage from Bybit: live order book, 2 min ago; Extended: live order book, 7 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 Bybit live order book, 2 min ago	1.00 bp	10.4 bp −$10	20.4 bp −$204	doesn't fit	doesn't fit
Sell Extended live order book, 7 min ago	0.70 bp	5.8 bp −$6	34.2 bp −$342	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	−0.0008%	1h	500.76	−0.066%	$684K	$449K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.48	+0.078%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USDshort	0.0000%	1h	501.08	−0.002%	$342K	$905K	17x
Binance MSFTUSDT	0.0000%	8h	501.20	+0.022%	$15.6M	$18.7M	20x	as long as short
Bybit MSFTUSDTlong	0.0000%	8h	501.09	long leg	$7.4M	$1.6M	100x
OKX MSFT-USDT-SWAP	0.0000%	8h	501.24	+0.030%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.22	+0.026%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.37	+0.056%	$3.8M	$2.1M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.26	+0.033%	$1.3M	$690K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.46	+0.074%	$19K	$293K	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	502.10	+0.202%	$6K	$4.1M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.00	−0.018%	$27K	$41K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.24	+0.030%	$58K	$227K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.40	+0.062%	$2.2M	$758K	10x	as long as short
BloFin MSFT-USDT	+0.0002%	8h	501.37	+0.056%	$188K	$205K	20x	as long as short
Nado MSFT-PERP	+0.0006%	1h	501.18	+0.018%	$414K	$64K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.18	+0.018%	$617K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0044%	1h	501.24	+0.030%	$1.1M	$5.8M	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.19	+0.020%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	500.96	−0.026%	$22.1M	$9.2M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	500.83	−0.052%	$303K	$672K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.21	+0.024%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.98	−0.022%	$514K	$504K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0051%	8h	501.01	−0.015%	$220	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.05	−0.008%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.27	+0.036%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	500.82	−0.054%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.24	+0.030%	$8K	—	10x	as long as short
Lighter MSFT	+0.0104%	1h	501.34	+0.050%	$1.1M	$486K	20x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.17	+0.015%	$55	—	10x	as long as short
Hotstuff MSFT-PERP	+0.0160%	1h	500.90	−0.038%	$32K	$8K	20x	as long as short
edgeX MSFTUSDC	+0.0163%	4h	501.29	+0.039%	$102K	$243K	10x	as long as short
Arcus MSFT-USD	+0.0212%	1h	501.14	+0.010%	$97K	$109K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.76	+0.134%	$115K	$45K	30x	as long as short