Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.011%

Price spread now: Bybit against Coinbase International+0.101%7-day average +0.096% · you sell dearer than you buy

Net, funding: paid 7d − costs−$32as in the Funding arb table

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$360.360% of the position

Long on Coinbase International Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.036%+$4 on $10k

Price spread, last 4 days (all we have)−0.051%−$5 · spread now +0.101%, 7d avg +0.096%

Together, before fees−0.015%−$1 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International MSFT-PERP-INTX	502.97	0	get 0.0000% / 1h	37m 44s	$682K	$454K	10x
Short	Bybit MSFTUSDT	503.48	0	get 0.0000% / 8h	37m 44s	$7.3M	$2.2M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Coinbase International. 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 Coinbase InternationalbpFee BybitbpOrdersPrice spread, now +0.101%Rate

Funding earned: $0
Price spread: +0.101% → +0.096%: $0.53
Slippage, 4 orders: −$14.98
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$35.45
Costs to cover: 0.360%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 66 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 Coinbase International live order book, 66 min ago	2.48 bp	7.8 bp −$8	10.2 bp −$102	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	0.69 bp	10.5 bp −$10	18.2 bp −$182	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
Nado MSFT-PERP	−0.0027%	1h	503.37	+0.080%	$414K	$67K	20x	as long as short
BloFin MSFT-USDT	−0.0004%	8h	503.82	+0.169%	$190K	$206K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.65	+0.135%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.64	+0.134%	$338K	$1.9M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	503.77	+0.159%	$15.8M	$19.1M	20x	as long as short
Bybit MSFTUSDTshort	0.0000%	8h	503.48	+0.101%	$7.3M	$2.2M	100x
OKX MSFT-USDT-SWAP	0.0000%	8h	503.80	+0.165%	$3.0M	$2.4M	20x	as long as short
Hotstuff MSFT-PERP	0.0000%	1h	503.25	+0.056%	$32K	$8K	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.54	+0.113%	$3.1M	$1.8M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	503.64	+0.133%	$3.8M	$2.9M	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	503.60	+0.125%	$1.3M	$414K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	503.63	+0.130%	$19K	$323K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	504.61	+0.326%	$6K	$3.8M	20x	as long as short
Coinbase International MSFT-PERP-INTXlong	0.0000%	1h	502.97	long leg	$682K	$454K	10x
HTX MSFT-USDT	0.0000%	8h	503.66	+0.137%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	503.86	+0.177%	$2.2M	$820K	10x	as long as short
Lighter MSFT	+0.0032%	1h	503.63	+0.131%	$1.2M	$532K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.51	+0.107%	$707K	$1.9M	20x	as long as short
QFEX MSFT-USD	+0.0037%	1h	503.65	+0.135%	$1.2M	$4.7M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.44	+0.093%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.73	+0.151%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	503.27	+0.060%	$22.4M	$8.8M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.38	+0.082%	$303K	$717K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.57	+0.119%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.20	+0.046%	$512K	$428K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0054%	8h	503.56	+0.117%	$222	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	503.41	+0.087%	$11K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.06	+0.018%	$1.6M	$63K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.18	+0.042%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.64	+0.133%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.68	+0.141%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	504.82	+0.368%	$116K	$45K	30x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0227%	1h	503.61	+0.127%	$27K	$44K	10x	as long as short
edgeX MSFTUSDC	+0.0729%	4h	503.60	+0.125%	$102K	$243K	10x	as long as short