Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0227%/8h= −24.8% APRpaid last 24h −0.005%

Price spread now: Bitget against Deribit+0.052%7-day average — · you sell dearer than you buy

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

Long on Deribit Short on Bitget

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

The price spread pays, funding is against you. Bitget is 0.052% dearer against Deribit than usual: you sell high and buy low (spread +0.052% now, against zero (this spread has no 7-day history yet)): +$5 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 18 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit MSFT_USDC-PERPETUAL	503.69	0.0227	pay 0.0028% / 1h	23m 58s	$27K	$45K	10x
Short	Bitget MSFTUSDT	503.95	0	get 0.0000% / 8h	7h 23m	$3.9M	$2.8M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Deribit. 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 DeribitbpFee BitgetbpOrdersPrice spread, now +0.052%Rate

Funding earned: −$47.61
Price spread: +0.052% → 0.000%: $5.16
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$61.45
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Deribit: no order-book sample; Bitget: live order book, 4 min ago. 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 Deribit no order-book sample	—	—	—	—	—
Sell Bitget live order book, 4 min ago	1.59 bp	9.3 bp −$9	13.4 bp −$134	59.6 bp −$5,959	doesn't fit

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	−0.0056%	1h	503.90	+0.042%	$681K	$457K	10x	as long as short
Nado MSFT-PERP	−0.0021%	1h	503.52	−0.034%	$414K	$67K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.98	+0.058%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.82	+0.026%	$335K	$1.9M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	503.95	+0.052%	$15.9M	$19.4M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.57	−0.024%	$7.2M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	503.94	+0.050%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.61	−0.016%	$3.1M	$1.9M	100x	as long as short
Bitget MSFTUSDTshort	0.0000%	8h	503.95	+0.052%	$3.9M	$2.8M	100x
Variational Omni MSFT	0.0000%	8h	503.92	+0.045%	$1.3M	$387K	—	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT MSFT_USDT_Perp	0.0000%	8h	504.32	+0.126%	$19K	$315K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	504.79	+0.218%	$6K	$3.6M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.85	+0.032%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	504.36	+0.133%	$2.2M	$840K	10x	as long as short
Phoenix MSFT	+0.0016%	1h	503.98	+0.058%	$11K	$15K	20x	as long as short
Hotstuff MSFT-PERP	+0.0016%	1h	503.39	−0.060%	$32K	$8K	20x	as long as short
BloFin MSFT-USDT	+0.0020%	8h	503.99	+0.060%	$192K	$203K	20x	as long as short
QFEX MSFT-USD	+0.0023%	1h	503.90	+0.042%	$1.1M	$4.6M	10x	as long as short
Lighter MSFT	+0.0032%	1h	503.65	−0.008%	$1.2M	$517K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.67	−0.004%	$700K	$1.9M	20x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.59	−0.020%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.74	+0.010%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	503.32	−0.073%	$22.4M	$8.9M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.30	−0.077%	$303K	$650K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.74	+0.010%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.48	−0.042%	$514K	$397K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0053%	8h	503.72	+0.005%	$222	—	5x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.53	−0.032%	$1.6M	$118K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.71	+0.004%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.74	+0.010%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.77	+0.015%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	505.84	+0.427%	$116K	$45K	30x	as long as short
Deribit MSFT_USDC-PERPETUALlong	+0.0227%	1h	503.69	long leg	$27K	$45K	10x
edgeX MSFTUSDC	+0.0795%	4h	504.18	+0.096%	$103K	$242K	10x	as long as short