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 −0.003%

Price spread now: Bybit against Deribit+0.012%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 Bybit

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

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit MSFT_USDC-PERPETUAL	503.70	0	get 0.0000% / 1h	45m 20s	$27K	$43K	10x
Short	Bybit MSFTUSDT	503.76	0	get 0.0000% / 8h	1h 45m	$7.3M	$2.3M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.012%Rate

Funding earned: $0
Price spread: +0.012% → 0.000%: $1.19
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$16.81
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Deribit: no order-book sample; Bybit: live order book, 3 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 Bybit live order book, 3 min ago	0.79 bp	10.3 bp −$10	16.7 bp −$167	doesn't fit	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	−0.0048%	1h	503.66	−0.008%	$682K	$500K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.78	+0.015%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.91	+0.041%	$341K	$1.2M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	504.02	+0.064%	$15.8M	$19.6M	20x	as long as short
Bybit MSFTUSDTshort	0.0000%	8h	503.76	+0.012%	$7.3M	$2.3M	100x
OKX MSFT-USDT-SWAP	0.0000%	8h	504.13	+0.085%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.82	+0.024%	$3.1M	$1.8M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	504.07	+0.073%	$3.8M	$3.0M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	503.96	+0.051%	$1.3M	$499K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	504.05	+0.069%	$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	504.77	+0.212%	$6K	$3.9M	20x	as long as short
Deribit MSFT_USDC-PERPETUALlong	0.0000%	1h	503.70	long leg	$27K	$43K	10x
HTX MSFT-USDT	0.0000%	8h	503.76	+0.012%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	504.14	+0.087%	$2.2M	$820K	10x	as long as short
Nado MSFT-PERP	+0.0012%	1h	503.67	−0.005%	$415K	$67K	20x	as long as short
BloFin MSFT-USDT	+0.0020%	8h	503.99	+0.058%	$190K	$207K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.82	+0.024%	$689K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0039%	1h	503.98	+0.056%	$1.2M	$4.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.76	+0.012%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.97	+0.054%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	503.56	−0.028%	$22.4M	$9.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.64	−0.012%	$303K	$718K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.82	+0.024%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.67	−0.006%	$522K	$476K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0058%	8h	503.86	+0.032%	$222	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	503.77	+0.014%	$11K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.36	−0.068%	$1.6M	$58K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.69	−0.002%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.90	+0.040%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.91	+0.042%	$55	—	10x	as long as short
Lighter MSFT	+0.0136%	1h	504.04	+0.068%	$1.2M	$514K	20x	as long as short
Hotstuff MSFT-PERP	+0.0144%	1h	503.58	−0.024%	$32K	$8K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	504.13	+0.085%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0680%	4h	504.02	+0.063%	$103K	$244K	10x	as long as short