Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.007%

Price spread now: Extended against Deribit+0.033%7-day average +0.018% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$250.255% of the position

Long on Deribit Short on Extended

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)−0.070%−$7 on $10k

Price spread, last 3 days (all we have)−0.051%−$5 · spread now +0.033%, 7d avg +0.018%

Together, before fees−0.121%+ Points / potential airdropExtended: Active · farm board−$12 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit MSFT_USDC-PERPETUAL	501.04	0	get 0.0000% / 1h	2m 50s	$27K	$41K	10x
Short	Extended MSFT_24_5-USD	501.21	0	get 0.0000% / 1h	2m 50s	$342K	$905K	17x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now +0.033%Rate

Funding earned: $0
Price spread: +0.033% → +0.018%: $1.59
Slippage, 4 orders: −$13.48
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$23.89
Costs to cover: 0.255%
Break-even: never at this rate

Slippage from Deribit: live order book, 70 min ago; Extended: 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 Deribit live order book, 70 min ago	0.10 bp	3.6 bp −$4	7.0 bp −$70	doesn't fit	doesn't fit
Sell Extended live order book, 5 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
edgeX MSFTUSDC	−0.0047%	4h	501.37	+0.065%	$102K	$243K	10x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0008%	1h	500.76	−0.056%	$684K	$449K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.41	+0.073%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USDshort	0.0000%	1h	501.21	+0.033%	$342K	$905K	17x
Binance MSFTUSDT	0.0000%	8h	501.32	+0.056%	$15.6M	$18.7M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.23	+0.038%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.28	+0.048%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.24	+0.040%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.37	+0.066%	$3.8M	$2.1M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.37	+0.066%	$1.3M	$690K	—	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	501.46	+0.084%	$19K	$293K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.21	+0.234%	$6K	$4.1M	20x	as long as short
Deribit MSFT_USDC-PERPETUALlong	0.0000%	1h	501.04	long leg	$27K	$41K	10x
HTX MSFT-USDT	0.0000%	8h	501.27	+0.046%	$58K	$227K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.49	+0.090%	$2.2M	$759K	10x	as long as short
Nado MSFT-PERP	+0.0010%	1h	501.10	+0.012%	$414K	$64K	20x	as long as short
BloFin MSFT-USDT	+0.0024%	8h	501.32	+0.056%	$188K	$205K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.15	+0.022%	$617K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0044%	1h	501.30	+0.052%	$1.1M	$5.8M	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.24	+0.040%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	500.88	−0.032%	$22.1M	$9.2M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	500.92	−0.024%	$303K	$672K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.21	+0.034%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.98	−0.012%	$514K	$504K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0051%	8h	501.22	+0.037%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.09	+0.010%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.21	+0.034%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.14	+0.020%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.22	+0.036%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.20	+0.033%	$55	—	10x	as long as short
Lighter MSFT	+0.0112%	1h	501.42	+0.076%	$1.1M	$486K	20x	as long as short
Arcus MSFT-USD	+0.0212%	1h	501.21	+0.034%	$97K	$109K	10x	as long as short
Hotstuff MSFT-PERP	+0.0216%	1h	500.89	−0.030%	$32K	$8K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.76	+0.144%	$115K	$45K	30x	as long as short