Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.015%

Price spread now: KuCoin against Deribit+0.028%7-day average −0.039% · 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−$131as in the Price arb table

costs, in and out, $10k−$1381.380% of the position

Long on Deribit Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)+0.035%+$4 on $10k

Price spread, last 3 days (all we have)−0.096%−$10 · spread now +0.028%, 7d avg −0.039%

Together, before fees−0.061%−$6 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and KuCoin is 0.067% dearer against Deribit than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of −0.039%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit MSFT_USDC-PERPETUAL	501.29	0	get 0.0000% / 1h	22m 02s	$27K	$41K	10x
Short	KuCoin MSFTUSDTM	501.43	0.0100	get 0.0100% / 8h	7h 22m	$1.5M	$19K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now +0.028%Rate

Funding earned: $21
Price spread: +0.028% → −0.039%: $6.7
Slippage, 4 orders: −$119.04
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$110.34
Costs to cover: 1.380%
Break-even: 43.8 days

Slippage from Deribit: live order book, 51 min ago; KuCoin: live order book, 4 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, 51 min ago	0.10 bp	3.6 bp −$4	7.0 bp −$70	doesn't fit	doesn't fit
Sell KuCoin live order book, 4 min ago	9.67 bp	66.3 bp −$66	doesn't fit	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	−0.0336%	4h	501.89	+0.121%	$102K	$242K	10x	as long as short
BloFin MSFT-USDT	−0.0019%	8h	501.72	+0.086%	$188K	$205K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0008%	1h	501.24	−0.010%	$685K	$453K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.56	+0.054%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.49	+0.039%	$337K	$1.0M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.52	+0.046%	$15.7M	$18.7M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.39	+0.020%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.61	+0.064%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.44	+0.030%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.60	+0.062%	$3.8M	$2.1M	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	501.86	+0.114%	$1.3M	$690K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.95	+0.132%	$19K	$289K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.38	+0.217%	$6K	$4.1M	20x	as long as short
Deribit MSFT_USDC-PERPETUALlong	0.0000%	1h	501.29	long leg	$27K	$41K	10x
HTX MSFT-USDT	0.0000%	8h	501.54	+0.050%	$58K	$227K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.60	+0.062%	$2.2M	$759K	10x	as long as short
Nado MSFT-PERP	+0.0007%	1h	501.27	−0.004%	$414K	$64K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.41	+0.024%	$619K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0044%	1h	501.59	+0.060%	$1.1M	$5.8M	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.53	+0.048%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.15	−0.028%	$22.2M	$9.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.22	−0.014%	$303K	$672K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.51	+0.044%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.07	−0.044%	$528K	$502K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0051%	8h	501.53	+0.048%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.70	+0.082%	$10K	$15K	20x	as long as short
Hotstuff MSFT-PERP	+0.0088%	1h	501.29	0.000%	$32K	$8K	20x	as long as short
Lighter MSFT	+0.0096%	1h	501.64	+0.070%	$1.1M	$486K	20x	as long as short
KuCoin MSFTUSDTMshort	+0.0100%	8h	501.43	+0.028%	$1.5M	$19K	20x
ApeX Omni MSFTUSDT	+0.0100%	1h	501.56	+0.054%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.46	+0.034%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.51	+0.043%	$55	—	10x	as long as short
Arcus MSFT-USD	+0.0212%	1h	501.64	+0.070%	$97K	$109K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.82	+0.106%	$115K	$45K	30x	as long as short