Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0088%/8h= −9.6% APRpaid last 24h +0.006%

Price spread now: Deribit against OKX−0.054%7-day average — · you buy dearer than you sell

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

Long on OKX Short on Deribit

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

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Deribit is 0.054% cheaper against OKX than usual: you would sell low and buy high (−$5 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX MSFT-USDT-SWAP	503.52	0	get 0.0000% / 8h	56m 43s	$3.0M	$2.4M	20x
Short	Deribit MSFT_USDC-PERPETUAL	503.25	−0.0088	pay 0.0011% / 1h	56m 43s	$27K	$44K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against OKX. 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 OKXbpFee DeribitbpOrdersPrice spread, now −0.054%Rate

Funding earned: −$18.41
Price spread: −0.054% → 0.000%: −$5.36
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$40.78
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: OKX: live order book, 5 min ago; Deribit: no order-book sample. 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 OKX live order book, 5 min ago	0.60 bp	10.6 bp −$11	21.0 bp −$210	doesn't fit	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

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
Nado MSFT-PERP	−0.0128%	1h	503.46	−0.012%	$414K	$67K	20x	as long as short
Deribit MSFT_USDC-PERPETUALshort	−0.0088%	1h	503.25	−0.054%	$27K	$44K	10x
tradeXYZ xyz:MSFT	−0.0027%	1h	503.12	−0.079%	$22.4M	$8.9M	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.45	−0.015%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.41	−0.023%	$338K	$1.6M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	503.52	0.000%	$15.8M	$19.2M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.32	−0.040%	$7.3M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAPlong	0.0000%	8h	503.52	long leg	$3.0M	$2.4M	20x
Gate MSFT_USDT	0.0000%	8h	503.26	−0.052%	$3.1M	$1.8M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	503.54	+0.004%	$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	503.65	+0.025%	$1.3M	$414K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	503.66	+0.028%	$19K	$328K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	504.32	+0.159%	$6K	$3.9M	20x	as long as short
Coinbase International MSFT-PERP-INTX	0.0000%	1h	503.66	+0.028%	$682K	$450K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.47	−0.010%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	503.62	+0.020%	$2.2M	$823K	10x	as long as short
BloFin MSFT-USDT	+0.0022%	8h	503.56	+0.008%	$190K	$206K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.33	−0.038%	$695K	$1.9M	20x	as long as short
QFEX MSFT-USD	+0.0037%	1h	503.47	−0.010%	$1.2M	$4.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.29	−0.046%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.65	+0.026%	—	$1K	25x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.24	−0.056%	$303K	$717K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.37	−0.030%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.22	−0.060%	$512K	$439K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0055%	8h	503.45	−0.013%	$222	—	5x	as long as short
Lighter MSFT	+0.0056%	1h	503.48	−0.008%	$1.2M	$518K	20x	as long as short
Hotstuff MSFT-PERP	+0.0056%	1h	503.19	−0.066%	$32K	$8K	20x	as long as short
Phoenix MSFT	+0.0064%	1h	503.38	−0.028%	$11K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	502.94	−0.115%	$1.6M	$61K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.41	−0.022%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.49	−0.006%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.45	−0.015%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	503.82	+0.060%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0451%	4h	503.51	−0.002%	$102K	$242K	10x	as long as short