Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.012%

Price spread now: Bybit against Ondo Perps+0.012%7-day average +0.077% · you sell dearer than you buy

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

Long on Ondo Perps Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.107%−$11 on $10k

Price spread, last 4 days (all we have)+0.067%+$7 · spread now +0.012%, 7d avg +0.077%

Together, before fees−0.041%+ Points / potential airdropOndo Perps: Active · farm board−$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Bybit is 0.065% cheaper against Ondo Perps than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.077%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps MSFT-USD.P	503.36	0.0050	pay 0.0006% / 1h	18m 39s	$522K	$476K	15x
Short	Bybit MSFTUSDT	503.42	0	get 0.0000% / 8h	1h 18m	$7.3M	$2.3M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Ondo Perps. 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 Ondo PerpsbpFee BybitbpOrdersPrice spread, now +0.012%Rate

Funding earned: −$10.58
Price spread: +0.012% → +0.077%: −$6.49
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$33.07
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Ondo Perps: no order-book sample; Bybit: 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 Ondo Perps no order-book sample	—	—	—	—	—
Sell Bybit live order book, 4 min ago	1.49 bp	9.3 bp −$9	30.1 bp −$301	doesn't fit	doesn't fit

Ondo Perps: 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	+0.060%	$682K	$500K	10x	as long as short
BloFin MSFT-USDT	−0.0026%	8h	503.70	+0.068%	$191K	$207K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.39	+0.007%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.45	+0.018%	$338K	$1.2M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	503.59	+0.045%	$15.8M	$19.7M	20x	as long as short
Bybit MSFTUSDTshort	0.0000%	8h	503.42	+0.012%	$7.3M	$2.3M	100x
OKX MSFT-USDT-SWAP	0.0000%	8h	503.79	+0.085%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.41	+0.010%	$3.1M	$1.8M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	503.76	+0.079%	$3.8M	$3.0M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	503.75	+0.077%	$1.3M	$499K	—	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	503.76	+0.080%	$19K	$328K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	504.43	+0.213%	$6K	$3.9M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	503.33	−0.006%	$27K	$44K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.41	+0.010%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	503.61	+0.050%	$2.2M	$822K	10x	as long as short
Nado MSFT-PERP	+0.0029%	1h	503.36	−0.001%	$414K	$67K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.38	+0.004%	$700K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0039%	1h	503.58	+0.044%	$1.2M	$4.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.39	+0.006%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.67	+0.062%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	503.15	−0.042%	$22.4M	$9.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.24	−0.024%	$303K	$718K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.42	+0.012%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.Plong	+0.0050%	1h	503.36	long leg	$522K	$476K	15x
Paradex MSFT-USD-PERP	+0.0059%	8h	503.49	+0.025%	$222	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	503.43	+0.014%	$11K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.10	−0.052%	$1.6M	$60K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.21	−0.030%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.46	+0.020%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.44	+0.015%	$55	—	10x	as long as short
Lighter MSFT	+0.0160%	1h	503.63	+0.054%	$1.2M	$517K	20x	as long as short
Hotstuff MSFT-PERP	+0.0192%	1h	503.21	−0.030%	$32K	$8K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	504.04	+0.135%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0765%	4h	503.60	+0.048%	$102K	$243K	10x	as long as short