Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.012%

Price spread now: Bybit against SoDEX−0.010%7-day average — · you buy dearer than you sell

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

Long on SoDEX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 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

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX MSFT-USD	501.30	0.0050	pay 0.0006% / 1h	38m 19s	$60K	$3K	10x
Short	Bybit MSFTUSDT	501.25	0	get 0.0000% / 8h	6h 38m	$7.4M	$1.6M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against SoDEX. 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 SoDEXbpFee BybitbpOrdersPrice spread, now −0.010%Rate

Funding earned: −$10.5
Price spread: −0.010% → 0.000%: −$1
Slippage, 4 orders: no order book: not counted
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$30.5
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: SoDEX: no order-book sample; Bybit: live order book, 5 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 SoDEX no order-book sample	—	—	—	—	—
Sell Bybit live order book, 5 min ago	0.80 bp	10.0 bp −$10	18.1 bp −$181	doesn't fit	doesn't fit

SoDEX: 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
BloFin MSFT-USDT	−0.0028%	8h	501.33	+0.006%	$189K	$204K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0016%	1h	500.87	−0.086%	$684K	$451K	10x	as long as short
Nado MSFT-PERP	−0.0013%	1h	501.08	−0.043%	$414K	$64K	20x	as long as short
Hotstuff MSFT-PERP	−0.0008%	1h	500.97	−0.066%	$32K	$8K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.49	+0.038%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.26	−0.008%	$342K	$894K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.38	+0.016%	$15.6M	$18.8M	20x	as long as short
Bybit MSFTUSDTshort	0.0000%	8h	501.25	−0.010%	$7.4M	$1.6M	100x
OKX MSFT-USDT-SWAP	0.0000%	8h	501.50	+0.040%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.14	−0.032%	$3.1M	$1.6M	100x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MSFTUSDT	0.0000%	8h	501.41	+0.022%	$4.3M	$2.4M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.10	−0.040%	$1.3M	$677K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.24	−0.013%	$19K	$295K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.19	+0.178%	$6K	$4.1M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.15	−0.030%	$27K	$41K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.32	+0.004%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.53	+0.046%	$2.2M	$762K	10x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.23	−0.014%	$618K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0038%	1h	501.31	+0.002%	$1.2M	$5.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.12	−0.036%	$97K	$109K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.18	−0.024%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	500.94	−0.072%	$22.1M	$9.2M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	500.97	−0.066%	$303K	$672K	10x	as long as short
SoDEX MSFT-USDlong	+0.0050%	1h	501.30	long leg	$60K	$3K	10x
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.84	−0.092%	$513K	$514K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0051%	8h	501.26	−0.009%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.09	−0.042%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.00	−0.060%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	500.67	−0.126%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.31	+0.002%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.28	−0.005%	$55	—	10x	as long as short
Lighter MSFT	+0.0136%	1h	501.50	+0.040%	$1.1M	$489K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.56	+0.052%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0251%	4h	501.21	−0.017%	$102K	$241K	10x	as long as short