Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0187%/8h= −20.5% APRpaid last 24h +0.006%

Price spread now: Deribit against Bitget−0.091%7-day average — · you buy dearer than you sell

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

Long on Bitget 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 −$6 a day on $10k at the current rate, and Deribit is 0.091% cheaper against Bitget than usual: you would sell low and buy high (−$9 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	Bitget MSFTUSDT	503.62	0	get 0.0000% / 8h	19m 15s	$3.8M	$2.9M	100x
Short	Deribit MSFT_USDC-PERPETUAL	503.16	−0.0187	pay 0.0023% / 1h	19m 15s	$27K	$44K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Bitget. 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 BitgetbpFee DeribitbpOrdersPrice spread, now −0.091%Rate

Funding earned: −$39.28
Price spread: −0.091% → 0.000%: −$9.13
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$67.41
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Bitget: live order book, 4 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 Bitget live order book, 4 min ago	1.39 bp	9.4 bp −$9	13.0 bp −$130	44.2 bp −$4,417	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
Deribit MSFT_USDC-PERPETUALshort	−0.0187%	1h	503.16	−0.091%	$27K	$44K	10x
Nado MSFT-PERP	−0.0044%	1h	503.46	−0.031%	$414K	$67K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.73	+0.021%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.49	−0.025%	$338K	$1.9M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	503.63	+0.003%	$15.8M	$19.1M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.31	−0.062%	$7.2M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	503.66	+0.008%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.40	−0.044%	$3.1M	$1.8M	100x	as long as short
Bitget MSFTUSDTlong	0.0000%	8h	503.62	long leg	$3.8M	$2.9M	100x
Variational Omni MSFT	0.0000%	8h	503.52	−0.020%	$1.3M	$404K	—	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	503.57	−0.010%	$19K	$322K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	504.42	+0.159%	$6K	$3.8M	20x	as long as short
Coinbase International MSFT-PERP-INTX	0.0000%	1h	503.16	−0.091%	$681K	$447K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.53	−0.018%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	503.80	+0.036%	$2.2M	$818K	10x	as long as short
tradeXYZ xyz:MSFT	+0.0007%	1h	503.15	−0.093%	$22.4M	$8.9M	20x	as long as short
BloFin MSFT-USDT	+0.0019%	8h	503.64	+0.004%	$191K	$206K	20x	as long as short
Lighter MSFT	+0.0032%	1h	503.55	−0.014%	$1.2M	$532K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.42	−0.040%	$708K	$1.9M	20x	as long as short
edgeX MSFTUSDC	+0.0036%	4h	503.49	−0.026%	$102K	$243K	10x	as long as short
QFEX MSFT-USD	+0.0037%	1h	503.49	−0.026%	$1.1M	$4.6M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.33	−0.058%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.77	+0.030%	—	$1K	25x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.26	−0.071%	$303K	$717K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.42	−0.040%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.17	−0.089%	$512K	$428K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0052%	8h	503.49	−0.025%	$222	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	503.38	−0.048%	$11K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	502.91	−0.141%	$1.6M	$68K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.37	−0.050%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.44	−0.036%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.48	−0.028%	$55	—	10x	as long as short
Hotstuff MSFT-PERP	+0.0120%	1h	503.22	−0.079%	$32K	$8K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	504.86	+0.246%	$116K	$45K	30x	as long as short