Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 16:00 UTC0.0000%/8h= 0.0% APRnext payment −$0.00 per $10,000 · paid last 24h −0.002%

Price spread now: Bybit against BloFin−0.066%7-day average −0.031% · you buy dearer than you sell

Net, funding: paid 7d − costs−$40as in the Funding arb table

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$370.370% of the position

Long on BloFin Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.033%−$3 on $10k

Price spread, last 4 days (all we have)+0.022%+$2 · spread now −0.066%, 7d avg −0.031%

Together, before fees−0.010%−$1 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.034% cheaper against BloFin than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of −0.031%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin MSFT-USDT	503.26	0.0000	pay 0.0000% / 8h	5h 48m	$202K	$214K	20x
Short	Bybit MSFTUSDT	502.93	0	get 0.0000% / 8h	5h 48m	$7.3M	$2.3M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against BloFin. 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 BloFinbpFee BybitbpOrdersPrice spread, now −0.066%Rate

Funding earned: −$0.04
Price spread: −0.066% → −0.031%: −$3.44
Slippage, 4 orders: −$13.97
Fee BloFin: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$40.45
Costs to cover: 0.370%
Break-even: never at this rate

Slippage from BloFin: live order book, 56 min ago; Bybit: live order book, 2 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 BloFin live order book, 56 min ago	0.20 bp	7.5 bp −$7	10.3 bp −$103	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	1.39 bp	12.3 bp −$12	18.9 bp −$189	doesn't fit	doesn't fit

MSFT on 34 exchanges

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
Hotstuff MSFT-PERP	−0.1600%	1h	503.33	+0.014%	$32K	$8K	20x	as long as short
Nado MSFT-PERP	−0.0048%	1h	502.86	−0.079%	$410K	$72K	20x	as long as short
Ondo Perps MSFT-USD.P	−0.0044%	1h	502.68	−0.115%	$532K	$382K	15x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.79	+0.104%	$165K	$118K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	502.97	−0.057%	$326K	$1.9M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	503.14	−0.024%	$16.3M	$20.9M	20x	as long as short
Bybit MSFTUSDTshort	0.0000%	8h	502.93	−0.066%	$7.3M	$2.3M	100x
Gate MSFT_USDT	0.0000%	8h	502.91	−0.070%	$3.1M	$1.9M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	503.14	−0.024%	$3.9M	$2.9M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	503.26	−0.001%	$1.3M	$396K	—	as long as short

Show all 34 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX MSFT-USDT	0.0000%	8h	504.13	+0.173%	$6K	$3.5M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	502.87	−0.077%	$30K	$47K	10x	as long as short
Coinbase International MSFT-PERP-INTX	0.0000%	1h	502.80	−0.091%	$702K	$522K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.10	−0.032%	$48K	$246K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	503.50	+0.048%	$2.3M	$909K	10x	as long as short
BloFin MSFT-USDTlong	0.0000%	8h	503.26	long leg	$202K	$214K	20x
GRVT MSFT_USDT_Perp	+0.0007%	8h	503.55	+0.058%	$19K	$318K	10x	as long as short
tradeXYZ xyz:MSFT	+0.0016%	1h	502.66	−0.119%	$22.4M	$9.2M	20x	as long as short
Lighter MSFT	+0.0032%	1h	503.00	−0.052%	$1.2M	$480K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	502.96	−0.060%	$690K	$1.8M	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.12	−0.028%	—	$1K	25x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	502.85	−0.081%	$318K	$677K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.07	−0.038%	$60K	$3K	10x	as long as short
Paradex MSFT-USD-PERP	+0.0056%	8h	502.96	−0.059%	$221	—	5x	as long as short
OKX MSFT-USDT-SWAP	+0.0057%	8h	503.22	−0.008%	$3.2M	$2.7M	20x	as long as short
QFEX MSFT-USD	+0.0058%	1h	503.07	−0.038%	$1.1M	$4.7M	10x	as long as short
Phoenix MSFT	+0.0079%	1h	503.21	−0.010%	$11K	$5K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	502.91	−0.070%	$1.6M	$224K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.30	+0.008%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.26	0.000%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.26	−0.001%	$55	—	10x	as long as short
Arcus MSFT-USD	+0.0190%	1h	502.81	−0.089%	$93K	$83K	10x	as long as short
edgeX MSFTUSDC	+0.0195%	4h	503.42	+0.032%	$102K	$243K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	503.61	+0.070%	$115K	$45K	30x	as long as short