Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0366%/8h= +40.0% APRpaid last 24h −0.006%

Price spread now: Bitget against Deribit+0.076%48s7-day average — · you sell dearer than you buy

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

Long on Deribit Short on Bitget

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 for this trade now. Funding pays +$11 a day on $10k at the current rate, and Bitget is 0.076% dearer against Deribit than usual: you sell high and buy low: +$8 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit MSFT_USDC-PERPETUAL	503.24	−0.0366	get 0.0046% / 1h	19m 23s	$27K	$44K	10x
Short	Bitget MSFTUSDT	503.62	0	get 0.0000% / 8h	19m 23s	$3.8M	$2.9M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Deribit. 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 DeribitbpFee BitgetbpOrdersPrice spread, now +0.076%Rate

Funding earned: $76.78
Price spread: +0.076% → 0.000%: $7.55
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bitget: 6 bp × 2 orders: −$12
Net: $65.33
Costs to cover: 0.190%
Break-even: 1.0 days

Slippage unknown: Deribit: no order-book sample; Bitget: live order book, 3 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 Deribit no order-book sample	—	—	—	—	—
Sell Bitget live order book, 3 min ago	1.39 bp	8.1 bp −$8	12.6 bp −$126	48.1 bp −$4,808	doesn't fit

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-PERPETUALlong	−0.0366%	1h	503.24	long leg	$27K	$44K	10x
Nado MSFT-PERP	−0.0044%	1h	503.46	+0.044%	$414K	$67K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.75	+0.102%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.47	+0.046%	$338K	$1.9M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	503.63	+0.077%	$15.8M	$19.1M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.31	+0.014%	$7.2M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	503.66	+0.083%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.40	+0.032%	$3.1M	$1.8M	100x	as long as short
Bitget MSFTUSDTshort	0.0000%	8h	503.62	+0.076%	$3.8M	$2.9M	100x
Variational Omni MSFT	0.0000%	8h	503.52	+0.055%	$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	+0.065%	$19K	$322K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	504.42	+0.234%	$6K	$3.8M	20x	as long as short
Coinbase International MSFT-PERP-INTX	0.0000%	1h	503.16	−0.016%	$681K	$447K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.55	+0.062%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	503.83	+0.117%	$2.2M	$818K	10x	as long as short
BloFin MSFT-USDT	+0.0003%	8h	503.62	+0.076%	$191K	$206K	20x	as long as short
tradeXYZ xyz:MSFT	+0.0007%	1h	503.15	−0.018%	$22.4M	$8.9M	20x	as long as short
Lighter MSFT	+0.0032%	1h	503.55	+0.062%	$1.2M	$532K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.42	+0.036%	$708K	$1.9M	20x	as long as short
edgeX MSFTUSDC	+0.0036%	4h	503.49	+0.049%	$102K	$243K	10x	as long as short
QFEX MSFT-USD	+0.0037%	1h	503.49	+0.050%	$1.1M	$4.6M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.33	+0.018%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.77	+0.105%	—	$1K	25x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.26	+0.004%	$303K	$717K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.41	+0.034%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.17	−0.014%	$512K	$428K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0052%	8h	503.49	+0.051%	$222	—	5x	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	502.91	−0.066%	$1.6M	$68K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.37	+0.026%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.46	+0.044%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.51	+0.054%	$55	—	10x	as long as short
Hotstuff MSFT-PERP	+0.0120%	1h	503.22	−0.004%	$32K	$8K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	504.86	+0.322%	$116K	$45K	30x	as long as short