Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0002%/8h= +0.2% APRpaid last 24h −0.002%

Price spread now: BloFin against Deribit+0.074%7-day average +0.052% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$280.283% of the position

Long on Deribit Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)−0.050%−$5 on $10k

Price spread, last 3 days (all we have)−0.026%−$3 · spread now +0.074%, 7d avg +0.052%

Together, before fees−0.076%−$8 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: BloFin is 0.022% dearer against Deribit than usual: you sell high and buy low, +$2 on $10k if it goes back to its 7-day average of +0.052%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit MSFT_USDC-PERPETUAL	501.00	0	get 0.0000% / 1h	0m 37s	$27K	$41K	10x
Short	BloFin MSFT-USDT	501.37	0.0002	get 0.0002% / 8h	7h 00m	$188K	$205K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.074%Rate

Funding earned: $0.35
Price spread: +0.074% → +0.052%: $2.15
Slippage, 4 orders: −$9.28
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$25.77
Costs to cover: 0.283%
Break-even: 521.9 days

Slippage from Deribit: live order book, 73 min ago; BloFin: live order book, 64 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 Deribit live order book, 73 min ago	0.10 bp	3.6 bp −$4	7.0 bp −$70	doesn't fit	doesn't fit
Sell BloFin live order book, 64 min ago	0.10 bp	6.5 bp −$7	9.3 bp −$93	22.4 bp −$2,242	doesn't fit

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	−0.0008%	1h	500.76	−0.048%	$684K	$449K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.48	+0.096%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.08	+0.016%	$342K	$905K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.20	+0.040%	$15.6M	$18.7M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.09	+0.018%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.24	+0.048%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.22	+0.044%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.37	+0.074%	$3.8M	$2.1M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.26	+0.051%	$1.3M	$690K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.46	+0.092%	$19K	$293K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX MSFT-USDT	0.0000%	8h	502.10	+0.220%	$6K	$4.1M	20x	as long as short
Deribit MSFT_USDC-PERPETUALlong	0.0000%	1h	501.00	long leg	$27K	$41K	10x
HTX MSFT-USDT	0.0000%	8h	501.24	+0.048%	$58K	$227K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.40	+0.080%	$2.2M	$758K	10x	as long as short
BloFin MSFT-USDTshort	+0.0002%	8h	501.37	+0.074%	$188K	$205K	20x
Nado MSFT-PERP	+0.0006%	1h	501.18	+0.036%	$414K	$64K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.18	+0.036%	$617K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0044%	1h	501.24	+0.048%	$1.1M	$5.8M	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.19	+0.038%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	500.96	−0.008%	$22.1M	$9.2M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	500.83	−0.034%	$303K	$672K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.21	+0.042%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.98	−0.004%	$514K	$504K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0051%	8h	501.01	+0.003%	$220	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.05	+0.010%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.27	+0.054%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	500.82	−0.036%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.24	+0.048%	$8K	—	10x	as long as short
Lighter MSFT	+0.0104%	1h	501.34	+0.068%	$1.1M	$486K	20x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.17	+0.033%	$55	—	10x	as long as short
Hotstuff MSFT-PERP	+0.0160%	1h	500.90	−0.020%	$32K	$8K	20x	as long as short
edgeX MSFTUSDC	+0.0163%	4h	501.29	+0.057%	$102K	$243K	10x	as long as short
Arcus MSFT-USD	+0.0212%	1h	501.14	+0.028%	$97K	$109K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.76	+0.152%	$115K	$45K	30x	as long as short