Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.019%

Price spread now: Bybit against Deribit+0.062%7-day average +0.023% · 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−$34as in the Price arb table

costs, in and out, $10k−$380.382% of the position

Long on Deribit Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)−0.079%−$8 on $10k

Price spread, last 3 days (all we have)−0.073%−$7 · spread now +0.062%, 7d avg +0.023%

Together, before fees−0.152%−$15 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 0.038% dearer against Deribit than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of +0.023%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit MSFT_USDC-PERPETUAL	501.43	0	get 0.0000% / 1h	58m 40s	$27K	$104K	10x
Short	Bybit MSFTUSDT	501.74	0	get 0.0000% / 8h	1h 58m	$7.4M	$1.7M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.062%Rate

Funding earned: $0
Price spread: +0.062% → +0.023%: $3.84
Slippage, 4 orders: −$20.15
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$34.31
Costs to cover: 0.382%
Break-even: never at this rate

Slippage from Deribit: live order book, 25 min ago; Bybit: live order book, 4 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, 25 min ago	0.10 bp	3.6 bp −$4	5.3 bp −$53	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	1.79 bp	11.8 bp −$12	16.9 bp −$169	doesn't fit	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
Hotstuff MSFT-PERP	−0.0024%	1h	501.41	−0.004%	$32K	$8K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.99	+0.111%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.76	+0.066%	$372K	$369K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.84	+0.082%	$15.7M	$19.3M	20x	as long as short
Bybit MSFTUSDTshort	0.0000%	8h	501.74	+0.062%	$7.4M	$1.7M	100x
OKX MSFT-USDT-SWAP	0.0000%	8h	501.78	+0.070%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.57	+0.028%	$3.1M	$1.5M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.84	+0.082%	$3.8M	$2.2M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.83	+0.079%	$1.3M	$710K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.77	+0.069%	$19K	$325K	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	502.61	+0.235%	$6K	$4.4M	20x	as long as short
Deribit MSFT_USDC-PERPETUALlong	0.0000%	1h	501.43	long leg	$27K	$104K	10x
Coinbase International MSFT-PERP-INTX	0.0000%	1h	501.47	+0.008%	$690K	$433K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.69	+0.052%	$59K	$230K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.92	+0.098%	$2.2M	$767K	10x	as long as short
BloFin MSFT-USDT	+0.0014%	8h	501.86	+0.086%	$188K	$210K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.68	+0.050%	$652K	$2.1M	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.56	+0.026%	—	—	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.42	−0.002%	$22.2M	$10.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.36	−0.014%	$309K	$683K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.77	+0.068%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.34	−0.018%	$529K	$493K	15x	as long as short
QFEX MSFT-USD	+0.0050%	1h	501.75	+0.064%	$1.1M	$5.8M	10x	as long as short
Paradex MSFT-USD-PERP	+0.0055%	8h	501.69	+0.051%	$221	—	5x	as long as short
Nado MSFT-PERP	+0.0070%	1h	501.39	−0.008%	$414K	$64K	20x	as long as short
Phoenix MSFT	+0.0096%	1h	501.60	+0.034%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.33	−0.020%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.43	0.000%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.75	+0.064%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.79	+0.072%	$55	—	10x	as long as short
Lighter MSFT	+0.0120%	1h	501.84	+0.082%	$1.1M	$589K	20x	as long as short
Arcus MSFT-USD	+0.0200%	1h	501.66	+0.046%	$109K	$90K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	503.08	+0.329%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0795%	4h	501.83	+0.079%	$102K	$244K	10x	as long as short