Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.015%

Price spread now: Polymarket Perps against Orderly−0.078%7-day average — · you buy dearer than you sell

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

Long on Orderly Short on Polymarket Perps

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 −$2 a day on $10k at the current rate, and Polymarket Perps is 0.078% cheaper against Orderly than usual: you would sell low and buy high (−$8 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	Orderly PERP_MSFT_USDC_mythos	502.19	0.0100	pay 0.0100% / 8h	45m 03s	$8K	—	10x
Short	Polymarket Perps MSFT-USD	501.80	0.0050	get 0.0006% / 1h	45m 03s	$303K	$678K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps against Orderly. 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 OrderlybpFee Polymarket PerpsbpOrdersPrice spread, now −0.078%Rate

Funding earned: −$10.5
Price spread: −0.078% → 0.000%: −$7.77
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$32.27
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Polymarket Perps: live order book, 33 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 Orderly no order-book sample	—	—	—	—	—
Sell Polymarket Perps live order book, 33 min ago	1.89 bp	5.9 bp −$6	6.1 bp −$61	6.7 bp −$671	doesn't fit

Orderly: 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
BloFin MSFT-USDT	−0.0026%	8h	502.32	+0.026%	$188K	$209K	20x	as long as short
Nado MSFT-PERP	−0.0023%	1h	501.96	−0.046%	$414K	$64K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0016%	1h	501.76	−0.086%	$687K	$450K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	502.22	+0.006%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	502.20	+0.003%	$337K	$392K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	502.30	+0.022%	$15.7M	$19.1M	20x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	502.31	+0.024%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	502.05	−0.028%	$3.2M	$1.6M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	502.29	+0.020%	$3.8M	$2.3M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	502.26	+0.014%	$1.3M	$702K	—	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	502.15	−0.007%	$18K	$308K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	503.07	+0.175%	$6K	$4.3M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	502.09	−0.020%	$59K	$227K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.43	+0.048%	$2.2M	$753K	10x	as long as short
Hotstuff MSFT-PERP	+0.0016%	1h	501.87	−0.064%	$32K	$8K	20x	as long as short
Bybit MSFTUSDT	+0.0027%	8h	502.34	+0.030%	$7.4M	$1.7M	100x	as long as short
Lighter RH MSFT	+0.0032%	1h	502.15	−0.008%	$639K	$2.1M	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	502.13	−0.012%	—	$1K	25x	as long as short
QFEX MSFT-USD	+0.0049%	1h	502.19	0.000%	$1.1M	$5.8M	10x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.87	−0.064%	$22.3M	$9.6M	20x	as long as short
Polymarket Perps MSFT-USDshort	+0.0050%	1h	501.80	−0.078%	$303K	$678K	10x
SoDEX MSFT-USD	+0.0050%	1h	502.22	+0.006%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.76	−0.086%	$529K	$494K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0054%	8h	502.18	−0.003%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.96	−0.046%	$11K	$15K	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0089%	1h	502.09	−0.020%	$27K	$101K	10x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.71	−0.096%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.73	−0.092%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythoslong	+0.0100%	8h	502.19	long leg	$8K	—	10x
Aevo MSFT-PERP	+0.0104%	1h	502.23	+0.007%	$55	—	10x	as long as short
Lighter MSFT	+0.0160%	1h	502.36	+0.034%	$1.1M	$585K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.57	+0.076%	$115K	$45K	30x	as long as short
Arcus MSFT-USD	+0.0286%	1h	502.15	−0.008%	$97K	$109K	10x	as long as short
edgeX MSFTUSDC	+0.0785%	4h	502.22	+0.006%	$102K	$243K	10x	as long as short