Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.012%

Price spread now: Bybit against Polymarket Perps+0.054%47s7-day average +0.062% · you sell dearer than you buy

Net, funding: paid 7d − costs−$42as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$320.318% of the position

Long on Polymarket Perps Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.102%−$10 on $10k

Price spread, last 7 days−0.096%−$10 · spread now +0.054%, 7d avg +0.062%

Together, before fees−0.198%−$20 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.062%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate. The two prices were read 47 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	Polymarket Perps MSFT-USD	501.74	0.0050	pay 0.0006% / 1h	27m 43s	$303K	$674K	10x
Short	Bybit MSFTUSDT	502.01	0	get 0.0000% / 8h	7h 27m	$7.4M	$1.6M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Polymarket Perps. 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 Polymarket PerpsbpFee BybitbpOrdersPrice spread, now +0.054%Rate

Funding earned: −$10.5
Price spread: +0.054% → +0.062%: −$0.85
Slippage, 4 orders: −$12.8
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$43.16
Costs to cover: 0.318%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 45 min ago; Bybit: live order book, 5 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 Polymarket Perps live order book, 45 min ago	1.40 bp	6.2 bp −$6	7.7 bp −$77	9.0 bp −$897	doesn't fit
Sell Bybit live order book, 5 min ago	0.70 bp	10.5 bp −$10	19.0 bp −$190	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
Coinbase International MSFT-PERP-INTX	−0.0008%	1h	501.13	−0.122%	$679K	$448K	10x	as long as short
BloFin MSFT-USDT	−0.0003%	8h	502.14	+0.080%	$188K	$206K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.95	+0.041%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	502.06	+0.064%	$337K	$1.0M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	502.17	+0.086%	$15.7M	$18.7M	20x	as long as short
Bybit MSFTUSDTshort	0.0000%	8h	502.01	+0.054%	$7.4M	$1.6M	100x
OKX MSFT-USDT-SWAP	0.0000%	8h	502.32	+0.116%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.83	+0.018%	$3.1M	$1.6M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.86	+0.024%	$3.8M	$2.1M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.87	+0.025%	$1.3M	$690K	—	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	501.88	+0.028%	$19K	$292K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.95	+0.241%	$6K	$4.2M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	502.06	+0.064%	$58K	$227K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.43	+0.138%	$2.2M	$757K	10x	as long as short
Nado MSFT-PERP	0.0000%	1h	501.72	−0.004%	$414K	$64K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.86	+0.024%	$619K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0044%	1h	502.06	+0.064%	$1.1M	$5.8M	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.94	+0.040%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.68	−0.012%	$22.3M	$9.1M	20x	as long as short
Polymarket Perps MSFT-USDlong	+0.0050%	1h	501.74	long leg	$303K	$674K	10x
SoDEX MSFT-USD	+0.0050%	1h	502.06	+0.064%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.57	−0.034%	$527K	$489K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0051%	8h	501.91	+0.035%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.48	−0.052%	$10K	$15K	20x	as long as short
Lighter MSFT	+0.0088%	1h	502.07	+0.066%	$1.1M	$486K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.85	+0.022%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.45	−0.058%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.87	+0.026%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.88	+0.029%	$55	—	10x	as long as short
Hotstuff MSFT-PERP	+0.0136%	1h	501.74	0.000%	$32K	$8K	20x	as long as short
Arcus MSFT-USD	+0.0212%	1h	501.84	+0.020%	$97K	$109K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.00	+0.052%	$115K	$45K	30x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0248%	1h	501.91	+0.034%	$27K	$41K	10x	as long as short
edgeX MSFTUSDC	+0.0679%	4h	501.85	+0.022%	$102K	$244K	10x	as long as short