Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0008%/8h= −0.9% APRpaid last 24h +0.004%

Price spread now: Deribit against SunX−0.210%7-day average — · you buy dearer than you sell

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

Long on SunX Short on Deribit

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

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Deribit is 0.210% cheaper against SunX than usual: you would sell low and buy high, −$21 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX MSFT-USDT	504.13	0	get 0.0000% / 8h	5h 50m	$6K	$3.5M	20x
Short	Deribit MSFT_USDC-PERPETUAL	503.07	−0.0008	pay 0.0001% / 1h	50m 58s	$30K	$47K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against SunX. 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 SunXbpFee DeribitbpOrdersPrice spread, now −0.210%Rate

Funding earned: −$1.75
Price spread: −0.210% → 0.000%: −$21.03
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$37.78
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: SunX: live order book, 10 min ago; Deribit: no order-book sample. 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 SunX live order book, 10 min ago	29.24 bp	111.8 bp −$112	doesn't fit	doesn't fit	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

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 exchanges

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	−0.1600%	1h	503.33	−0.159%	$32K	$8K	20x	as long as short
Nado MSFT-PERP	−0.0031%	1h	503.38	−0.148%	$411K	$72K	20x	as long as short
Deribit MSFT_USDC-PERPETUALshort	−0.0008%	1h	503.07	−0.210%	$30K	$47K	10x
Aster MSFTUSDT	0.0000%	8h	503.99	−0.027%	$166K	$118K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.26	−0.172%	$326K	$1.9M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	503.43	−0.139%	$16.4M	$20.8M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.23	−0.179%	$7.3M	$2.3M	100x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.24	−0.177%	$3.1M	$1.9M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	503.36	−0.153%	$3.9M	$2.9M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	503.47	−0.132%	$1.3M	$396K	—	as long as short

Show all 34 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX MSFT-USDTlong	0.0000%	8h	504.13	long leg	$6K	$3.5M	20x
Coinbase International MSFT-PERP-INTX	0.0000%	1h	502.80	−0.264%	$702K	$522K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.31	−0.163%	$48K	$246K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	504.07	−0.012%	$2.3M	$908K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0002%	1h	503.04	−0.216%	$532K	$382K	15x	as long as short
GRVT MSFT_USDT_Perp	+0.0007%	8h	503.55	−0.115%	$19K	$318K	10x	as long as short
BloFin MSFT-USDT	+0.0024%	8h	503.37	−0.151%	$202K	$214K	20x	as long as short
tradeXYZ xyz:MSFT	+0.0029%	1h	503.01	−0.222%	$22.5M	$9.2M	20x	as long as short
Lighter MSFT	+0.0032%	1h	503.22	−0.181%	$1.2M	$480K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.25	−0.175%	$691K	$1.8M	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.46	−0.133%	—	$1K	25x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.09	−0.206%	$318K	$677K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.16	−0.192%	$60K	$3K	10x	as long as short
Paradex MSFT-USD-PERP	+0.0057%	8h	503.39	−0.146%	$221	—	5x	as long as short
QFEX MSFT-USD	+0.0058%	1h	503.50	−0.125%	$1.1M	$4.7M	10x	as long as short
OKX MSFT-USDT-SWAP	+0.0061%	8h	503.58	−0.109%	$3.2M	$2.7M	20x	as long as short
Phoenix MSFT	+0.0079%	1h	503.25	−0.175%	$11K	$5K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.04	−0.216%	$1.6M	$220K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.38	−0.149%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.41	−0.143%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.42	−0.140%	$55	—	10x	as long as short
Arcus MSFT-USD	+0.0190%	1h	503.36	−0.153%	$93K	$83K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	503.61	−0.103%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0351%	4h	503.48	−0.130%	$102K	$243K	10x	as long as short