Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0046%/8h= −5.0% APRpaid last 24h −0.011%

Price spread now: Bybit against Vest−0.030%47s7-day average — · you buy dearer than you sell

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

Long on Vest Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropVest: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Bybit is 0.030% cheaper against Vest than usual: you would sell low and buy high (−$3 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. 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	Vest MSFT-USD-PERP	504.08	0.0046	pay 0.0006% / 1h	5m 43s	—	$1K	25x
Short	Bybit MSFTUSDT	503.93	0	get 0.0000% / 8h	2h 05m	$7.2M	$2.3M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Vest. 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 VestbpFee BybitbpOrdersPrice spread, now −0.030%Rate

Funding earned: −$9.59
Price spread: −0.030% → 0.000%: −$2.98
Slippage, 4 orders: no order book: not counted
Fee Vest: 1 bp × 2 orders: −$2
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$25.57
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Vest: no order-book sample; Bybit: live order book, 2 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 Vest no order-book sample	—	—	—	—	—
Sell Bybit live order book, 2 min ago	0.50 bp	11.2 bp −$11	18.7 bp −$187	doesn't fit	doesn't fit

Vest: 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
edgeX MSFTUSDC	−0.0903%	4h	504.37	+0.057%	$103K	$242K	10x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0064%	1h	503.75	−0.065%	$683K	$494K	10x	as long as short
Nado MSFT-PERP	−0.0017%	1h	503.94	−0.028%	$415K	$68K	20x	as long as short
Hotstuff MSFT-PERP	−0.0016%	1h	503.66	−0.083%	$32K	$8K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.91	−0.035%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	504.01	−0.013%	$338K	$1.2M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	504.15	+0.014%	$15.8M	$19.6M	20x	as long as short
Bybit MSFTUSDTshort	0.0000%	8h	503.93	−0.030%	$7.2M	$2.3M	100x
OKX MSFT-USDT-SWAP	0.0000%	8h	504.10	+0.004%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	504.02	−0.012%	$3.1M	$1.8M	100x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MSFTUSDT	0.0000%	8h	504.17	+0.018%	$3.8M	$3.0M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	504.10	+0.003%	$1.3M	$499K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	504.28	+0.040%	$19K	$323K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	504.94	+0.171%	$6K	$3.9M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	504.09	+0.002%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	504.33	+0.050%	$2.2M	$815K	10x	as long as short
Phoenix MSFT	+0.0016%	1h	503.87	−0.042%	$11K	$15K	20x	as long as short
BloFin MSFT-USDT	+0.0021%	8h	504.36	+0.056%	$189K	$207K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.90	−0.036%	$711K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0036%	1h	504.09	+0.002%	$1.1M	$4.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.94	−0.028%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERPlong	+0.0046%	1h	504.08	long leg	—	$1K	25x
tradeXYZ xyz:MSFT	+0.0050%	1h	503.66	−0.083%	$22.4M	$9.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.80	−0.056%	$303K	$717K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	504.03	−0.010%	$61K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.83	−0.050%	$522K	$476K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0059%	8h	503.98	−0.021%	$222	—	5x	as long as short
Lighter MSFT	+0.0088%	1h	504.11	+0.006%	$1.2M	$516K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.59	−0.097%	$1.6M	$57K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.79	−0.058%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	504.04	−0.008%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	504.10	+0.003%	$55	—	10x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0107%	1h	503.92	−0.032%	$27K	$43K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	504.48	+0.079%	$116K	$45K	30x	as long as short