Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0104%/8h= −11.4% APRpaid last 24h −0.031%

Price spread now: SunX against Aevo+0.166%7-day average — · you sell dearer than you buy

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

Long on Aevo Short on SunX

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

The price spread pays, funding is against you. SunX is 0.166% dearer against Aevo than usual: you sell high and buy low (spread +0.166% now, against zero (this spread has no 7-day history yet)): +$17 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 5.3 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aevo MSFT-PERP	503.65	0.0104	pay 0.0013% / 1h	39m 38s	$55	—	10x
Short	SunX MSFT-USDT	504.49	0	get 0.0000% / 8h	39m 38s	$6K	$3.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against Aevo. 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 AevobpFee SunXbpOrdersPrice spread, now +0.166%Rate

Funding earned: −$21.84
Price spread: +0.166% → 0.000%: $16.58
Slippage, 4 orders: no order book: not counted
Fee Aevo: 8 bp × 2 orders: −$16
Fee SunX: 4 bp × 2 orders: −$8
Net: −$29.26
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: Aevo: no order-book sample; SunX: live order book, 9 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 Aevo no order-book sample	—	—	—	—	—
Sell SunX live order book, 9 min ago	29.14 bp	104.0 bp −$104	doesn't fit	doesn't fit	doesn't fit

Aevo: 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
Nado MSFT-PERP	−0.0030%	1h	503.43	−0.045%	$414K	$67K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.76	+0.020%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.64	−0.002%	$338K	$1.9M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	503.78	+0.025%	$15.8M	$19.1M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.50	−0.031%	$7.3M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	503.80	+0.029%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.54	−0.023%	$3.1M	$1.8M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	503.64	−0.003%	$3.8M	$2.9M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	503.60	−0.012%	$1.3M	$414K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	503.63	−0.006%	$19K	$323K	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-USDTshort	0.0000%	8h	504.49	+0.166%	$6K	$3.8M	20x
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	503.52	−0.027%	$27K	$44K	10x	as long as short
Coinbase International MSFT-PERP-INTX	0.0000%	1h	502.97	−0.136%	$682K	$454K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.56	−0.019%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	503.91	+0.051%	$2.2M	$820K	10x	as long as short
BloFin MSFT-USDT	+0.0007%	8h	503.72	+0.013%	$190K	$206K	20x	as long as short
Lighter MSFT	+0.0032%	1h	503.72	+0.013%	$1.2M	$532K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.59	−0.013%	$707K	$1.9M	20x	as long as short
QFEX MSFT-USD	+0.0037%	1h	503.65	−0.001%	$1.2M	$4.7M	10x	as long as short
Hotstuff MSFT-PERP	+0.0040%	1h	503.32	−0.067%	$32K	$8K	20x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.40	−0.051%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.68	+0.005%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	503.25	−0.080%	$22.4M	$8.8M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.37	−0.057%	$303K	$717K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.56	−0.019%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.20	−0.090%	$512K	$428K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0054%	8h	503.62	−0.007%	$222	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	503.31	−0.068%	$11K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.16	−0.098%	$1.6M	$62K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.18	−0.094%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.58	−0.015%	$8K	—	10x	as long as short
Aevo MSFT-PERPlong	+0.0104%	1h	503.65	long leg	$55	—	10x
Injective MSFT/USDC PERP	+0.0220%	1h	504.82	+0.231%	$116K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0729%	4h	503.60	−0.012%	$102K	$243K	10x	as long as short