Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0531%/8h= −58.2% APRpaid last 24h −0.067%

Price spread now: Aster against Arcus+0.127%7-day average +0.048% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$42as in the Price arb table

costs, in and out, $10k−$500.496% of the position

Long on Arcus Short on Aster

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.110%−$11 on $10k

Price spread, last 4 days (all we have)−0.027%−$3 · spread now +0.127%, 7d avg +0.048%

Together, before fees−0.137%+ Points / potential airdropAster: Stage 5 · farm board−$14 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Aster is 0.079% dearer against Arcus than usual: you sell high and buy low (spread +0.127% now, against its 7-day average of +0.048%): +$8 on $10k if it goes back. Holding the pair costs −$16 a day in funding at the current rate, which eats that in about 12 hours. At the pace of the last 3 days (−0.110% in total) that is about 2.4 days.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.110% in total (about -12.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Arcus MSFT-USD	501.46	0.0531	pay 0.0066% / 1h	44m 06s	$109K	$90K	10x
Short	Aster MSFTUSDT	502.10	0	get 0.0000% / 8h	2h 44m	$161K	$116K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Arcus. 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 ArcusbpFee AsterbpOrdersPrice spread, now +0.127%Rate

Funding earned: −$111.61
Price spread: +0.127% → +0.048%: $7.94
Slippage, 4 orders: −$37.06
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee Aster: 4 bp × 2 orders: −$8
Net: −$153.23
Costs to cover: 0.496%
Break-even: never at this rate

Slippage from Arcus: live order book, 43 min ago; Aster: live order book, 42 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 Arcus live order book, 43 min ago	2.69 bp	8.3 bp −$8	9.0 bp −$90	17.7 bp −$1,774	doesn't fit
Sell Aster live order book, 42 min ago	10.75 bp	15.8 bp −$16	113.1 bp −$1,131	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
Nado MSFT-PERP	−0.0053%	1h	501.49	+0.006%	$414K	$64K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0040%	1h	501.71	+0.050%	$689K	$431K	10x	as long as short
Aster MSFTUSDTshort	0.0000%	8h	502.10	+0.127%	$161K	$116K	20x
Extended MSFT_24_5-USD	0.0000%	1h	501.51	+0.009%	$372K	$369K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.60	+0.029%	$15.7M	$19.2M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.71	+0.050%	$7.4M	$1.7M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.55	+0.018%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.34	−0.024%	$3.1M	$1.5M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.60	+0.027%	$1.3M	$709K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.65	+0.038%	$18K	$331K	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-USDT	0.0000%	8h	502.32	+0.171%	$6K	$4.4M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.61	+0.030%	$27K	$108K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.46	0.000%	$59K	$230K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.69	+0.046%	$2.2M	$757K	10x	as long as short
Bitget MSFTUSDT	+0.0002%	8h	501.59	+0.026%	$3.8M	$2.2M	100x	as long as short
BloFin MSFT-USDT	+0.0019%	8h	501.54	+0.016%	$189K	$209K	20x	as long as short
Lighter MSFT	+0.0032%	1h	501.66	+0.040%	$1.1M	$653K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.49	+0.006%	$667K	$2.2M	20x	as long as short
tradeXYZ xyz:MSFT	+0.0044%	1h	501.37	−0.018%	$22.2M	$9.9M	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.62	+0.032%	—	—	25x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.24	−0.044%	$304K	$672K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.53	+0.014%	$60K	$3K	10x	as long as short
Paradex MSFT-USD-PERP	+0.0050%	8h	501.56	+0.019%	$221	—	5x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.09	−0.074%	$515K	$479K	15x	as long as short
QFEX MSFT-USD	+0.0050%	1h	501.56	+0.020%	$1.2M	$5.7M	10x	as long as short
Phoenix MSFT	+0.0096%	1h	501.35	−0.022%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.55	+0.018%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.32	−0.028%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.59	+0.026%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.57	+0.022%	$55	—	10x	as long as short
Hotstuff MSFT-PERP	+0.0152%	1h	501.31	−0.030%	$32K	$8K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.80	+0.068%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0495%	4h	501.61	+0.029%	$102K	$244K	10x	as long as short
Arcus MSFT-USDlong	+0.0531%	1h	501.46	long leg	$109K	$90K	10x