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 −0.057%

Price spread now: Binance against Arcus+0.048%7-day average +0.026% · 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−$25as in the Price arb table

costs, in and out, $10k−$280.275% of the position

Long on Arcus Short on Binance

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.108%−$11 on $10k

Price spread, last 2 days (all we have)+0.008%+$1 · spread now +0.048%, 7d avg +0.026%

Together, before fees−0.099%−$10 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Binance is 0.021% dearer against Arcus than usual: you sell high and buy low (spread +0.048% now, against its 7-day average of +0.026%): +$2 on $10k if it goes back. Holding the pair costs −$16 a day in funding at the current rate, which eats that in about 3 hours. At the pace of the last 3 days (−0.108% in total) that is about 16 hours.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.108% in total (about -11.9% 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	501.58	0.0531	pay 0.0066% / 1h	30m 23s	$109K	$90K	10x
Short	Binance MSFTUSDT	501.82	0	get 0.0000% / 8h	2h 30m	$15.7M	$19.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now +0.048%Rate

Funding earned: −$111.61
Price spread: +0.048% → +0.026%: $2.14
Slippage, 4 orders: −$13.02
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee Binance: 5 bp × 2 orders: −$10
Net: −$136.99
Costs to cover: 0.275%
Break-even: never at this rate

Slippage from Arcus: live order book, 57 min ago; Binance: live order book, 11 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, 57 min ago	2.69 bp	8.3 bp −$8	9.0 bp −$90	17.7 bp −$1,774	doesn't fit
Sell Binance live order book, 11 min ago	0.10 bp	7.0 bp −$7	11.2 bp −$112	47.3 bp −$4,729	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	−0.0040%	1h	501.53	−0.010%	$689K	$433K	10x	as long as short
Nado MSFT-PERP	−0.0033%	1h	501.41	−0.034%	$414K	$64K	20x	as long as short
BloFin MSFT-USDT	−0.0023%	8h	501.82	+0.048%	$189K	$209K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	502.01	+0.086%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.75	+0.034%	$372K	$369K	17x	as long as short
Binance MSFTUSDTshort	0.0000%	8h	501.82	+0.048%	$15.7M	$19.2M	20x
Bybit MSFTUSDT	0.0000%	8h	501.86	+0.056%	$7.4M	$1.7M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.83	+0.050%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.58	0.000%	$3.1M	$1.5M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.81	+0.046%	$3.8M	$2.2M	100x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni MSFT	0.0000%	8h	501.64	+0.012%	$1.3M	$726K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.65	+0.015%	$18K	$329K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.50	+0.183%	$6K	$4.4M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.65	+0.014%	$59K	$230K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.02	+0.088%	$2.2M	$759K	10x	as long as short
Lighter MSFT	+0.0032%	1h	501.65	+0.014%	$1.1M	$653K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.55	−0.006%	$661K	$2.2M	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.70	+0.024%	—	—	25x	as long as short
Hotstuff MSFT-PERP	+0.0048%	1h	501.37	−0.042%	$32K	$8K	20x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.36	−0.044%	$22.2M	$10.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.30	−0.056%	$309K	$683K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.70	+0.024%	$60K	$3K	10x	as long as short
Paradex MSFT-USD-PERP	+0.0050%	8h	501.63	+0.010%	$221	—	5x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.39	−0.038%	$515K	$479K	15x	as long as short
QFEX MSFT-USD	+0.0050%	1h	501.72	+0.028%	$1.2M	$5.7M	10x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0089%	1h	501.67	+0.018%	$27K	$104K	10x	as long as short
Phoenix MSFT	+0.0096%	1h	501.59	+0.002%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.29	−0.058%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.56	−0.004%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.61	+0.006%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.70	+0.024%	$55	—	10x	as long as short
edgeX MSFTUSDC	+0.0186%	4h	501.76	+0.036%	$102K	$244K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.96	+0.076%	$115K	$45K	30x	as long as short
Arcus MSFT-USDlong	+0.0531%	1h	501.58	long leg	$109K	$90K	10x