Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0016%/8h= −1.8% APRpaid last 24h −0.066%

Price spread now: BloFin against Arcus+0.068%7-day average +0.044% · 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−$38as in the Price arb table

costs, in and out, $10k−$400.400% of the position

Long on Arcus Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.111%−$11 on $10k

Price spread, last 4 days (all we have)−0.035%−$4 · spread now +0.068%, 7d avg +0.044%

Together, before fees−0.147%−$15 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BloFin is 0.023% dearer against Arcus than usual: you sell high and buy low (spread +0.068% now, against its 7-day average of +0.044%): +$2 on $10k if it goes back. Holding the pair costs $0 a day in funding at the current rate, which eats that in about 4.8 days. At the pace of the last 4 days (−0.111% in total) that is about 18 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Arcus MSFT-USD	501.63	0.0040	pay 0.0005% / 1h	32m 23s	$97K	$110K	10x
Short	BloFin MSFT-USDT	501.97	0.0024	get 0.0024% / 8h	5h 32m	$189K	$204K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.068%Rate

Funding earned: −$3.38
Price spread: +0.068% → +0.044%: $2.34
Slippage, 4 orders: −$23.45
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$40.99
Costs to cover: 0.400%
Break-even: never at this rate

Slippage from Arcus: live order book, 30 min ago; BloFin: live order book, 5 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, 30 min ago	1.20 bp	8.0 bp −$8	11.3 bp −$113	doesn't fit	doesn't fit
Sell BloFin live order book, 5 min ago	0.10 bp	6.9 bp −$7	11.0 bp −$110	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
Coinbase International MSFT-PERP-INTX	−0.0064%	1h	501.24	−0.078%	$679K	$456K	10x	as long as short
Nado MSFT-PERP	−0.0035%	1h	501.50	−0.025%	$414K	$64K	20x	as long as short
Hotstuff MSFT-PERP	−0.0024%	1h	501.42	−0.042%	$32K	$8K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.78	+0.030%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.72	+0.019%	$338K	$891K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.88	+0.049%	$15.7M	$18.9M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.76	+0.026%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.96	+0.066%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.73	+0.020%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.79	+0.032%	$4.5M	$2.5M	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	501.82	+0.037%	$1.3M	$650K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.83	+0.040%	$18K	$297K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.57	+0.187%	$6K	$4.1M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.63	0.000%	$27K	$41K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.82	+0.038%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.01	+0.076%	$2.2M	$769K	10x	as long as short
BloFin MSFT-USDTshort	+0.0024%	8h	501.97	+0.068%	$189K	$204K	20x
QFEX MSFT-USD	+0.0030%	1h	501.76	+0.026%	$1.1M	$5.6M	10x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.64	+0.002%	$685K	$2.0M	20x	as long as short
Arcus MSFT-USDlong	+0.0040%	1h	501.63	long leg	$97K	$110K	10x
Vest MSFT-USD-PERP	+0.0046%	1h	501.68	+0.010%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.39	−0.048%	$22.1M	$9.1M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.48	−0.030%	$302K	$648K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.82	+0.038%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.26	−0.074%	$525K	$486K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0062%	8h	501.71	+0.015%	$221	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	501.58	−0.010%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.61	−0.004%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.19	−0.088%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.73	+0.020%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.81	+0.035%	$55	—	10x	as long as short
Lighter MSFT	+0.0168%	1h	501.95	+0.064%	$1.1M	$458K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	503.24	+0.321%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0610%	4h	501.74	+0.021%	$102K	$243K	10x	as long as short