Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0040%/8h= −4.4% APRpaid last 24h −0.081%

Price spread now: Gate against Arcus+0.026%7-day average −0.003% · 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−$450.446% of the position

Long on Arcus Short on Gate

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.152%−$15 on $10k

Price spread, last 4 days (all we have)+0.050%+$5 · spread now +0.026%, 7d avg −0.003%

Together, before fees−0.102%−$10 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Gate is 0.029% dearer against Arcus than usual: you sell high and buy low (spread +0.026% now, against its 7-day average of −0.003%): +$3 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 2.4 days. At the pace of the last 4 days (−0.152% in total) that is about 16 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Arcus MSFT-USD	501.05	0.0040	pay 0.0005% / 1h	1m 24s	$96K	$111K	10x
Short	Gate MSFT_USDT	501.18	0	get 0.0000% / 8h	4h 01m	$3.1M	$1.7M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.026%Rate

Funding earned: −$8.46
Price spread: +0.026% → −0.003%: $2.88
Slippage, 4 orders: −$25.07
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$50.14
Costs to cover: 0.446%
Break-even: never at this rate

Slippage from Arcus: live order book, 56 min ago; Gate: live order book, 2 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, 56 min ago	3.29 bp	8.6 bp −$9	13.1 bp −$131	doesn't fit	doesn't fit
Sell Gate live order book, 2 min ago	3.49 bp	11.6 bp −$12	60.2 bp −$602	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
edgeX MSFTUSDC	−0.0370%	4h	501.29	+0.047%	$102K	$244K	10x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0040%	1h	500.97	−0.016%	$677K	$451K	10x	as long as short
Nado MSFT-PERP	−0.0027%	1h	501.21	+0.033%	$414K	$64K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.24	+0.037%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.22	+0.033%	$337K	$890K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.32	+0.053%	$15.8M	$19.0M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.01	−0.008%	$7.2M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.27	+0.044%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDTshort	0.0000%	8h	501.18	+0.026%	$3.1M	$1.7M	100x
Bitget MSFTUSDT	0.0000%	8h	501.29	+0.048%	$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	501.33	+0.055%	$1.3M	$609K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.29	+0.049%	$19K	$301K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.03	+0.196%	$6K	$4.0M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.00	−0.010%	$27K	$42K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.19	+0.028%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.32	+0.054%	$2.2M	$769K	10x	as long as short
BloFin MSFT-USDT	+0.0030%	8h	501.35	+0.060%	$189K	$204K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.07	+0.004%	$677K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0036%	1h	501.24	+0.038%	$1.1M	$4.9M	10x	as long as short
Arcus MSFT-USDlong	+0.0040%	1h	501.05	long leg	$96K	$111K	10x
Vest MSFT-USD-PERP	+0.0046%	1h	501.32	+0.054%	—	$1K	25x	as long as short
Phoenix MSFT	+0.0048%	1h	501.11	+0.012%	$10K	$15K	20x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	500.84	−0.042%	$22.0M	$8.7M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	500.95	−0.020%	$302K	$722K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.14	+0.018%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.94	−0.022%	$527K	$443K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0055%	8h	501.22	+0.035%	$221	—	5x	as long as short
Lighter MSFT	+0.0080%	1h	501.33	+0.056%	$1.1M	$499K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	500.94	−0.022%	$1.5M	$20K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.08	+0.006%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.17	+0.024%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.21	+0.032%	$55	—	10x	as long as short
Hotstuff MSFT-PERP	+0.0144%	1h	500.89	−0.032%	$32K	$8K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.70	+0.329%	$115K	$45K	30x	as long as short