Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0064%/8h= −7.0% APRpaid last 24h −0.017%

Price spread now: Coinbase International against Binance+0.020%7-day average −0.125% · you sell dearer than you buy

Net, funding: paid 7d − costs−$34as in the Funding arb table

Net, price: spread back to 7d avg − costs−$14as in the Price arb table

costs, in and out, $10k−$280.282% of the position

Long on Binance Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.056%−$6 on $10k

Price spread, last 4 days (all we have)−0.134%−$13 · spread now +0.020%, 7d avg −0.125%

Together, before fees−0.190%−$19 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Coinbase International is 0.145% dearer against Binance than usual: you sell high and buy low (spread +0.020% now, against its 7-day average of −0.125%): +$14 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 7.5 days. At the pace of the last 7 days (−0.056% in total) that is about 18 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance MSFTUSDT	503.19	0	get 0.0000% / 8h	2h 56m	$15.8M	$19.3M	20x
Short	Coinbase International MSFT-PERP-INTX	503.29	−0.0064	pay 0.0008% / 1h	56m 12s	$685K	$461K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Binance. 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 BinancebpFee Coinbase InternationalbpOrdersPrice spread, now +0.020%Rate

Funding earned: −$13.44
Price spread: +0.020% → −0.125%: $14.49
Slippage, 4 orders: −$8.25
Fee Binance: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$27.2
Costs to cover: 0.282%
Break-even: never at this rate

Slippage from Binance: live order book, 15 min ago; Coinbase International: live order book, 57 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 Binance live order book, 15 min ago	0.10 bp	8.4 bp −$8	15.0 bp −$150	48.5 bp −$4,853	doesn't fit
Sell Coinbase International live order book, 57 min ago	1.70 bp	6.8 bp −$7	9.5 bp −$95	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	−0.0658%	4h	503.77	+0.116%	$102K	$244K	10x	as long as short
Nado MSFT-PERP	−0.0068%	1h	503.04	−0.029%	$412K	$66K	20x	as long as short
Coinbase International MSFT-PERP-INTXshort	−0.0064%	1h	503.29	+0.020%	$685K	$461K	10x
Aster MSFTUSDT	0.0000%	8h	502.97	−0.043%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.08	−0.022%	$341K	$1.2M	17x	as long as short
Binance MSFTUSDTlong	0.0000%	8h	503.19	long leg	$15.8M	$19.3M	20x
Bybit MSFTUSDT	0.0000%	8h	503.02	−0.034%	$7.2M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	503.23	+0.008%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	502.80	−0.078%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	503.20	+0.002%	$4.4M	$2.6M	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	503.79	+0.119%	$1.3M	$493K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	503.80	+0.122%	$19K	$305K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	504.03	+0.167%	$6K	$4.0M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	502.94	−0.050%	$27K	$42K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.14	−0.010%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	503.63	+0.087%	$2.2M	$789K	10x	as long as short
BloFin MSFT-USDT	+0.0009%	8h	503.51	+0.064%	$190K	$205K	20x	as long as short
Lighter MSFT	+0.0032%	1h	503.25	+0.012%	$1.2M	$495K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	502.99	−0.040%	$679K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0036%	1h	503.22	+0.006%	$1.1M	$4.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.37	+0.036%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.30	+0.022%	—	$1K	25x	as long as short
Phoenix MSFT	+0.0048%	1h	503.46	+0.054%	$11K	$15K	20x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	502.79	−0.080%	$22.2M	$8.9M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	502.92	−0.054%	$303K	$713K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.10	−0.018%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	502.83	−0.072%	$513K	$463K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0052%	8h	503.08	−0.021%	$221	—	5x	as long as short
Hotstuff MSFT-PERP	+0.0056%	1h	503.27	+0.016%	$32K	$8K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	502.90	−0.058%	$1.6M	$56K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.36	+0.034%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.07	−0.024%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.16	−0.007%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	503.84	+0.129%	$115K	$45K	30x	as long as short