Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0035%/8h= −3.8% APRpaid last 24h −0.012%

Price spread now: Nado against Binance−0.074%7-day average −0.038% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$330.329% of the position

Long on Binance Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.059%−$6 on $10k

Price spread, last 4 days (all we have)+0.085%+$9 · spread now −0.074%, 7d avg −0.038%

Together, before fees+0.026%+ Points / potential airdropNado: Active · farm board+$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Nado is 0.037% cheaper against Binance than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.038%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance MSFTUSDT	501.88	0	get 0.0000% / 8h	5h 32m	$15.7M	$18.9M	20x
Short	Nado MSFT-PERP	501.50	−0.0035	pay 0.0004% / 1h	32m 28s	$414K	$64K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now −0.074%Rate

Funding earned: −$7.29
Price spread: −0.074% → −0.038%: −$3.67
Slippage, 4 orders: −$15.94
Fee Binance: 5 bp × 2 orders: −$10
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$43.9
Costs to cover: 0.329%
Break-even: never at this rate

Slippage from Binance: live order book, 8 min ago; Nado: live order book, 30 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, 8 min ago	0.20 bp	6.9 bp −$7	13.3 bp −$133	45.6 bp −$4,559	doesn't fit
Sell Nado live order book, 30 min ago	0.70 bp	5.6 bp −$6	23.4 bp −$234	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	−0.127%	$679K	$456K	10x	as long as short
Nado MSFT-PERPshort	−0.0035%	1h	501.50	−0.074%	$414K	$64K	20x
Hotstuff MSFT-PERP	−0.0024%	1h	501.42	−0.091%	$32K	$8K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.78	−0.019%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.72	−0.030%	$338K	$891K	17x	as long as short
Binance MSFTUSDTlong	0.0000%	8h	501.88	long leg	$15.7M	$18.9M	20x
Bybit MSFTUSDT	0.0000%	8h	501.76	−0.023%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.96	+0.017%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.73	−0.029%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.79	−0.017%	$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	−0.012%	$1.3M	$650K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.83	−0.009%	$18K	$297K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.57	+0.138%	$6K	$4.1M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.63	−0.049%	$27K	$41K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.82	−0.011%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.01	+0.027%	$2.2M	$769K	10x	as long as short
BloFin MSFT-USDT	+0.0024%	8h	501.97	+0.019%	$189K	$204K	20x	as long as short
QFEX MSFT-USD	+0.0030%	1h	501.76	−0.023%	$1.1M	$5.6M	10x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.64	−0.047%	$685K	$2.0M	20x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.63	−0.049%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.68	−0.039%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.39	−0.097%	$22.1M	$9.1M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.48	−0.079%	$302K	$648K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.82	−0.011%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.26	−0.123%	$525K	$486K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0062%	8h	501.71	−0.034%	$221	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	501.58	−0.059%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.61	−0.053%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.19	−0.137%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.73	−0.029%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.81	−0.014%	$55	—	10x	as long as short
Lighter MSFT	+0.0168%	1h	501.95	+0.015%	$1.1M	$458K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	503.24	+0.272%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0610%	4h	501.74	−0.028%	$102K	$243K	10x	as long as short