Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h +0.002%

Price spread now: tradeXYZ against Binance−0.101%7-day average −0.128% · you buy dearer than you sell

Net, funding: paid 7d − costs−$28as in the Funding arb table

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$320.320% of the position

Long on Binance Short on tradeXYZ

What this pair did over the last

the charts below follow

Funding, last 7 days+0.043%+$4 on $10k

Price spread, last 7 days−0.004%$0 · spread now −0.101%, 7d avg −0.128%

Together, before fees+0.039%+ Points / potential airdroptradeXYZ: Active · farm board+$4 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and tradeXYZ is 0.027% dearer against Binance than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.128%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance MSFTUSDT	503.64	0	get 0.0000% / 8h	1h 24m	$15.8M	$19.7M	20x
Short	tradeXYZ xyz:MSFT	503.13	0.0050	get 0.0006% / 1h	24m 44s	$22.4M	$9.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

tradeXYZ 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 tradeXYZbpOrdersPrice spread, now −0.101%Rate

Funding earned: $10.5
Price spread: −0.101% → −0.128%: $2.71
Slippage, 4 orders: −$4.02
Fee Binance: 5 bp × 2 orders: −$10
Fee tradeXYZ: 9 bp × 2 orders: −$18
Net: −$18.8
Costs to cover: 0.320%
Break-even: 19.5 days

Slippage from Binance: live order book, 1 min ago; tradeXYZ: live order book, 4 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, 1 min ago	0.10 bp	7.0 bp −$7	13.7 bp −$137	71.4 bp −$7,141	doesn't fit
Sell tradeXYZ live order book, 4 min ago	0.79 bp	9.8 bp −$10	12.4 bp −$124	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	−0.0048%	1h	503.66	+0.004%	$682K	$500K	10x	as long as short
Hotstuff MSFT-PERP	−0.0016%	1h	503.17	−0.093%	$32K	$8K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.36	−0.055%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.52	−0.024%	$338K	$1.2M	17x	as long as short
Binance MSFTUSDTlong	0.0000%	8h	503.64	long leg	$15.8M	$19.7M	20x
Bybit MSFTUSDT	0.0000%	8h	503.35	−0.058%	$7.3M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	503.75	+0.022%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.49	−0.030%	$3.1M	$1.8M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	503.68	+0.008%	$3.8M	$3.0M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	503.61	−0.006%	$1.3M	$499K	—	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT MSFT_USDT_Perp	0.0000%	8h	503.88	+0.048%	$19K	$328K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	504.42	+0.155%	$6K	$3.9M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.68	+0.008%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	503.76	+0.024%	$2.2M	$822K	10x	as long as short
BloFin MSFT-USDT	+0.0004%	8h	503.71	+0.014%	$191K	$206K	20x	as long as short
Nado MSFT-PERP	+0.0017%	1h	503.26	−0.075%	$414K	$67K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.33	−0.062%	$701K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0039%	1h	503.61	−0.006%	$1.1M	$4.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.53	−0.022%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.64	0.000%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFTshort	+0.0050%	1h	503.13	−0.101%	$22.4M	$9.0M	20x
Polymarket Perps MSFT-USD	+0.0050%	1h	503.37	−0.054%	$303K	$718K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.53	−0.022%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.25	−0.077%	$522K	$476K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0056%	8h	503.46	−0.036%	$222	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	503.38	−0.052%	$11K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.11	−0.105%	$1.6M	$60K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.50	−0.028%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.57	−0.014%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.54	−0.020%	$55	—	10x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0128%	1h	503.40	−0.048%	$27K	$43K	10x	as long as short
Lighter MSFT	+0.0144%	1h	503.63	−0.002%	$1.2M	$515K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	504.21	+0.113%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0931%	4h	503.77	+0.025%	$102K	$242K	10x	as long as short