Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0040%/8h= −4.4% APRpaid last 24h −0.007%

Price spread now: Coinbase International against Bitget−0.064%7-day average −0.121% · you buy dearer than you sell

Net, funding: paid 7d − costs−$38as in the Funding arb table

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$340.338% of the position

Long on Bitget Short on Coinbase International

What this pair did over the last

the charts below follow

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

Price spread, last 4 days (all we have)+0.040%+$4 · spread now −0.064%, 7d avg −0.121%

Together, before fees−0.003%$0 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Coinbase International is 0.057% dearer against Bitget than usual: you sell high and buy low (spread −0.064% now, against its 7-day average of −0.121%): +$6 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 4.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget MSFTUSDT	501.29	0	get 0.0000% / 8h	4h 01m	$4.5M	$2.5M	100x
Short	Coinbase International MSFT-PERP-INTX	500.97	−0.0040	pay 0.0005% / 1h	1m 18s	$677K	$451K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Bitget. 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 BitgetbpFee Coinbase InternationalbpOrdersPrice spread, now −0.064%Rate

Funding earned: −$8.4
Price spread: −0.064% → −0.121%: $5.68
Slippage, 4 orders: −$11.79
Fee Bitget: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$36.51
Costs to cover: 0.338%
Break-even: never at this rate

Slippage from Bitget: live order book, 2 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 Bitget live order book, 2 min ago	1.60 bp	9.2 bp −$9	14.2 bp −$142	53.1 bp −$5,305	doesn't fit
Sell Coinbase International live order book, 57 min ago	2.70 bp	8.5 bp −$8	11.3 bp −$113	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	−0.001%	$102K	$244K	10x	as long as short
Coinbase International MSFT-PERP-INTXshort	−0.0040%	1h	500.97	−0.064%	$677K	$451K	10x
Nado MSFT-PERP	−0.0027%	1h	501.21	−0.015%	$414K	$64K	20x	as long as short
BloFin MSFT-USDT	−0.0006%	8h	501.36	+0.014%	$189K	$204K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.20	−0.019%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.18	−0.023%	$337K	$890K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.34	+0.009%	$15.8M	$19.0M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	500.99	−0.060%	$7.2M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.27	−0.004%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.18	−0.022%	$3.1M	$1.7M	100x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MSFTUSDTlong	0.0000%	8h	501.29	long leg	$4.5M	$2.5M	100x
Variational Omni MSFT	0.0000%	8h	501.33	+0.007%	$1.3M	$609K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.29	+0.001%	$19K	$301K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.10	+0.162%	$6K	$4.0M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	500.99	−0.060%	$27K	$42K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.25	−0.008%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.37	+0.016%	$2.2M	$769K	10x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.06	−0.046%	$677K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0036%	1h	501.24	−0.010%	$1.1M	$4.9M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.05	−0.048%	$96K	$111K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.32	+0.006%	—	$1K	25x	as long as short
Phoenix MSFT	+0.0048%	1h	501.11	−0.036%	$10K	$15K	20x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	500.84	−0.090%	$22.0M	$8.7M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	500.95	−0.068%	$302K	$722K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.19	−0.020%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.94	−0.070%	$527K	$443K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0055%	8h	501.22	−0.013%	$221	—	5x	as long as short
Lighter MSFT	+0.0080%	1h	501.33	+0.008%	$1.1M	$499K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	500.94	−0.070%	$1.5M	$20K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.08	−0.042%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.21	−0.016%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.20	−0.018%	$55	—	10x	as long as short
Hotstuff MSFT-PERP	+0.0144%	1h	500.89	−0.080%	$32K	$8K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.70	+0.281%	$115K	$45K	30x	as long as short