Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0019%/8h= +2.1% APRpaid last 24h +0.001%

Price spread now: Nado against Bitget−0.068%7-day average −0.040% · 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−$50as in the Price arb table

costs, in and out, $10k−$470.470% of the position

Long on Bitget Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.048%−$5 on $10k

Price spread, last 3 days (all we have)−0.018%−$2 · spread now −0.068%, 7d avg −0.040%

Together, before fees−0.066%+ Points / potential airdropNado: Active · farm board−$7 on $10k · with fees, hour by hour

Funding pays, the price is against you. Nado is 0.027% cheaper against Bitget than usual: you would sell low and buy high (spread −0.068% now, against its 7-day average of −0.040%). If the spread goes back, that is −$3 on $10k: about 4.8 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget MSFTUSDT	501.46	0	get 0.0000% / 8h	7h 12m	$3.8M	$2.1M	100x
Short	Nado MSFT-PERP	501.12	0.0019	get 0.0002% / 1h	12m 15s	$414K	$64K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now −0.068%Rate

Funding earned: $4
Price spread: −0.068% → −0.040%: −$2.74
Slippage, 4 orders: −$27.97
Fee Bitget: 6 bp × 2 orders: −$12
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$45.71
Costs to cover: 0.470%
Break-even: 86.9 days

Slippage from Bitget: live order book, 1 min ago; Nado: live order book, 61 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, 1 min ago	1.30 bp	10.9 bp −$11	13.1 bp −$131	42.1 bp −$4,211	doesn't fit
Sell Nado live order book, 61 min ago	0.60 bp	14.1 bp −$14	26.2 bp −$262	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	−0.0508%	4h	501.42	−0.008%	$102K	$244K	10x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0008%	1h	501.24	−0.044%	$685K	$453K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.50	+0.007%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.36	−0.021%	$337K	$900K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.47	+0.002%	$15.7M	$18.7M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.32	−0.028%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.50	+0.008%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.28	−0.036%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDTlong	0.0000%	8h	501.46	long leg	$3.8M	$2.1M	100x
Variational Omni MSFT	0.0000%	8h	501.45	−0.003%	$1.3M	$690K	—	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	501.51	+0.010%	$19K	$293K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.25	+0.158%	$6K	$4.1M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.10	−0.072%	$27K	$41K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.36	−0.020%	$58K	$227K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.02	+0.112%	$2.2M	$760K	10x	as long as short
BloFin MSFT-USDT	+0.0007%	8h	501.51	+0.010%	$188K	$205K	20x	as long as short
Nado MSFT-PERPshort	+0.0019%	1h	501.12	−0.068%	$414K	$64K	20x
Lighter RH MSFT	+0.0032%	1h	501.25	−0.042%	$619K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0044%	1h	501.46	0.000%	$1.1M	$5.8M	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.34	−0.024%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.14	−0.064%	$22.1M	$9.2M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.13	−0.066%	$303K	$672K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.35	−0.022%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.05	−0.082%	$514K	$503K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0051%	8h	501.38	−0.015%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.24	−0.044%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.33	−0.026%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.13	−0.066%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.41	−0.010%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.35	−0.021%	$55	—	10x	as long as short
Lighter MSFT	+0.0120%	1h	501.52	+0.012%	$1.1M	$486K	20x	as long as short
Hotstuff MSFT-PERP	+0.0168%	1h	501.20	−0.052%	$32K	$8K	20x	as long as short
Arcus MSFT-USD	+0.0212%	1h	501.32	−0.028%	$97K	$109K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.82	+0.072%	$115K	$45K	30x	as long as short