Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0016%/8h= +1.8% APRpaid last 24h +0.066%

Price spread now: Arcus against BloFin−0.068%95s7-day average −0.044% · 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—prices read too far apart to compare

costs, in and out, $10k−$400.400% of the position

Long on BloFin Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.111%+$11 on $10k

Price spread, last 4 days (all we have)+0.035%+$4 · spread now −0.068%, 7d avg −0.044%

Together, before fees+0.147%+$15 on $10k · with fees, hour by hour

Funding pays, the price is against you. Arcus is 0.023% cheaper against BloFin than usual: you would sell low and buy high (spread −0.068% now, against its 7-day average of −0.044%). If the spread goes back, that is −$2 on $10k: about 4.8 days of funding at the current rate ($0 a day). At the pace of the last 4 days (+0.111% in total) that is about 18 hours. The two prices were read 95 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin MSFT-USDT	501.97	0.0024	pay 0.0024% / 8h	5h 31m	$189K	$204K	20x
Short	Arcus MSFT-USD	501.63	0.0040	get 0.0005% / 1h	31m 33s	$97K	$110K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus against BloFin. 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 BloFinbpFee ArcusbpOrdersPrice spread, now −0.068%Rate

Funding earned: $3.38
Price spread: −0.068% → −0.044%: −$2.33
Slippage, 4 orders: −$23.45
Fee BloFin: 6 bp × 2 orders: −$12
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: −$38.91
Costs to cover: 0.400%
Break-even: 87.6 days

Slippage from BloFin: live order book, 6 min ago; Arcus: live order book, 31 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 BloFin live order book, 6 min ago	0.10 bp	12.8 bp −$13	17.0 bp −$170	doesn't fit	doesn't fit
Sell Arcus live order book, 31 min ago	1.20 bp	12.3 bp −$12	15.3 bp −$153	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	−0.145%	$679K	$456K	10x	as long as short
Nado MSFT-PERP	−0.0033%	1h	501.61	−0.073%	$414K	$64K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.84	−0.025%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.74	−0.047%	$338K	$891K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.94	−0.006%	$15.7M	$18.9M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.79	−0.036%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.96	−0.002%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.73	−0.048%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.79	−0.036%	$4.5M	$2.5M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.82	−0.030%	$1.3M	$650K	—	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	501.87	−0.020%	$18K	$297K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.64	+0.133%	$6K	$4.1M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.79	−0.036%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.91	−0.012%	$2.2M	$768K	10x	as long as short
Hotstuff MSFT-PERP	+0.0016%	1h	501.38	−0.118%	$32K	$8K	20x	as long as short
BloFin MSFT-USDTlong	+0.0024%	8h	501.97	long leg	$189K	$204K	20x
QFEX MSFT-USD	+0.0030%	1h	501.72	−0.050%	$1.1M	$5.6M	10x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.68	−0.058%	$685K	$2.0M	20x	as long as short
Arcus MSFT-USDshort	+0.0040%	1h	501.63	−0.068%	$97K	$110K	10x
Vest MSFT-USD-PERP	+0.0046%	1h	501.68	−0.058%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.41	−0.112%	$22.1M	$9.1M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.48	−0.098%	$302K	$648K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.77	−0.040%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.26	−0.141%	$525K	$486K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0061%	8h	501.76	−0.043%	$221	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	501.58	−0.078%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.66	−0.062%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.19	−0.155%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.73	−0.048%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.72	−0.049%	$55	—	10x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0109%	1h	501.59	−0.076%	$27K	$41K	10x	as long as short
Lighter MSFT	+0.0176%	1h	502.00	+0.006%	$1.1M	$459K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	503.24	+0.253%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0990%	4h	501.81	−0.031%	$102K	$244K	10x	as long as short