Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0117%/8h= −12.8% APRpaid last 24h −0.016%

Price spread now: Nado against BloFin+0.001%7-day average −0.046% · you sell dearer than you buy

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−$410.413% of the position

Long on BloFin Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.072%−$7 on $10k

Price spread, last 4 days (all we have)−0.082%−$8 · spread now +0.001%, 7d avg −0.046%

Together, before fees−0.154%+ Points / potential airdropNado: Active · farm board−$15 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Nado is 0.047% dearer against BloFin than usual: you sell high and buy low (spread +0.001% now, against its 7-day average of −0.046%): +$5 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 33 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin MSFT-USDT	502.43	0.0016	pay 0.0016% / 8h	3h 27m	$189K	$204K	20x
Short	Nado MSFT-PERP	502.44	−0.0101	pay 0.0013% / 1h	27m 17s	$415K	$64K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now +0.001%Rate

Funding earned: −$24.47
Price spread: +0.001% → −0.046%: $4.74
Slippage, 4 orders: −$22.34
Fee BloFin: 6 bp × 2 orders: −$12
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$61.07
Costs to cover: 0.413%
Break-even: never at this rate

Slippage from BloFin: live order book, 63 min ago; Nado: live order book, 26 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, 63 min ago	0.20 bp	7.3 bp −$7	9.5 bp −$95	doesn't fit	doesn't fit
Sell Nado live order book, 26 min ago	0.70 bp	13.0 bp −$13	24.1 bp −$241	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
Nado MSFT-PERPshort	−0.0101%	1h	502.44	+0.001%	$415K	$64K	20x
Coinbase International MSFT-PERP-INTX	−0.0032%	1h	500.97	−0.291%	$677K	$447K	10x	as long as short
tradeXYZ xyz:MSFT	−0.0007%	1h	502.00	−0.086%	$22.2M	$8.8M	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	502.32	−0.022%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	502.29	−0.028%	$337K	$881K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	502.43	−0.001%	$15.8M	$19.1M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	502.35	−0.016%	$7.2M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	502.61	+0.036%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	502.19	−0.048%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	502.14	−0.058%	$4.4M	$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	502.04	−0.078%	$1.3M	$607K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	502.17	−0.051%	$19K	$297K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	503.19	+0.151%	$6K	$4.0M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	502.13	−0.060%	$27K	$42K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	502.30	−0.026%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.69	+0.052%	$2.2M	$777K	10x	as long as short
BloFin MSFT-USDTlong	+0.0016%	8h	502.43	long leg	$189K	$204K	20x
Lighter MSFT	+0.0032%	1h	502.48	+0.010%	$1.1M	$503K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	502.25	−0.036%	$679K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0035%	1h	502.30	−0.026%	$1.1M	$4.9M	10x	as long as short
Hotstuff MSFT-PERP	+0.0040%	1h	502.11	−0.064%	$32K	$8K	20x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.88	−0.109%	$96K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	502.44	+0.002%	—	$1K	25x	as long as short
Phoenix MSFT	+0.0048%	1h	501.61	−0.163%	$10K	$15K	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	502.06	−0.074%	$303K	$701K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	502.29	−0.028%	$60K	$3K	10x	as long as short
Paradex MSFT-USD-PERP	+0.0050%	8h	502.45	+0.004%	$221	—	5x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	502.05	−0.076%	$519K	$453K	15x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.89	−0.107%	$1.6M	$52K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.65	−0.155%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	502.33	−0.020%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	502.33	−0.020%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.14	−0.058%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0905%	4h	501.92	−0.102%	$102K	$244K	10x	as long as short