Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0028%/8h= +3.1% APRpaid last 24h +0.016%

Price spread now: BloFin against Coinbase International+0.078%7-day average +0.131% · you sell dearer than you buy

Net, funding: paid 7d − costs−$24as in the Funding arb table

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$310.305% of the position

Long on Coinbase International Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.064%+$6 on $10k

Price spread, last 3 days (all we have)+0.001%$0 · spread now +0.078%, 7d avg +0.131%

Together, before fees+0.065%+$7 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.053% cheaper against Coinbase International than usual: you would sell low and buy high (spread +0.078% now, against its 7-day average of +0.131%). If the spread goes back, that is −$5 on $10k: about 6.4 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	Coinbase International MSFT-PERP-INTX	501.03	−0.0008	get 0.0001% / 1h	7m 10s	$685K	$454K	10x
Short	BloFin MSFT-USDT	501.42	0.0020	get 0.0020% / 8h	7h 07m	$188K	$205K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Coinbase International. 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 Coinbase InternationalbpFee BloFinbpOrdersPrice spread, now +0.078%Rate

Funding earned: $5.85
Price spread: +0.078% → +0.131%: −$5.35
Slippage, 4 orders: −$8.51
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$30.01
Costs to cover: 0.305%
Break-even: 42.9 days

Slippage from Coinbase International: live order book, 1 min ago; BloFin: live order book, 58 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 Coinbase International live order book, 1 min ago	1.80 bp	7.7 bp −$8	11.4 bp −$114	doesn't fit	doesn't fit
Sell BloFin live order book, 58 min ago	0.10 bp	6.5 bp −$7	9.3 bp −$93	22.4 bp −$2,242	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	−0.0619%	4h	501.32	+0.058%	$102K	$242K	10x	as long as short
Coinbase International MSFT-PERP-INTXlong	−0.0008%	1h	501.03	long leg	$685K	$454K	10x
Aster MSFTUSDT	0.0000%	8h	501.45	+0.084%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.29	+0.053%	$342K	$905K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.42	+0.078%	$15.6M	$18.7M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.25	+0.044%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.38	+0.070%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.12	+0.018%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.42	+0.078%	$3.8M	$2.1M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.33	+0.060%	$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	501.41	+0.077%	$19K	$293K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.20	+0.234%	$6K	$4.1M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.13	+0.020%	$27K	$41K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.33	+0.060%	$58K	$227K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.74	+0.142%	$2.2M	$761K	10x	as long as short
Nado MSFT-PERP	+0.0012%	1h	501.17	+0.029%	$414K	$64K	20x	as long as short
BloFin MSFT-USDTshort	+0.0020%	8h	501.42	+0.078%	$188K	$205K	20x
Lighter RH MSFT	+0.0032%	1h	501.26	+0.046%	$617K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0044%	1h	501.39	+0.072%	$1.1M	$5.8M	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.28	+0.050%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	500.97	−0.012%	$22.1M	$9.2M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	500.94	−0.018%	$303K	$672K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.29	+0.052%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.92	−0.022%	$514K	$503K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0051%	8h	501.30	+0.053%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.07	+0.008%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.26	+0.046%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	500.87	−0.032%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.26	+0.046%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.22	+0.039%	$55	—	10x	as long as short
Lighter MSFT	+0.0112%	1h	501.49	+0.092%	$1.1M	$486K	20x	as long as short
Hotstuff MSFT-PERP	+0.0176%	1h	501.00	−0.006%	$32K	$8K	20x	as long as short
Arcus MSFT-USD	+0.0212%	1h	501.23	+0.040%	$97K	$109K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.76	+0.146%	$115K	$45K	30x	as long as short