Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0766%/8h= −83.9% APRpaid last 24h −0.058%

Price spread now: edgeX against Coinbase International+0.172%77s7-day average +0.107% · you sell dearer than you buy

Net, funding: paid 7d − costs−$31as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$370.373% of the position

Long on Coinbase International Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.062%+$6 on $10k

Price spread, last 4 days (all we have)−0.256%−$26 · spread now +0.172%, 7d avg +0.107%

Together, before fees−0.194%+ Points / potential airdropedgeX: Active · farm board−$19 on $10k · with fees, hour by hour

The price spread pays, funding is against you. edgeX is 0.065% dearer against Coinbase International than usual: you sell high and buy low (spread +0.172% now, against its 7-day average of +0.107%): +$7 on $10k if it goes back. Holding the pair costs −$23 a day in funding at the current rate, which eats that in about 7 hours. Mind the row above: over the last 7 days funding on this pair paid +0.062%, so the current rate has only just turned against you. The two prices were read 77 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.062% in total (about 3.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International MSFT-PERP-INTX	503.91	−0.0056	get 0.0007% / 1h	50m 17s	$684K	$491K	10x
Short	edgeX MSFTUSDC	504.78	−0.0822	pay 0.0411% / 4h	3h 50m	$103K	$243K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now +0.172%Rate

Funding earned: −$160.9
Price spread: +0.172% → +0.107%: $6.54
Slippage, 4 orders: −$18.26
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$191.62
Costs to cover: 0.373%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 48 min ago; edgeX: live order book, 47 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, 48 min ago	3.18 bp	8.7 bp −$9	11.0 bp −$110	doesn't fit	doesn't fit
Sell edgeX live order book, 47 min ago	5.26 bp	9.9 bp −$10	12.2 bp −$122	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 MSFTUSDCshort	−0.0822%	4h	504.78	+0.172%	$103K	$243K	10x
Nado MSFT-PERP	−0.0076%	1h	504.34	+0.085%	$415K	$67K	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	−0.0067%	1h	504.15	+0.048%	$27K	$44K	10x	as long as short
Coinbase International MSFT-PERP-INTXlong	−0.0056%	1h	503.91	long leg	$684K	$491K	10x
Aster MSFTUSDT	0.0000%	8h	504.73	+0.164%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	504.37	+0.091%	$338K	$1.9M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	504.51	+0.119%	$15.9M	$19.1M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	504.22	+0.062%	$7.2M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	504.65	+0.147%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	504.18	+0.054%	$3.1M	$1.8M	100x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MSFTUSDT	0.0000%	8h	504.47	+0.111%	$3.9M	$3.0M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	504.39	+0.096%	$1.3M	$401K	—	as long as short
SunX MSFT-USDT	0.0000%	8h	505.29	+0.274%	$6K	$3.7M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	504.31	+0.079%	$59K	$224K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	504.69	+0.155%	$2.2M	$826K	10x	as long as short
BloFin MSFT-USDT	+0.0003%	8h	504.46	+0.109%	$191K	$205K	20x	as long as short
Phoenix MSFT	+0.0016%	1h	504.07	+0.032%	$11K	$15K	20x	as long as short
QFEX MSFT-USD	+0.0023%	1h	504.40	+0.097%	$1.1M	$4.6M	10x	as long as short
Lighter MSFT	+0.0032%	1h	504.30	+0.077%	$1.2M	$510K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	504.34	+0.085%	$706K	$1.8M	20x	as long as short
Arcus MSFT-USD	+0.0040%	1h	504.24	+0.065%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	504.46	+0.109%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	504.06	+0.030%	$22.5M	$8.9M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	504.21	+0.060%	$304K	$704K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	504.34	+0.085%	$61K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.99	+0.016%	$514K	$425K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0052%	8h	504.35	+0.088%	$222	—	5x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	504.24	+0.065%	$1.6M	$93K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	504.31	+0.079%	$161K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	504.54	+0.125%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	504.42	+0.102%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	503.87	−0.008%	$115K	$45K	30x	as long as short
Hotstuff MSFT-PERP	+0.0224%	1h	504.11	+0.040%	$33K	$8K	20x	as long as short
GRVT MSFT_USDT_Perp	+0.0322%	8h	504.74	+0.166%	$19K	$319K	10x	as long as short