Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.005%

Price spread now: Extended against Coinbase International+0.063%7-day average +0.098% · 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−$32as in the Price arb table

costs, in and out, $10k−$280.284% of the position

Long on Coinbase International Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.047%+$5 on $10k

Price spread, last 3 days (all we have)−0.063%−$6 · spread now +0.063%, 7d avg +0.098%

Together, before fees−0.016%+ Points / potential airdropExtended: Active · farm board−$2 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Extended is 0.035% cheaper against Coinbase International than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of +0.098%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International MSFT-PERP-INTX	501.58	0	get 0.0000% / 1h	34m 18s	$688K	$449K	10x
Short	Extended MSFT_24_5-USD	501.90	0	get 0.0000% / 1h	34m 18s	$337K	$404K	17x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now +0.063%Rate

Funding earned: $0
Price spread: +0.063% → +0.098%: −$3.49
Slippage, 4 orders: −$13.38
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$31.87
Costs to cover: 0.284%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 49 min ago; Extended: live order book, 48 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, 49 min ago	2.89 bp	8.9 bp −$9	11.9 bp −$119	doesn't fit	doesn't fit
Sell Extended live order book, 48 min ago	0.60 bp	5.7 bp −$6	22.1 bp −$221	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
BloFin MSFT-USDT	−0.0006%	8h	501.92	+0.068%	$187K	$209K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	502.02	+0.088%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USDshort	0.0000%	1h	501.90	+0.063%	$337K	$404K	17x
Binance MSFTUSDT	0.0000%	8h	501.97	+0.079%	$15.7M	$19.3M	20x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.96	+0.076%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.71	+0.026%	$3.1M	$1.6M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.99	+0.082%	$1.3M	$708K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	502.08	+0.099%	$18K	$319K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.77	+0.237%	$6K	$4.4M	20x	as long as short
Coinbase International MSFT-PERP-INTXlong	0.0000%	1h	501.58	long leg	$688K	$449K	10x

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX MSFT-USDT	0.0000%	8h	502.28	+0.140%	$59K	$229K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.97	+0.078%	$2.2M	$764K	10x	as long as short
Bitget MSFTUSDT	+0.0006%	8h	501.97	+0.078%	$3.8M	$2.2M	100x	as long as short
Bybit MSFTUSDT	+0.0024%	8h	502.04	+0.092%	$7.4M	$1.7M	100x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0029%	1h	501.66	+0.016%	$27K	$104K	10x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.85	+0.054%	$653K	$2.1M	20x	as long as short
QFEX MSFT-USD	+0.0040%	1h	501.97	+0.078%	$1.2M	$5.8M	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.82	+0.048%	—	—	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.49	−0.018%	$22.3M	$9.9M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.49	−0.018%	$305K	$682K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.93	+0.070%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.60	+0.004%	$529K	$493K	15x	as long as short
Nado MSFT-PERP	+0.0051%	1h	501.55	−0.006%	$414K	$64K	20x	as long as short
Paradex MSFT-USD-PERP	+0.0063%	8h	501.76	+0.036%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.69	+0.022%	$10K	$15K	20x	as long as short
Hotstuff MSFT-PERP	+0.0096%	1h	501.53	−0.010%	$32K	$8K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.48	−0.020%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.56	−0.004%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.88	+0.060%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.90	+0.065%	$55	—	10x	as long as short
edgeX MSFTUSDC	+0.0111%	4h	502.06	+0.096%	$102K	$243K	10x	as long as short
Lighter MSFT	+0.0176%	1h	502.04	+0.092%	$1.1M	$590K	20x	as long as short
Arcus MSFT-USD	+0.0200%	1h	501.90	+0.064%	$99K	$106K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.34	+0.152%	$115K	$45K	30x	as long as short