Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0016%/8h= +1.8% APRpaid last 24h 0.000%

Price spread now: Gate against Coinbase International−0.062%7-day average +0.081% · you buy dearer than you sell

Net, funding: paid 7d − costs−$37as in the Funding arb table

Net, price: spread back to 7d avg − costs−$57as in the Price arb table

costs, in and out, $10k−$430.427% of the position

Long on Coinbase International Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.058%+$6 on $10k

Price spread, last 3 days (all we have)+0.088%+$9 · spread now −0.062%, 7d avg +0.081%

Together, before fees+0.145%+$15 on $10k · with fees, hour by hour

Funding pays, the price is against you. Gate is 0.143% cheaper against Coinbase International than usual: you would sell low and buy high (spread −0.062% now, against its 7-day average of +0.081%). If the spread goes back, that is −$14 on $10k: about 30 days of funding at the current rate ($0 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International MSFT-PERP-INTX	501.76	−0.0016	get 0.0002% / 1h	4m 02s	$687K	$449K	10x
Short	Gate MSFT_USDT	501.45	0	get 0.0000% / 8h	4m 02s	$3.1M	$1.7M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.062%Rate

Funding earned: $3.36
Price spread: −0.062% → +0.081%: −$14.26
Slippage, 4 orders: −$17.68
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$53.58
Costs to cover: 0.427%
Break-even: 118.6 days

Slippage from Coinbase International: live order book, 9 min ago; Gate: live order book, 4 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, 9 min ago	1.99 bp	7.8 bp −$8	10.4 bp −$104	doesn't fit	doesn't fit
Sell Gate live order book, 4 min ago	3.09 bp	14.4 bp −$14	49.5 bp −$495	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 MSFTUSDC	−0.0978%	4h	501.69	−0.014%	$102K	$243K	10x	as long as short
Nado MSFT-PERP	−0.0021%	1h	501.42	−0.067%	$414K	$64K	20x	as long as short
BloFin MSFT-USDT	−0.0020%	8h	501.74	−0.004%	$188K	$209K	20x	as long as short
Coinbase International MSFT-PERP-INTXlong	−0.0016%	1h	501.76	long leg	$687K	$449K	10x
Hotstuff MSFT-PERP	−0.0008%	1h	501.34	−0.084%	$32K	$8K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.73	−0.006%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.59	−0.034%	$337K	$387K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.67	−0.018%	$15.6M	$19.0M	20x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.89	+0.026%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDTshort	0.0000%	8h	501.45	−0.062%	$3.1M	$1.7M	100x

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MSFTUSDT	0.0000%	8h	501.71	−0.010%	$3.8M	$2.3M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.68	−0.016%	$1.3M	$692K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.83	+0.014%	$18K	$295K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.51	+0.149%	$6K	$4.3M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.60	−0.032%	$58K	$228K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.93	+0.034%	$2.2M	$746K	10x	as long as short
Bybit MSFTUSDT	+0.0030%	8h	501.80	+0.008%	$7.4M	$1.7M	100x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.56	−0.040%	$619K	$2.1M	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.53	−0.046%	—	$1K	25x	as long as short
QFEX MSFT-USD	+0.0049%	1h	501.65	−0.022%	$1.2M	$5.9M	10x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0049%	1h	501.50	−0.052%	$27K	$102K	10x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.31	−0.090%	$22.3M	$9.4M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.31	−0.090%	$303K	$678K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.59	−0.034%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.22	−0.108%	$529K	$493K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0052%	8h	501.62	−0.028%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.51	−0.050%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.15	−0.122%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.46	−0.060%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.64	−0.024%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.64	−0.024%	$55	—	10x	as long as short
Lighter MSFT	+0.0160%	1h	501.78	+0.004%	$1.1M	$586K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.31	+0.110%	$115K	$45K	30x	as long as short
Arcus MSFT-USD	+0.0286%	1h	501.59	−0.034%	$97K	$109K	10x	as long as short