Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0064%/8h= +7.0% APRpaid last 24h +0.005%

Price spread now: HTX against Coinbase International+0.050%7-day average +0.103% · you sell dearer than you buy

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$330.329% of the position

Long on Coinbase International Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.028%+$3 on $10k

Price spread, last 3 days (all we have)+0.014%+$1 · spread now +0.050%, 7d avg +0.103%

Together, before fees+0.042%+$4 on $10k · with fees, hour by hour

Funding pays, the price is against you. HTX is 0.053% cheaper against Coinbase International than usual: you would sell low and buy high (spread +0.050% now, against its 7-day average of +0.103%). If the spread goes back, that is −$5 on $10k: about 2.8 days of funding at the current rate (+$2 a day). At the pace of the last 7 days (+0.028% in total) that is about 13 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International MSFT-PERP-INTX	501.24	−0.0064	get 0.0008% / 1h	56m 49s	$679K	$457K	10x
Short	HTX MSFT-USDT	501.49	0	get 0.0000% / 8h	5h 56m	$59K	$226K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now +0.050%Rate

Funding earned: $13.44
Price spread: +0.050% → +0.103%: −$5.33
Slippage, 4 orders: −$10.91
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee HTX: 6 bp × 2 orders: −$12
Net: −$24.81
Costs to cover: 0.329%
Break-even: 19.9 days

Slippage from Coinbase International: live order book, 6 min ago; HTX: live order book, 5 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, 6 min ago	2.29 bp	7.8 bp −$8	11.2 bp −$112	doesn't fit	doesn't fit
Sell HTX live order book, 5 min ago	2.69 bp	8.7 bp −$9	14.3 bp −$143	doesn't fit	doesn't fit

MSFT on 33 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	−0.0623%	4h	501.59	+0.070%	$102K	$244K	10x	as long as short
Nado MSFT-PERP	−0.0147%	1h	501.52	+0.055%	$414K	$64K	20x	as long as short
Coinbase International MSFT-PERP-INTXlong	−0.0064%	1h	501.24	long leg	$679K	$457K	10x
Aster MSFTUSDT	0.0000%	8h	501.79	+0.109%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.52	+0.057%	$337K	$889K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.60	+0.072%	$15.6M	$18.7M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.72	+0.096%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.69	+0.090%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.41	+0.034%	$3.1M	$1.6M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.61	+0.074%	$4.5M	$2.5M	100x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni MSFT	0.0000%	8h	501.60	+0.071%	$1.3M	$650K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.63	+0.077%	$19K	$295K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.38	+0.227%	$6K	$4.1M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.34	+0.020%	$27K	$41K	10x	as long as short
HTX MSFT-USDTshort	0.0000%	8h	501.49	+0.050%	$59K	$226K	20x
Phemex MSFTUSDT	0.0000%	8h	501.75	+0.102%	$2.2M	$762K	10x	as long as short
QFEX MSFT-USD	+0.0030%	1h	501.49	+0.050%	$1.1M	$5.7M	10x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.43	+0.038%	$654K	$1.9M	20x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.42	+0.036%	$97K	$109K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.53	+0.058%	—	$1K	25x	as long as short
Hotstuff MSFT-PERP	+0.0048%	1h	501.22	−0.004%	$32K	$8K	20x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.27	+0.006%	$22.1M	$9.3M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.23	−0.002%	$303K	$671K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.50	+0.052%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.21	−0.006%	$522K	$481K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0053%	8h	501.58	+0.067%	$221	—	5x	as long as short
Lighter MSFT	+0.0056%	1h	501.73	+0.098%	$1.1M	$454K	20x	as long as short
Phoenix MSFT	+0.0080%	1h	501.34	+0.020%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.33	+0.018%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.41	+0.034%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.47	+0.046%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.49	+0.050%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.87	+0.126%	$115K	$45K	30x	as long as short