Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0140%/8h= +15.3% APRpaid last 24h +0.026%

Price spread now: Orderly against Coinbase International+0.012%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Coinbase International Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: +$4 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International MSFT-PERP-INTX	501.53	−0.0040	get 0.0005% / 1h	23m 35s	$689K	$433K	10x
Short	Orderly PERP_MSFT_USDC_mythos	501.59	0.0100	get 0.0100% / 8h	2h 23m	$8K	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.012%Rate

Funding earned: $29.4
Price spread: +0.012% → 0.000%: $1.2
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: $14.6
Costs to cover: 0.160%
Break-even: 3.5 days

Slippage unknown: Coinbase International: live order book, 64 min ago; Orderly: no order-book sample. Net counts fees only.

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, 64 min ago	2.29 bp	8.1 bp −$8	10.5 bp −$105	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Coinbase International MSFT-PERP-INTXlong	−0.0040%	1h	501.53	long leg	$689K	$433K	10x
Nado MSFT-PERP	−0.0024%	1h	501.49	−0.008%	$414K	$64K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.81	+0.056%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.61	+0.017%	$372K	$369K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.68	+0.030%	$15.7M	$19.3M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.83	+0.060%	$7.4M	$1.7M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.81	+0.056%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.53	0.000%	$3.1M	$1.5M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.68	+0.030%	$3.8M	$2.2M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.67	+0.027%	$1.3M	$726K	—	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	501.75	+0.044%	$18K	$330K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.42	+0.177%	$6K	$4.4M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.56	+0.006%	$27K	$104K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.60	+0.014%	$59K	$230K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.06	+0.106%	$2.2M	$765K	10x	as long as short
BloFin MSFT-USDT	+0.0006%	8h	501.65	+0.024%	$189K	$209K	20x	as long as short
Hotstuff MSFT-PERP	+0.0024%	1h	501.40	−0.026%	$32K	$8K	20x	as long as short
Lighter MSFT	+0.0032%	1h	501.70	+0.034%	$1.1M	$653K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.58	+0.010%	$652K	$2.2M	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.70	+0.034%	—	—	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.39	−0.028%	$22.2M	$10.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.28	−0.050%	$309K	$683K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.64	+0.022%	$60K	$3K	10x	as long as short
Paradex MSFT-USD-PERP	+0.0050%	8h	501.66	+0.027%	$221	—	5x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.25	−0.056%	$521K	$485K	15x	as long as short
QFEX MSFT-USD	+0.0050%	1h	501.69	+0.032%	$1.1M	$5.7M	10x	as long as short
Phoenix MSFT	+0.0096%	1h	501.57	+0.008%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.27	−0.052%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.53	0.000%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythosshort	+0.0100%	8h	501.59	+0.012%	$8K	—	10x
Aevo MSFT-PERP	+0.0104%	1h	501.65	+0.023%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.03	+0.100%	$115K	$45K	30x	as long as short
Arcus MSFT-USD	+0.0531%	1h	501.53	0.000%	$109K	$90K	10x	as long as short
edgeX MSFTUSDC	+0.0989%	4h	501.68	+0.031%	$102K	$242K	10x	as long as short