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 +0.006%

Price spread now: SunX against Coinbase International+0.259%7-day average +0.279% · you sell dearer than you buy

Net, funding: paid 7d − costs−$228as in the Funding arb table

Net, price: spread back to 7d avg − costs−$233as in the Price arb table

costs, in and out, $10k−$2312.312% of the position

Long on Coinbase International Short on SunX

What this pair did over the last

the charts below follow

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

Price spread, last 4 days (all we have)−0.023%−$2 · spread now +0.259%, 7d avg +0.279%

Together, before fees+0.005%+$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.279%, so right now this pair is about funding alone: +$2 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	501.24	−0.0064	get 0.0008% / 1h	33m 47s	$679K	$456K	10x
Short	SunX MSFT-USDT	502.54	0	get 0.0000% / 8h	5h 33m	$6K	$4.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.259%Rate

Funding earned: $13.44
Price spread: +0.259% → +0.279%: −$1.96
Slippage, 4 orders: −$213.16
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$219.68
Costs to cover: 2.312%
Break-even: 121.4 days

Slippage from Coinbase International: live order book, 29 min ago; SunX: 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, 29 min ago	2.29 bp	7.8 bp −$8	11.2 bp −$112	doesn't fit	doesn't fit
Sell SunX live order book, 4 min ago	29.15 bp	104.6 bp −$105	doesn't fit	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
Coinbase International MSFT-PERP-INTXlong	−0.0064%	1h	501.24	long leg	$679K	$456K	10x
Nado MSFT-PERP	−0.0035%	1h	501.49	+0.050%	$414K	$64K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.89	+0.129%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.65	+0.081%	$338K	$891K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.90	+0.131%	$15.7M	$18.9M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.84	+0.120%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.96	+0.144%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.71	+0.094%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.79	+0.110%	$4.5M	$2.5M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.82	+0.115%	$1.3M	$650K	—	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	501.88	+0.128%	$19K	$297K	10x	as long as short
SunX MSFT-USDTshort	0.0000%	8h	502.54	+0.259%	$6K	$4.1M	20x
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.63	+0.078%	$27K	$41K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.63	+0.078%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.96	+0.144%	$2.2M	$769K	10x	as long as short
BloFin MSFT-USDT	+0.0021%	8h	501.90	+0.132%	$189K	$204K	20x	as long as short
Hotstuff MSFT-PERP	+0.0024%	1h	501.34	+0.020%	$32K	$8K	20x	as long as short
QFEX MSFT-USD	+0.0030%	1h	501.63	+0.078%	$1.1M	$5.7M	10x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.72	+0.096%	$684K	$2.0M	20x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.62	+0.076%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.64	+0.080%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.41	+0.034%	$22.1M	$9.1M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.40	+0.032%	$302K	$648K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.67	+0.086%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.40	+0.032%	$525K	$487K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0062%	8h	501.72	+0.096%	$221	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	501.58	+0.068%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.68	+0.088%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.40	+0.032%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.73	+0.098%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.67	+0.085%	$55	—	10x	as long as short
Lighter MSFT	+0.0168%	1h	502.03	+0.158%	$1.1M	$458K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	503.24	+0.399%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0697%	4h	501.78	+0.107%	$102K	$243K	10x	as long as short