Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0989%/8h= −108.3% APRpaid last 24h −0.061%

Price spread now: Extended against edgeX−0.013%7-day average −0.016% · you buy dearer than you sell

Net, funding: paid 7d − costs−$42as in the Funding arb table

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

costs, in and out, $10k−$300.302% of the position

Long on edgeX Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days−0.116%−$12 on $10k

Price spread, last 3 days (all we have)+0.007%+$1 · spread now −0.013%, 7d avg −0.016%

Together, before fees−0.109%+ Points / potential airdropedgeX: Active · Extended: Active · farm board−$11 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.016%, so right now this pair is about funding alone: −$30 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.116% in total (about -6.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX MSFTUSDC	501.68	0.0989	pay 0.0495% / 4h	2h 23m	$102K	$242K	10x
Short	Extended MSFT_24_5-USD	501.62	0	get 0.0000% / 1h	23m 10s	$372K	$369K	17x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against edgeX. 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 edgeXbpFee ExtendedbpOrdersPrice spread, now −0.013%Rate

Funding earned: −$207.75
Price spread: −0.013% → −0.016%: $0.25
Slippage, 4 orders: −$16.23
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$237.74
Costs to cover: 0.302%
Break-even: never at this rate

Slippage from edgeX: live order book, 64 min ago; Extended: live order book, 64 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 edgeX live order book, 64 min ago	5.18 bp	9.8 bp −$10	12.2 bp −$122	doesn't fit	doesn't fit
Sell Extended live order book, 64 min ago	0.20 bp	5.3 bp −$5	28.9 bp −$289	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-INTX	−0.0040%	1h	501.53	−0.031%	$689K	$433K	10x	as long as short
Nado MSFT-PERP	−0.0024%	1h	501.51	−0.035%	$414K	$64K	20x	as long as short
BloFin MSFT-USDT	0.0000%	8h	501.67	−0.003%	$189K	$209K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.83	+0.030%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USDshort	0.0000%	1h	501.62	−0.013%	$372K	$369K	17x
Binance MSFTUSDT	0.0000%	8h	501.68	−0.001%	$15.7M	$19.3M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.83	+0.029%	$7.4M	$1.7M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.81	+0.025%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.53	−0.031%	$3.1M	$1.5M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.69	+0.001%	$3.8M	$2.2M	100x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni MSFT	0.0000%	8h	501.67	−0.003%	$1.3M	$726K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.75	+0.013%	$18K	$330K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.43	+0.149%	$6K	$4.4M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.57	−0.023%	$27K	$104K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.53	−0.031%	$59K	$230K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.83	+0.029%	$2.2M	$765K	10x	as long as short
Hotstuff MSFT-PERP	+0.0024%	1h	501.40	−0.057%	$32K	$8K	20x	as long as short
Lighter MSFT	+0.0032%	1h	501.70	+0.003%	$1.1M	$653K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.60	−0.017%	$652K	$2.2M	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.70	+0.003%	—	—	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.38	−0.061%	$22.2M	$10.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.28	−0.080%	$309K	$683K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.61	−0.015%	$60K	$3K	10x	as long as short
Paradex MSFT-USD-PERP	+0.0050%	8h	501.66	−0.004%	$221	—	5x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.25	−0.086%	$521K	$485K	15x	as long as short
QFEX MSFT-USD	+0.0050%	1h	501.69	+0.001%	$1.1M	$5.7M	10x	as long as short
Phoenix MSFT	+0.0096%	1h	501.45	−0.047%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.27	−0.082%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.53	−0.031%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.57	−0.023%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.61	−0.015%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.03	+0.069%	$115K	$45K	30x	as long as short
Arcus MSFT-USD	+0.0531%	1h	501.53	−0.031%	$109K	$90K	10x	as long as short
edgeX MSFTUSDClong	+0.0989%	4h	501.68	long leg	$102K	$242K	10x