Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0815%/8h= −89.2% APRpaid last 24h −0.058%

Price spread now: tradeXYZ against edgeX−0.079%7-day average −0.099% · you buy dearer than you sell

Net, funding: paid 7d − costs−$47as in the Funding arb table

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

costs, in and out, $10k−$410.405% of the position

Long on edgeX Short on tradeXYZ

What this pair did over the last

the charts below follow

Funding, last 7 days−0.069%−$7 on $10k

Price spread, last 3 days (all we have)−0.022%−$2 · spread now −0.079%, 7d avg −0.099%

Together, before fees−0.091%+ Points / potential airdropedgeX: Active · tradeXYZ: Active · farm board−$9 on $10k · with fees, hour by hour

The price spread pays, funding is against you. tradeXYZ is 0.021% dearer against edgeX than usual: you sell high and buy low (spread −0.079% now, against its 7-day average of −0.099%): +$2 on $10k if it goes back. Holding the pair costs −$24 a day in funding at the current rate, which eats that in about 2 hours. At the pace of the last 7 days (−0.069% in total) that is about 2.1 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.069% in total (about -3.6% 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	502.25	0.0865	pay 0.0433% / 4h	41m 39s	$102K	$244K	10x
Short	tradeXYZ xyz:MSFT	501.86	0.0050	get 0.0006% / 1h	41m 39s	$22.3M	$9.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

tradeXYZ 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 tradeXYZbpOrdersPrice spread, now −0.079%Rate

Funding earned: −$171.15
Price spread: −0.079% → −0.099%: $2.08
Slippage, 4 orders: −$13.53
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee tradeXYZ: 9 bp × 2 orders: −$18
Net: −$209.61
Costs to cover: 0.405%
Break-even: never at this rate

Slippage from edgeX: live order book, 36 min ago; tradeXYZ: live order book, 7 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, 36 min ago	5.48 bp	10.1 bp −$10	12.5 bp −$125	doesn't fit	doesn't fit
Sell tradeXYZ live order book, 7 min ago	0.50 bp	10.2 bp −$10	12.3 bp −$123	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
Nado MSFT-PERP	−0.0018%	1h	501.95	−0.060%	$414K	$64K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0016%	1h	501.76	−0.099%	$687K	$450K	10x	as long as short
BloFin MSFT-USDT	−0.0003%	8h	502.30	+0.009%	$188K	$209K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	502.21	−0.009%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	502.17	−0.017%	$337K	$392K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	502.26	+0.001%	$15.7M	$19.1M	20x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	502.31	+0.011%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	502.05	−0.041%	$3.2M	$1.6M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	502.25	−0.001%	$3.8M	$2.3M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	502.26	+0.001%	$1.3M	$702K	—	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	502.16	−0.020%	$18K	$300K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	503.05	+0.158%	$6K	$4.3M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	502.14	−0.023%	$59K	$227K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.37	+0.023%	$2.2M	$750K	10x	as long as short
Bybit MSFTUSDT	+0.0028%	8h	502.32	+0.013%	$7.4M	$1.7M	100x	as long as short
Lighter RH MSFT	+0.0032%	1h	502.14	−0.023%	$639K	$2.1M	20x	as long as short
Hotstuff MSFT-PERP	+0.0032%	1h	501.87	−0.077%	$32K	$8K	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	502.13	−0.025%	—	$1K	25x	as long as short
QFEX MSFT-USD	+0.0049%	1h	502.14	−0.023%	$1.1M	$5.8M	10x	as long as short
tradeXYZ xyz:MSFTshort	+0.0050%	1h	501.86	−0.079%	$22.3M	$9.6M	20x
Polymarket Perps MSFT-USD	+0.0050%	1h	501.78	−0.095%	$303K	$678K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	502.20	−0.011%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.91	−0.069%	$529K	$494K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0054%	8h	502.18	−0.014%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.96	−0.059%	$10K	$15K	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0089%	1h	502.08	−0.035%	$27K	$101K	10x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.70	−0.110%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.91	−0.069%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	502.19	−0.013%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	502.23	−0.005%	$55	—	10x	as long as short
Lighter MSFT	+0.0160%	1h	502.36	+0.021%	$1.1M	$585K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.57	+0.063%	$115K	$45K	30x	as long as short
Arcus MSFT-USD	+0.0286%	1h	502.16	−0.019%	$97K	$109K	10x	as long as short
edgeX MSFTUSDClong	+0.0865%	4h	502.25	long leg	$102K	$244K	10x