Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0612%/8h= −67.0% APRpaid last 24h −0.068%

Price spread now: edgeX against Extended−0.114%53s7-day average +0.016% · you buy dearer than you sell

Net, funding: paid 7d − costs−$29as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$310.314% of the position

Long on Extended Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.019%+$2 on $10k

Price spread, last 4 days (all we have)+0.085%+$9 · spread now −0.114%, 7d avg +0.016%

Together, before fees+0.105%+ Points / potential airdropExtended: Active · edgeX: Active · farm board+$10 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$18 a day on $10k at the current rate, and edgeX is 0.130% cheaper against Extended than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of +0.016%). Swap the legs. The two prices were read 53 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.019% in total (about 1.0% 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	Extended MSFT_24_5-USD	504.68	0	get 0.0000% / 1h	52m 37s	$339K	$1.9M	17x
Short	edgeX MSFTUSDC	504.11	−0.0612	pay 0.0306% / 4h	3h 52m	$103K	$243K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against Extended. 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 ExtendedbpFee edgeXbpOrdersPrice spread, now −0.114%Rate

Funding earned: −$128.53
Price spread: −0.114% → +0.016%: −$13
Slippage, 4 orders: −$17.44
Fee Extended: 2.5 bp × 2 orders: −$5
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$172.98
Costs to cover: 0.314%
Break-even: never at this rate

Slippage from Extended: live order book, 1 min ago; edgeX: live order book, 45 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 Extended live order book, 1 min ago	0.60 bp	5.7 bp −$6	20.0 bp −$200	doesn't fit	doesn't fit
Sell edgeX live order book, 45 min ago	5.26 bp	9.9 bp −$10	12.2 bp −$122	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
edgeX MSFTUSDCshort	−0.0612%	4h	504.11	−0.114%	$103K	$243K	10x
Coinbase International MSFT-PERP-INTX	−0.0056%	1h	504.42	−0.052%	$694K	$477K	10x	as long as short
Nado MSFT-PERP	−0.0053%	1h	504.61	−0.014%	$415K	$67K	20x	as long as short
Hotstuff MSFT-PERP	−0.0040%	1h	504.24	−0.088%	$33K	$8K	20x	as long as short
BloFin MSFT-USDT	−0.0014%	8h	504.93	+0.049%	$191K	$206K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	504.52	−0.032%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USDlong	0.0000%	1h	504.68	long leg	$339K	$1.9M	17x
Binance MSFTUSDT	0.0000%	8h	504.83	+0.029%	$15.9M	$19.1M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	504.56	−0.024%	$7.2M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	504.95	+0.053%	$3.0M	$2.4M	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate MSFT_USDT	0.0000%	8h	504.54	−0.028%	$3.1M	$1.8M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	504.80	+0.023%	$3.9M	$2.9M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	503.97	−0.141%	$1.3M	$392K	—	as long as short
SunX MSFT-USDT	0.0000%	8h	505.64	+0.190%	$6K	$3.7M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	504.69	+0.001%	$27K	$44K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	504.47	−0.042%	$59K	$224K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	504.99	+0.061%	$2.2M	$825K	10x	as long as short
Phoenix MSFT	+0.0016%	1h	504.07	−0.121%	$11K	$15K	20x	as long as short
QFEX MSFT-USD	+0.0023%	1h	504.68	−0.001%	$1.1M	$4.6M	10x	as long as short
Lighter MSFT	+0.0032%	1h	504.66	−0.004%	$1.2M	$509K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	504.68	−0.001%	$706K	$1.8M	20x	as long as short
Arcus MSFT-USD	+0.0040%	1h	504.55	−0.026%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	504.78	+0.019%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	504.41	−0.054%	$22.5M	$8.8M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	504.50	−0.036%	$304K	$704K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	504.62	−0.012%	$61K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	504.35	−0.066%	$513K	$426K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0052%	8h	504.71	+0.005%	$222	—	5x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	504.31	−0.074%	$1.6M	$89K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.79	−0.177%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	504.74	+0.011%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	504.71	+0.005%	$56	—	10x	as long as short
GRVT MSFT_USDT_Perp	+0.0108%	8h	504.34	−0.068%	$18K	$318K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	503.87	−0.161%	$115K	$45K	30x	as long as short