Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.022%

Price spread now: Orderly against Extended−0.033%7-day average — · you buy dearer than you sell

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

Long on Extended 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—+ Points / potential airdropExtended: Active · farm boardneeds both histories

Funding pays, the price is against you. Orderly is 0.033% cheaper against Extended than usual: you would sell low and buy high (spread −0.033% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$3 on $10k: about 27 hours of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended MSFT_24_5-USD	501.90	0	get 0.0000% / 1h	58m 30s	$337K	$378K	17x
Short	Orderly PERP_MSFT_USDC_mythos	501.73	0.0100	get 0.0100% / 8h	7h 58m	$8K	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.033%Rate

Funding earned: $21
Price spread: −0.033% → 0.000%: −$3.35
Slippage, 4 orders: no order book: not counted
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Orderly: 3 bp × 2 orders: −$6
Net: $6.65
Costs to cover: 0.110%
Break-even: 4.8 days

Slippage unknown: Extended: live order book, 14 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 Extended live order book, 14 min ago	0.10 bp	5.3 bp −$5	31.5 bp −$315	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
edgeX MSFTUSDC	−0.0298%	4h	501.64	−0.051%	$102K	$244K	10x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0008%	1h	501.76	−0.028%	$687K	$448K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.97	+0.015%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USDlong	0.0000%	1h	501.90	long leg	$337K	$378K	17x
Binance MSFTUSDT	0.0000%	8h	502.11	+0.042%	$15.7M	$18.9M	20x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	502.18	+0.056%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.77	−0.026%	$3.1M	$1.6M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.99	+0.018%	$3.8M	$2.2M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.66	−0.048%	$1.3M	$692K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.74	−0.032%	$18K	$294K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX MSFT-USDT	0.0000%	8h	502.67	+0.154%	$6K	$4.3M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.67	−0.045%	$59K	$228K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.12	+0.044%	$2.2M	$748K	10x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0009%	1h	501.76	−0.028%	$27K	$102K	10x	as long as short
BloFin MSFT-USDT	+0.0011%	8h	502.04	+0.028%	$188K	$208K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.76	−0.028%	$618K	$2.0M	20x	as long as short
Nado MSFT-PERP	+0.0037%	1h	501.60	−0.060%	$414K	$64K	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.69	−0.041%	—	$1K	25x	as long as short
Hotstuff MSFT-PERP	+0.0048%	1h	501.56	−0.067%	$32K	$8K	20x	as long as short
QFEX MSFT-USD	+0.0049%	1h	501.78	−0.024%	$1.2M	$5.9M	10x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.58	−0.063%	$22.3M	$9.4M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.57	−0.065%	$303K	$673K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.75	−0.030%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.16	−0.147%	$529K	$493K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0051%	8h	501.78	−0.023%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.37	−0.105%	$10K	$15K	20x	as long as short
Lighter MSFT	+0.0096%	1h	501.99	+0.018%	$1.1M	$486K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.49	−0.081%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.37	−0.105%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythosshort	+0.0100%	8h	501.73	−0.033%	$8K	—	10x
Aevo MSFT-PERP	+0.0104%	1h	501.73	−0.034%	$55	—	10x	as long as short
Arcus MSFT-USD	+0.0212%	1h	501.68	−0.043%	$97K	$109K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.31	+0.082%	$115K	$45K	30x	as long as short
Bybit MSFTUSDT	+0.0481%	8h	502.16	+0.052%	$7.4M	$1.7M	100x	as long as short