Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0040%/8h= +4.4% APRpaid last 24h +0.081%

Price spread now: Arcus against Gate−0.024%7-day average +0.003% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$47as in the Price arb table

costs, in and out, $10k−$450.446% of the position

Long on Gate Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.152%+$15 on $10k

Price spread, last 4 days (all we have)−0.052%−$5 · spread now −0.024%, 7d avg +0.003%

Together, before fees+0.100%+$10 on $10k · with fees, hour by hour

Funding pays, the price is against you. Arcus is 0.027% cheaper against Gate than usual: you would sell low and buy high (spread −0.024% now, against its 7-day average of +0.003%). If the spread goes back, that is −$3 on $10k: about 2.2 days of funding at the current rate (+$1 a day). At the pace of the last 4 days (+0.152% in total) that is about 15 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate MSFT_USDT	501.17	0	get 0.0000% / 8h	4h 00m	$3.1M	$1.7M	100x
Short	Arcus MSFT-USD	501.05	0.0040	get 0.0005% / 1h	0m 35s	$96K	$111K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus against Gate. 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 GatebpFee ArcusbpOrdersPrice spread, now −0.024%Rate

Funding earned: $8.46
Price spread: −0.024% → +0.003%: −$2.68
Slippage, 4 orders: −$25.07
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: −$38.79
Costs to cover: 0.446%
Break-even: 39.1 days

Slippage from Gate: live order book, 2 min ago; Arcus: live order book, 57 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 Gate live order book, 2 min ago	3.49 bp	13.4 bp −$13	31.4 bp −$314	doesn't fit	doesn't fit
Sell Arcus live order book, 57 min ago	3.29 bp	11.0 bp −$11	13.2 bp −$132	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 MSFTUSDC	−0.0370%	4h	501.29	+0.023%	$102K	$244K	10x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0040%	1h	500.97	−0.040%	$677K	$451K	10x	as long as short
Nado MSFT-PERP	−0.0028%	1h	501.18	+0.002%	$414K	$64K	20x	as long as short
BloFin MSFT-USDT	−0.0006%	8h	501.36	+0.038%	$189K	$204K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.22	+0.009%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.17	0.000%	$337K	$890K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.31	+0.028%	$15.8M	$19.0M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	500.99	−0.036%	$7.2M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.27	+0.020%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDTlong	0.0000%	8h	501.17	long leg	$3.1M	$1.7M	100x

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MSFTUSDT	0.0000%	8h	501.29	+0.024%	$4.5M	$2.5M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.27	+0.019%	$1.3M	$609K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.29	+0.025%	$19K	$301K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.10	+0.186%	$6K	$4.0M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	500.99	−0.036%	$27K	$42K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.25	+0.016%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.37	+0.040%	$2.2M	$769K	10x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.05	−0.024%	$677K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0036%	1h	501.24	+0.014%	$1.1M	$4.9M	10x	as long as short
Arcus MSFT-USDshort	+0.0040%	1h	501.05	−0.024%	$96K	$111K	10x
Vest MSFT-USD-PERP	+0.0046%	1h	501.32	+0.030%	—	$1K	25x	as long as short
Phoenix MSFT	+0.0048%	1h	501.11	−0.012%	$10K	$15K	20x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	500.83	−0.068%	$22.0M	$8.7M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	500.95	−0.044%	$302K	$722K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.19	+0.004%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.94	−0.046%	$527K	$443K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0055%	8h	501.20	+0.006%	$221	—	5x	as long as short
Lighter MSFT	+0.0080%	1h	501.30	+0.026%	$1.1M	$499K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	500.93	−0.048%	$1.5M	$20K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.08	−0.018%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.21	+0.008%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.20	+0.006%	$55	—	10x	as long as short
Hotstuff MSFT-PERP	+0.0144%	1h	500.89	−0.056%	$32K	$8K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.70	+0.305%	$115K	$45K	30x	as long as short