Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0040%/8h= −4.4% APRpaid last 24h −0.007%

Price spread now: Coinbase International against Gate−0.016%7-day average −0.078% · 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−$35as in the Price arb table

costs, in and out, $10k−$410.412% of the position

Long on Gate Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.055%−$5 on $10k

Price spread, last 4 days (all we have)+0.012%+$1 · spread now −0.016%, 7d avg −0.078%

Together, before fees−0.043%−$4 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Coinbase International is 0.062% dearer against Gate than usual: you sell high and buy low (spread −0.016% now, against its 7-day average of −0.078%): +$6 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 5.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate MSFT_USDT	501.05	0	get 0.0000% / 8h	4h 50m	$3.1M	$1.7M	100x
Short	Coinbase International MSFT-PERP-INTX	500.97	−0.0040	pay 0.0005% / 1h	50m 40s	$678K	$458K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now −0.016%Rate

Funding earned: −$8.4
Price spread: −0.016% → −0.078%: $6.16
Slippage, 4 orders: −$16.22
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$43.45
Costs to cover: 0.412%
Break-even: never at this rate

Slippage from Gate: live order book, 2 min ago; Coinbase International: live order book, 8 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	3.99 bp	11.9 bp −$12	30.2 bp −$302	doesn't fit	doesn't fit
Sell Coinbase International live order book, 8 min ago	2.70 bp	8.5 bp −$8	11.3 bp −$113	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-INTXshort	−0.0040%	1h	500.97	−0.016%	$678K	$458K	10x
Nado MSFT-PERP	−0.0040%	1h	500.97	−0.017%	$414K	$64K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.31	+0.052%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.03	−0.004%	$341K	$893K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.16	+0.022%	$15.7M	$19.0M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	500.95	−0.020%	$7.2M	$2.1M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.24	+0.038%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDTlong	0.0000%	8h	501.05	long leg	$3.1M	$1.7M	100x
Bitget MSFTUSDT	0.0000%	8h	501.16	+0.022%	$4.5M	$2.5M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.05	−0.001%	$1.3M	$617K	—	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	501.19	+0.029%	$19K	$300K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	501.90	+0.170%	$6K	$4.0M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	500.78	−0.054%	$27K	$41K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.04	−0.002%	$58K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.29	+0.048%	$2.2M	$771K	10x	as long as short
BloFin MSFT-USDT	+0.0005%	8h	501.14	+0.018%	$190K	$204K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	500.95	−0.020%	$680K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0036%	1h	501.09	+0.008%	$1.1M	$5.6M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	500.89	−0.032%	$96K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.13	+0.016%	—	$1K	25x	as long as short
Phoenix MSFT	+0.0048%	1h	500.83	−0.044%	$10K	$15K	20x	as long as short
Hotstuff MSFT-PERP	+0.0048%	1h	500.85	−0.040%	$32K	$8K	20x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	500.79	−0.052%	$22.1M	$8.7M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	500.76	−0.058%	$301K	$647K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.00	−0.010%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.77	−0.056%	$516K	$442K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0055%	8h	501.11	+0.012%	$220	—	5x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	500.81	−0.048%	$1.5M	$20K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	500.69	−0.072%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.02	−0.006%	$8K	—	10x	as long as short
Lighter MSFT	+0.0104%	1h	501.23	+0.036%	$1.1M	$479K	20x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.02	−0.006%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.34	+0.058%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0290%	4h	501.08	+0.006%	$102K	$243K	10x	as long as short