Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0040%/8h= +4.4% APRpaid last 24h +0.081%

Price spread now: Arcus against GRVT−0.039%54s7-day average −0.036% · 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—prices read too far apart to compare

costs, in and out, $10k−$280.282% of the position

Long on GRVT 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)+0.099%+$10 · spread now −0.039%, 7d avg −0.036%

Together, before fees+0.252%+ Points / potential airdropGRVT: Active · farm board+$25 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.036%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate. The two prices were read 54 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT MSFT_USDT_Perp	504.09	0	get 0.0000% / 8h	7h 16m	$19K	$316K	10x
Short	Arcus MSFT-USD	503.90	0.0040	get 0.0005% / 1h	16m 09s	$97K	$110K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus against GRVT. 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 GRVTbpFee ArcusbpOrdersPrice spread, now −0.039%Rate

Funding earned: $8.46
Price spread: −0.039% → −0.036%: −$0.26
Slippage, 4 orders: −$14.7
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: −$20
Costs to cover: 0.282%
Break-even: 23.6 days

Slippage from GRVT: live order book, 16 min ago; Arcus: live order book, 17 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 GRVT live order book, 16 min ago	1.29 bp	6.9 bp −$7	15.3 bp −$153	doesn't fit	doesn't fit
Sell Arcus live order book, 17 min ago	3.27 bp	8.1 bp −$8	8.5 bp −$85	17.4 bp −$1,745	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-INTX	−0.0056%	1h	503.64	−0.090%	$685K	$451K	10x	as long as short
Hotstuff MSFT-PERP	−0.0024%	1h	503.46	−0.126%	$32K	$8K	20x	as long as short
Nado MSFT-PERP	−0.0010%	1h	503.78	−0.063%	$415K	$67K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	504.19	+0.018%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.97	−0.024%	$335K	$1.9M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	504.10	+0.001%	$16.3M	$19.4M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.83	−0.052%	$7.2M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	504.19	+0.019%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.84	−0.050%	$3.1M	$1.9M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	503.95	−0.029%	$3.9M	$2.8M	100x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni MSFT	0.0000%	8h	503.92	−0.034%	$1.3M	$387K	—	as long as short
GRVT MSFT_USDT_Perplong	0.0000%	8h	504.09	long leg	$19K	$316K	10x
SunX MSFT-USDT	0.0000%	8h	504.91	+0.162%	$6K	$3.5M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	503.83	−0.052%	$27K	$45K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.99	−0.021%	$58K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	504.47	+0.074%	$2.2M	$849K	10x	as long as short
BloFin MSFT-USDT	+0.0002%	8h	504.07	−0.005%	$192K	$204K	20x	as long as short
Phoenix MSFT	+0.0016%	1h	503.73	−0.072%	$11K	$15K	20x	as long as short
QFEX MSFT-USD	+0.0023%	1h	504.06	−0.007%	$1.2M	$4.6M	10x	as long as short
Lighter MSFT	+0.0032%	1h	503.87	−0.045%	$1.2M	$523K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.93	−0.033%	$704K	$1.9M	20x	as long as short
Arcus MSFT-USDshort	+0.0040%	1h	503.90	−0.039%	$97K	$110K	10x
Vest MSFT-USD-PERP	+0.0046%	1h	504.12	+0.005%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	503.56	−0.106%	$22.4M	$8.9M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.84	−0.050%	$303K	$650K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.91	−0.037%	$61K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.66	−0.086%	$536K	$392K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0056%	8h	503.93	−0.033%	$222	—	5x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.63	−0.092%	$1.6M	$125K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.33	−0.152%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	504.05	−0.009%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	504.05	−0.009%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	505.30	+0.239%	$116K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0673%	4h	504.06	−0.007%	$103K	$244K	10x	as long as short