Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0016%/8h= −1.8% APRpaid last 24h 0.000%

Price spread now: Coinbase International against GRVT+0.004%7-day average −0.117% · you sell dearer than you buy

Net, funding: paid 7d − costs−$35as in the Funding arb table

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$320.319% of the position

Long on GRVT Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.033%−$3 on $10k

Price spread, last 3 days (all we have)−0.040%−$4 · spread now +0.004%, 7d avg −0.117%

Together, before fees−0.073%+ Points / potential airdropGRVT: Active · farm board−$7 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Coinbase International is 0.121% dearer against GRVT than usual: you sell high and buy low (spread +0.004% now, against its 7-day average of −0.117%): +$12 on $10k if it goes back. Holding the pair costs $0 a day in funding at the current rate, which eats that in about 25 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT MSFT_USDT_Perp	501.74	0	get 0.0000% / 8h	1m 04s	$18K	$294K	10x
Short	Coinbase International MSFT-PERP-INTX	501.76	−0.0016	pay 0.0002% / 1h	1m 04s	$687K	$449K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.004%Rate

Funding earned: −$3.36
Price spread: +0.004% → −0.117%: $12.09
Slippage, 4 orders: −$12.88
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$23.15
Costs to cover: 0.319%
Break-even: never at this rate

Slippage from GRVT: live order book, 11 min ago; Coinbase International: live order book, 12 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, 11 min ago	1.10 bp	8.2 bp −$8	15.8 bp −$158	doesn't fit	doesn't fit
Sell Coinbase International live order book, 12 min ago	1.99 bp	9.0 bp −$9	11.6 bp −$116	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
Nado MSFT-PERP	−0.0018%	1h	501.40	−0.068%	$414K	$64K	20x	as long as short
Coinbase International MSFT-PERP-INTXshort	−0.0016%	1h	501.76	+0.004%	$687K	$449K	10x
Hotstuff MSFT-PERP	−0.0008%	1h	501.32	−0.084%	$32K	$8K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.79	+0.011%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.67	−0.015%	$337K	$387K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.80	+0.011%	$15.6M	$19.0M	20x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.85	+0.022%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.48	−0.052%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.82	+0.016%	$3.8M	$2.3M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.66	−0.016%	$1.3M	$692K	—	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_Perplong	0.0000%	8h	501.74	long leg	$18K	$294K	10x
SunX MSFT-USDT	0.0000%	8h	502.48	+0.147%	$6K	$4.3M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.66	−0.016%	$59K	$228K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.06	+0.064%	$2.2M	$746K	10x	as long as short
BloFin MSFT-USDT	+0.0002%	8h	501.76	+0.004%	$188K	$209K	20x	as long as short
Bybit MSFTUSDT	+0.0032%	8h	501.82	+0.016%	$7.4M	$1.7M	100x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.68	−0.012%	$619K	$2.1M	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.54	−0.040%	—	$1K	25x	as long as short
QFEX MSFT-USD	+0.0049%	1h	501.65	−0.018%	$1.2M	$5.9M	10x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.41	−0.066%	$22.3M	$9.4M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.30	−0.088%	$303K	$678K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.69	−0.010%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.23	−0.102%	$529K	$493K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0052%	8h	501.59	−0.029%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.37	−0.074%	$10K	$15K	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0089%	1h	501.64	−0.020%	$27K	$102K	10x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.17	−0.114%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.46	−0.056%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.61	−0.026%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.64	−0.019%	$55	—	10x	as long as short
edgeX MSFTUSDC	+0.0150%	4h	501.63	−0.021%	$102K	$243K	10x	as long as short
Lighter MSFT	+0.0160%	1h	501.93	+0.038%	$1.1M	$586K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.31	+0.114%	$115K	$45K	30x	as long as short
Arcus MSFT-USD	+0.0286%	1h	501.61	−0.026%	$97K	$109K	10x	as long as short