Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.008%

Price spread now: Extended against GRVT−0.003%52s7-day average −0.022% · you buy dearer than you sell

Net, funding: paid 7d − costs−$24as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$250.253% of the position

Long on GRVT Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.012%+$1 on $10k

Price spread, last 3 days (all we have)−0.015%−$1 · spread now −0.003%, 7d avg −0.022%

Together, before fees−0.003%+ Points / potential airdropGRVT: Active · Extended: Active · farm board$0 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT MSFT_USDT_Perp	501.67	0	get 0.0000% / 8h	2h 28m	$18K	$330K	10x
Short	Extended MSFT_24_5-USD	501.65	0	get 0.0000% / 1h	28m 24s	$372K	$369K	17x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.003%Rate

Funding earned: $0
Price spread: −0.003% → −0.022%: $1.81
Slippage, 4 orders: −$11.29
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$23.49
Costs to cover: 0.253%
Break-even: never at this rate

Slippage from GRVT: live order book, 59 min ago; Extended: live order book, 59 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, 59 min ago	0.70 bp	8.3 bp −$8	14.3 bp −$143	doesn't fit	doesn't fit
Sell Extended live order book, 59 min ago	0.20 bp	5.3 bp −$5	28.9 bp −$289	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-INTX	−0.0040%	1h	501.53	−0.028%	$689K	$433K	10x	as long as short
Hotstuff MSFT-PERP	−0.0032%	1h	501.36	−0.062%	$32K	$8K	20x	as long as short
Nado MSFT-PERP	−0.0026%	1h	501.41	−0.053%	$414K	$64K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	502.01	+0.067%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USDshort	0.0000%	1h	501.65	−0.003%	$372K	$369K	17x
Binance MSFTUSDT	0.0000%	8h	501.71	+0.008%	$15.7M	$19.2M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.83	+0.031%	$7.4M	$1.7M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.94	+0.053%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.55	−0.024%	$3.1M	$1.5M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.71	+0.008%	$3.8M	$2.2M	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	501.82	+0.030%	$1.3M	$726K	—	as long as short
GRVT MSFT_USDT_Perplong	0.0000%	8h	501.67	long leg	$18K	$330K	10x
SunX MSFT-USDT	0.0000%	8h	502.54	+0.173%	$6K	$4.4M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.71	+0.008%	$59K	$230K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.24	+0.113%	$2.2M	$760K	10x	as long as short
BloFin MSFT-USDT	+0.0025%	8h	501.81	+0.027%	$189K	$209K	20x	as long as short
Lighter MSFT	+0.0032%	1h	501.67	0.000%	$1.1M	$653K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.57	−0.020%	$662K	$2.2M	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.68	+0.002%	—	—	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.37	−0.060%	$22.2M	$10.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.26	−0.082%	$309K	$683K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.66	−0.002%	$60K	$3K	10x	as long as short
Paradex MSFT-USD-PERP	+0.0050%	8h	501.63	−0.009%	$221	—	5x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.31	−0.072%	$515K	$485K	15x	as long as short
QFEX MSFT-USD	+0.0050%	1h	501.69	+0.004%	$1.2M	$5.7M	10x	as long as short
Phoenix MSFT	+0.0096%	1h	501.57	−0.020%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.21	−0.092%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.29	−0.076%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.63	−0.008%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.72	+0.010%	$55	—	10x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0129%	1h	501.69	+0.004%	$27K	$104K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.03	+0.071%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0333%	4h	501.77	+0.019%	$102K	$244K	10x	as long as short
Arcus MSFT-USD	+0.0531%	1h	501.55	−0.024%	$109K	$90K	10x	as long as short