Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0039%/8h= −4.3% APRpaid last 24h −0.004%

Price spread now: Nado against GRVT+0.077%7-day average −0.034% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$380.375% of the position

Long on GRVT Short on Nado

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.041%−$4 on $10k

Price spread, last 4 days (all we have)−0.150%−$15 · spread now +0.077%, 7d avg −0.034%

Together, before fees−0.191%+ Points / potential airdropGRVT: Active · Nado: Active · farm board−$19 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Nado is 0.111% dearer against GRVT than usual: you sell high and buy low (spread +0.077% now, against its 7-day average of −0.034%): +$11 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 9.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT MSFT_USDT_Perp	506.04	0	get 0.0000% / 8h	4h 50m	$19K	$325K	10x
Short	Nado MSFT-PERP	506.42	−0.0039	pay 0.0005% / 1h	50m 53s	$413K	$72K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now +0.077%Rate

Funding earned: −$8.24
Price spread: +0.077% → −0.034%: $11.07
Slippage, 4 orders: −$21.5
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$34.68
Costs to cover: 0.375%
Break-even: never at this rate

Slippage from GRVT: live order book, 54 min ago; Nado: live order book, 55 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, 54 min ago	1.19 bp	7.3 bp −$7	14.9 bp −$149	doesn't fit	doesn't fit
Sell Nado live order book, 55 min ago	0.80 bp	12.0 bp −$12	30.5 bp −$305	doesn't fit	doesn't fit

MSFT on 34 exchanges

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-PERPshort	−0.0039%	1h	506.42	+0.077%	$413K	$72K	20x
Hotstuff MSFT-PERP	−0.0024%	1h	505.78	−0.050%	$33K	$8K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0008%	1h	506.31	+0.054%	$714K	$681K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	506.14	+0.020%	$166K	$117K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	506.39	+0.070%	$327K	$1.9M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	506.55	+0.102%	$16.4M	$21.9M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	506.33	+0.058%	$7.3M	$2.4M	100x	as long as short
Gate MSFT_USDT	0.0000%	8h	506.25	+0.042%	$3.2M	$2.0M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	506.52	+0.096%	$4.0M	$3.2M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	505.42	−0.121%	$1.3M	$413K	—	as long as short

Show all 34 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT MSFT_USDT_Perplong	0.0000%	8h	506.04	long leg	$19K	$325K	10x
SunX MSFT-USDT	0.0000%	8h	507.29	+0.248%	$6K	$3.4M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	506.29	+0.050%	$30K	$46K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	506.38	+0.068%	$49K	$248K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	506.67	+0.125%	$2.3M	$949K	10x	as long as short
BloFin MSFT-USDT	+0.0019%	8h	506.58	+0.108%	$203K	$223K	20x	as long as short
Lighter MSFT	+0.0032%	1h	506.41	+0.074%	$1.2M	$503K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	506.43	+0.078%	$721K	$1.9M	20x	as long as short
QFEX MSFT-USD	+0.0038%	1h	506.49	+0.090%	$1.2M	$4.7M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	506.23	+0.039%	$94K	$83K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	506.61	+0.114%	—	$1K	25x	as long as short
Phoenix MSFT	+0.0048%	1h	505.89	−0.029%	$11K	$16K	20x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	506.15	+0.023%	$22.5M	$9.3M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	506.22	+0.037%	$320K	$674K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	506.00	−0.007%	$61K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	505.98	−0.011%	$525K	$424K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0057%	8h	506.52	+0.096%	$223	—	5x	as long as short
OKX MSFT-USDT-SWAP	+0.0069%	8h	506.70	+0.131%	$3.2M	$2.8M	20x	as long as short
KuCoin MSFTUSDTM	+0.0084%	8h	505.96	−0.015%	$1.6M	$288K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	505.57	−0.092%	$161K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	506.38	+0.068%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	505.55	−0.096%	$56	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	506.25	+0.042%	$116K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0228%	4h	505.88	−0.030%	$103K	$243K	10x	as long as short