Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h +0.013%

Price spread now: tradeXYZ against GRVT−0.106%7-day average −0.108% · you buy dearer than you sell

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$370.368% of the position

Long on GRVT Short on tradeXYZ

What this pair did over the last

the charts below follow

Funding, last 7 days+0.066%+$7 on $10k

Price spread, last 4 days (all we have)−0.017%−$2 · spread now −0.106%, 7d avg −0.108%

Together, before fees+0.049%+ Points / potential airdropGRVT: Active · tradeXYZ: Active · farm board+$5 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.108%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT MSFT_USDT_Perp	501.38	0	get 0.0000% / 8h	4h 39m	$19K	$302K	10x
Short	tradeXYZ xyz:MSFT	500.85	0.0050	get 0.0006% / 1h	39m 06s	$22.1M	$8.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

tradeXYZ 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 tradeXYZbpOrdersPrice spread, now −0.106%Rate

Funding earned: $10.5
Price spread: −0.106% → −0.108%: $0.2
Slippage, 4 orders: −$9.77
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee tradeXYZ: 9 bp × 2 orders: −$18
Net: −$26.07
Costs to cover: 0.368%
Break-even: 24.4 days

Slippage from GRVT: live order book, 18 min ago; tradeXYZ: live order book, 10 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, 18 min ago	1.20 bp	8.3 bp −$8	17.0 bp −$170	doesn't fit	doesn't fit
Sell tradeXYZ live order book, 10 min ago	0.50 bp	10.2 bp −$10	doesn't fit	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	500.97	−0.082%	$678K	$456K	10x	as long as short
Nado MSFT-PERP	−0.0026%	1h	501.03	−0.070%	$414K	$64K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.00	−0.076%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.26	−0.023%	$341K	$893K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.40	+0.004%	$15.8M	$19.1M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.07	−0.062%	$7.2M	$2.1M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.55	+0.034%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.25	−0.026%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.38	0.000%	$4.5M	$2.5M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.35	−0.006%	$1.3M	$613K	—	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	501.38	long leg	$19K	$302K	10x
SunX MSFT-USDT	0.0000%	8h	502.15	+0.154%	$6K	$4.0M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.06	−0.064%	$27K	$41K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.22	−0.032%	$58K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.50	+0.024%	$2.2M	$779K	10x	as long as short
BloFin MSFT-USDT	+0.0010%	8h	501.40	+0.004%	$189K	$204K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.11	−0.054%	$674K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0036%	1h	501.24	−0.028%	$1.1M	$5.6M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.10	−0.056%	$96K	$111K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.06	−0.064%	—	$1K	25x	as long as short
Phoenix MSFT	+0.0048%	1h	500.92	−0.092%	$10K	$15K	20x	as long as short
tradeXYZ xyz:MSFTshort	+0.0050%	1h	500.85	−0.106%	$22.1M	$8.7M	20x
Polymarket Perps MSFT-USD	+0.0050%	1h	500.95	−0.086%	$295K	$672K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.25	−0.026%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.97	−0.082%	$527K	$456K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0057%	8h	501.23	−0.029%	$221	—	5x	as long as short
Hotstuff MSFT-PERP	+0.0096%	1h	500.85	−0.106%	$32K	$8K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	500.86	−0.104%	$1.5M	$20K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.05	−0.066%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.24	−0.028%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.26	−0.023%	$55	—	10x	as long as short
Lighter MSFT	+0.0120%	1h	501.38	0.000%	$1.1M	$489K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.66	+0.056%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0513%	4h	501.36	−0.003%	$102K	$242K	10x	as long as short