Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0008%/8h= −0.9% APRpaid last 24h −0.003%

Price spread now: Coinbase International against HTX0.000%7-day average −0.104% · you sell dearer than you buy

Net, funding: paid 7d − costs−$37as in the Funding arb table

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$340.342% of the position

Long on HTX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.029%−$3 on $10k

Price spread, last 3 days (all we have)−0.055%−$5 · spread now 0.000%, 7d avg −0.104%

Together, before fees−0.084%−$8 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Coinbase International is 0.104% dearer against HTX than usual: you sell high and buy low, +$10 on $10k if it goes back to its 7-day average of −0.104%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX MSFT-USDT	501.24	0	get 0.0000% / 8h	7h 11m	$58K	$227K	20x
Short	Coinbase International MSFT-PERP-INTX	501.24	−0.0008	pay 0.0001% / 1h	11m 05s	$685K	$453K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against HTX. 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 HTXbpFee Coinbase InternationalbpOrdersPrice spread, now 0.000%Rate

Funding earned: −$1.68
Price spread: 0.000% → −0.104%: $10.37
Slippage, 4 orders: −$12.18
Fee HTX: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$25.49
Costs to cover: 0.342%
Break-even: never at this rate

Slippage from HTX: live order book, 60 min ago; Coinbase International: live order book, 62 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 HTX live order book, 60 min ago	2.69 bp	8.7 bp −$9	17.0 bp −$170	doesn't fit	doesn't fit
Sell Coinbase International live order book, 62 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
edgeX MSFTUSDC	−0.0508%	4h	501.42	+0.036%	$102K	$244K	10x	as long as short
BloFin MSFT-USDT	−0.0013%	8h	501.48	+0.048%	$188K	$205K	20x	as long as short
Coinbase International MSFT-PERP-INTXshort	−0.0008%	1h	501.24	0.000%	$685K	$453K	10x
Aster MSFTUSDT	0.0000%	8h	501.53	+0.058%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.26	+0.003%	$337K	$900K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.37	+0.026%	$15.7M	$18.7M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.32	+0.016%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.38	+0.028%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.23	−0.002%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.41	+0.034%	$3.8M	$2.1M	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	501.33	+0.018%	$1.3M	$690K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.50	+0.052%	$19K	$293K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.16	+0.184%	$6K	$4.1M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.11	−0.026%	$27K	$41K	10x	as long as short
HTX MSFT-USDTlong	0.0000%	8h	501.24	long leg	$58K	$227K	20x
Phemex MSFTUSDT	0.0000%	8h	501.97	+0.146%	$2.2M	$760K	10x	as long as short
Nado MSFT-PERP	+0.0018%	1h	501.23	−0.001%	$414K	$64K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.25	+0.002%	$619K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0044%	1h	501.44	+0.040%	$1.1M	$5.8M	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.34	+0.020%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.10	−0.028%	$22.1M	$9.2M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.04	−0.040%	$303K	$672K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.31	+0.014%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.05	−0.038%	$514K	$503K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0051%	8h	501.39	+0.029%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.24	0.000%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.36	+0.024%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.13	−0.022%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.36	+0.024%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.28	+0.007%	$55	—	10x	as long as short
Lighter MSFT	+0.0112%	1h	501.50	+0.052%	$1.1M	$486K	20x	as long as short
Arcus MSFT-USD	+0.0212%	1h	501.30	+0.012%	$97K	$109K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.76	+0.104%	$115K	$45K	30x	as long as short
Hotstuff MSFT-PERP	+0.0232%	1h	501.12	−0.024%	$32K	$8K	20x	as long as short