Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0019%/8h= −2.1% APRpaid last 24h +0.014%

Price spread now: tradeXYZ against HTX−0.074%7-day average −0.089% · 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−$36as in the Price arb table

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

Long on HTX Short on tradeXYZ

What this pair did over the last

the charts below follow

Funding, last 7 days+0.070%+$7 on $10k

Price spread, last 4 days (all we have)−0.079%−$8 · spread now −0.074%, 7d avg −0.089%

Together, before fees−0.008%+ Points / potential airdroptradeXYZ: Active · farm board−$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.089%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.070%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX MSFT-USDT	501.34	0	get 0.0000% / 8h	3h 45m	$59K	$225K	20x
Short	tradeXYZ xyz:MSFT	500.97	−0.0019	pay 0.0002% / 1h	45m 37s	$22.1M	$8.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

tradeXYZ 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 tradeXYZbpOrdersPrice spread, now −0.074%Rate

Funding earned: −$4.07
Price spread: −0.074% → −0.089%: $1.51
Slippage, 4 orders: −$7.5
Fee HTX: 6 bp × 2 orders: −$12
Fee tradeXYZ: 9 bp × 2 orders: −$18
Net: −$40.06
Costs to cover: 0.375%
Break-even: never at this rate

Slippage from HTX: live order book, 6 min ago; tradeXYZ: live order book, 3 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, 6 min ago	2.69 bp	8.8 bp −$9	17.0 bp −$170	doesn't fit	doesn't fit
Sell tradeXYZ live order book, 3 min ago	0.40 bp	10.0 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
Nado MSFT-PERP	−0.0117%	1h	501.29	−0.009%	$414K	$64K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0032%	1h	500.97	−0.074%	$677K	$450K	10x	as long as short
BloFin MSFT-USDT	−0.0027%	8h	501.46	+0.024%	$189K	$204K	20x	as long as short
tradeXYZ xyz:MSFTshort	−0.0019%	1h	500.97	−0.074%	$22.1M	$8.7M	20x
Hotstuff MSFT-PERP	−0.0016%	1h	500.90	−0.088%	$32K	$8K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.29	−0.011%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.28	−0.011%	$337K	$883K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.41	+0.014%	$15.8M	$19.0M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.17	−0.034%	$7.2M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.54	+0.040%	$3.0M	$2.3M	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate MSFT_USDT	0.0000%	8h	501.21	−0.026%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.30	−0.008%	$4.5M	$2.5M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.34	−0.001%	$1.3M	$607K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.14	−0.040%	$19K	$300K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.17	+0.166%	$6K	$4.0M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.19	−0.030%	$27K	$42K	10x	as long as short
HTX MSFT-USDTlong	0.0000%	8h	501.34	long leg	$59K	$225K	20x
Phemex MSFTUSDT	0.0000%	8h	501.44	+0.020%	$2.2M	$770K	10x	as long as short
Lighter MSFT	+0.0032%	1h	501.39	+0.010%	$1.1M	$503K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.18	−0.032%	$676K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0035%	1h	501.27	−0.014%	$1.2M	$4.9M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.10	−0.048%	$96K	$111K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.28	−0.012%	—	$1K	25x	as long as short
Phoenix MSFT	+0.0048%	1h	500.98	−0.072%	$10K	$15K	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	500.99	−0.070%	$302K	$697K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.20	−0.028%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.01	−0.066%	$518K	$452K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0053%	8h	501.34	0.000%	$221	—	5x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	500.76	−0.116%	$1.6M	$52K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	500.78	−0.112%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.28	−0.012%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.30	−0.008%	$55	—	10x	as long as short
edgeX MSFTUSDC	+0.0213%	4h	501.28	−0.012%	$102K	$244K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.54	+0.040%	$115K	$45K	30x	as long as short