Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0132%/8h= −14.5% APRpaid last 24h −0.036%

Price spread now: Coinbase International against KuCoin−0.183%7-day average −0.038% · you buy dearer than you sell

Net, funding: paid 7d − costs−$172as in the Funding arb table

Net, price: spread back to 7d avg − costs−$165as in the Price arb table

costs, in and out, $10k−$1501.504% of the position

Long on KuCoin Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.213%−$21 on $10k

Price spread, last 4 days (all we have)+0.224%+$22 · spread now −0.183%, 7d avg −0.038%

Together, before fees+0.010%+$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Coinbase International is 0.145% cheaper against KuCoin than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of −0.038%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin MSFTUSDTM	501.89	0.0100	pay 0.0100% / 8h	3h 25m	$1.6M	$53K	20x
Short	Coinbase International MSFT-PERP-INTX	500.97	−0.0032	pay 0.0004% / 1h	25m 45s	$677K	$447K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against KuCoin. 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 KuCoinbpFee Coinbase InternationalbpOrdersPrice spread, now −0.183%Rate

Funding earned: −$27.72
Price spread: −0.183% → −0.038%: −$14.49
Slippage, 4 orders: −$128.37
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$192.58
Costs to cover: 1.504%
Break-even: never at this rate

Slippage from KuCoin: live order book, 5 min ago; Coinbase International: live order book, 28 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 KuCoin live order book, 5 min ago	10.17 bp	36.3 bp −$36	doesn't fit	doesn't fit	doesn't fit
Sell Coinbase International live order book, 28 min ago	1.70 bp	6.8 bp −$7	9.5 bp −$95	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	−0.0102%	1h	502.30	+0.081%	$415K	$64K	20x	as long as short
Coinbase International MSFT-PERP-INTXshort	−0.0032%	1h	500.97	−0.183%	$677K	$447K	10x
tradeXYZ xyz:MSFT	−0.0006%	1h	502.20	+0.062%	$22.2M	$8.8M	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	502.42	+0.105%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	502.42	+0.105%	$339K	$884K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	502.59	+0.139%	$15.8M	$19.1M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	502.25	+0.072%	$7.2M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	502.44	+0.110%	$3.0M	$2.3M	20x	as long as short
Hotstuff MSFT-PERP	0.0000%	1h	502.04	+0.030%	$32K	$8K	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	502.17	+0.056%	$3.1M	$1.7M	100x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MSFTUSDT	0.0000%	8h	502.47	+0.116%	$4.4M	$2.6M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	502.37	+0.096%	$1.3M	$607K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	502.17	+0.056%	$19K	$297K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	503.22	+0.265%	$6K	$4.0M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	502.22	+0.066%	$27K	$42K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	502.24	+0.070%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.55	+0.132%	$2.2M	$778K	10x	as long as short
BloFin MSFT-USDT	+0.0016%	8h	502.43	+0.108%	$189K	$204K	20x	as long as short
Lighter MSFT	+0.0032%	1h	502.66	+0.153%	$1.1M	$503K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	502.22	+0.066%	$679K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0035%	1h	502.32	+0.086%	$1.1M	$4.9M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.97	+0.016%	$96K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	502.47	+0.116%	—	$1K	25x	as long as short
Phoenix MSFT	+0.0048%	1h	501.61	−0.056%	$10K	$15K	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	502.11	+0.044%	$303K	$701K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	502.32	+0.086%	$60K	$3K	10x	as long as short
Paradex MSFT-USD-PERP	+0.0050%	8h	502.29	+0.080%	$221	—	5x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.96	+0.014%	$511K	$461K	15x	as long as short
KuCoin MSFTUSDTMlong	+0.0100%	8h	501.89	long leg	$1.6M	$53K	20x
ApeX Omni MSFTUSDT	+0.0100%	1h	501.65	−0.048%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	502.36	+0.094%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	502.39	+0.100%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.14	+0.050%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0905%	4h	501.92	+0.005%	$102K	$244K	10x	as long as short