Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0088%/8h= −9.6% APRpaid last 24h −0.017%

Price spread now: tradeXYZ against KuCoin+0.054%7-day average −0.026% · you sell dearer than you buy

Net, funding: paid 7d − costs−$80as in the Funding arb table

Net, price: spread back to 7d avg − costs−$61as in the Price arb table

costs, in and out, $10k−$690.688% of the position

Long on KuCoin Short on tradeXYZ

What this pair did over the last

the charts below follow

Funding, last 7 days−0.112%−$11 on $10k

Price spread, last 7 days−0.050%−$5 · spread now +0.054%, 7d avg −0.026%

Together, before fees−0.162%+ Points / potential airdroptradeXYZ: Active · farm board−$16 on $10k · with fees, hour by hour

The price spread pays, funding is against you. tradeXYZ is 0.080% dearer against KuCoin than usual: you sell high and buy low (spread +0.054% now, against its 7-day average of −0.026%): +$8 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 3.0 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin MSFTUSDTM	502.80	0.0100	pay 0.0100% / 8h	5h 44m	$1.6M	$228K	20x
Short	tradeXYZ xyz:MSFT	503.07	0.0012	get 0.0002% / 1h	44m 23s	$22.4M	$9.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

tradeXYZ 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 tradeXYZbpOrdersPrice spread, now +0.054%Rate

Funding earned: −$18.48
Price spread: +0.054% → −0.026%: $7.98
Slippage, 4 orders: −$38.76
Fee KuCoin: 6 bp × 2 orders: −$12
Fee tradeXYZ: 9 bp × 2 orders: −$18
Net: −$79.25
Costs to cover: 0.688%
Break-even: never at this rate

Slippage from KuCoin: live order book, 4 min ago; tradeXYZ: live order book, 8 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, 4 min ago	8.26 bp	24.1 bp −$24	doesn't fit	doesn't fit	doesn't fit
Sell tradeXYZ live order book, 8 min ago	0.60 bp	9.8 bp −$10	11.7 bp −$117	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
Hotstuff MSFT-PERP	−0.1600%	1h	503.05	+0.050%	$32K	$8K	20x	as long as short
edgeX MSFTUSDC	−0.0224%	4h	503.01	+0.041%	$102K	$244K	10x	as long as short
Nado MSFT-PERP	−0.0071%	1h	503.29	+0.098%	$411K	$72K	20x	as long as short
Ondo Perps MSFT-USD.P	−0.0023%	1h	503.08	+0.056%	$531K	$386K	15x	as long as short
Aster MSFTUSDT	0.0000%	8h	504.03	+0.245%	$166K	$118K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.43	+0.126%	$326K	$1.9M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	503.60	+0.159%	$16.4M	$21.0M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.26	+0.091%	$7.3M	$2.3M	100x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.26	+0.091%	$3.1M	$1.9M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	503.49	+0.137%	$3.9M	$2.9M	100x	as long as short

Show all 34 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni MSFT	0.0000%	8h	503.01	+0.041%	$1.3M	$396K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	503.15	+0.070%	$18K	$318K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	504.26	+0.290%	$6K	$3.5M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	503.21	+0.082%	$30K	$47K	10x	as long as short
Coinbase International MSFT-PERP-INTX	0.0000%	1h	503.12	+0.064%	$701K	$527K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.39	+0.117%	$48K	$247K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	503.80	+0.199%	$2.3M	$911K	10x	as long as short
BloFin MSFT-USDT	+0.0006%	8h	503.60	+0.159%	$202K	$216K	20x	as long as short
tradeXYZ xyz:MSFTshort	+0.0012%	1h	503.07	+0.054%	$22.4M	$9.2M	20x
Lighter MSFT	+0.0032%	1h	503.32	+0.103%	$1.2M	$485K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.33	+0.105%	$689K	$1.8M	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.48	+0.135%	—	$1K	25x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.14	+0.068%	$318K	$675K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.25	+0.089%	$60K	$3K	10x	as long as short
OKX MSFT-USDT-SWAP	+0.0052%	8h	503.55	+0.149%	$3.2M	$2.7M	20x	as long as short
Paradex MSFT-USD-PERP	+0.0056%	8h	503.29	+0.098%	$221	—	5x	as long as short
QFEX MSFT-USD	+0.0058%	1h	503.44	+0.127%	$1.2M	$4.7M	10x	as long as short
Phoenix MSFT	+0.0079%	1h	503.21	+0.082%	$11K	$5K	20x	as long as short
KuCoin MSFTUSDTMlong	+0.0100%	8h	502.80	long leg	$1.6M	$228K	20x
ApeX Omni MSFTUSDT	+0.0100%	1h	503.11	+0.062%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.43	+0.125%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.40	+0.119%	$55	—	10x	as long as short
Arcus MSFT-USD	+0.0190%	1h	503.18	+0.076%	$93K	$83K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	503.61	+0.161%	$115K	$45K	30x	as long as short