Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0053%/8h= −5.8% APRpaid last 24h −0.007%

Price spread now: Aster against Nado+0.086%7-day average +0.048% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

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

costs, in and out, $10k−$650.651% of the position

Long on Nado Short on Aster

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.061%+$6 on $10k

Price spread, last 3 days (all we have)−0.008%−$1 · spread now +0.086%, 7d avg +0.048%

Together, before fees+0.053%+ Points / potential airdropNado: Active · Aster: Stage 5 · farm board+$5 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Aster is 0.038% dearer against Nado than usual: you sell high and buy low (spread +0.086% now, against its 7-day average of +0.048%): +$4 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 2.4 days. Mind the row above: over the last 3 days funding on this pair paid +0.061%, 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	Nado MSFT-PERP	501.50	0.0053	pay 0.0007% / 1h	36m 25s	$414K	$64K	20x
Short	Aster MSFTUSDT	501.93	0	get 0.0000% / 8h	1h 36m	$161K	$116K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Nado. 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 NadobpFee AsterbpOrdersPrice spread, now +0.086%Rate

Funding earned: −$11.11
Price spread: +0.086% → +0.048%: $3.81
Slippage, 4 orders: −$50.09
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Aster: 4 bp × 2 orders: −$8
Net: −$72.4
Costs to cover: 0.651%
Break-even: never at this rate

Slippage from Nado: live order book, 46 min ago; Aster: live order book, 45 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 Nado live order book, 46 min ago	0.60 bp	9.9 bp −$10	22.8 bp −$228	doesn't fit	doesn't fit
Sell Aster live order book, 45 min ago	9.36 bp	14.9 bp −$15	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
BloFin MSFT-USDT	−0.0008%	8h	502.20	+0.140%	$188K	$210K	20x	as long as short
Aster MSFTUSDTshort	0.0000%	8h	501.93	+0.086%	$161K	$116K	20x
Extended MSFT_24_5-USD	0.0000%	1h	501.95	+0.091%	$370K	$371K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.93	+0.086%	$15.7M	$19.2M	20x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.95	+0.090%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.69	+0.038%	$3.1M	$1.5M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	502.00	+0.099%	$1.3M	$708K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	502.08	+0.116%	$18K	$319K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.86	+0.271%	$6K	$4.4M	20x	as long as short
Coinbase International MSFT-PERP-INTX	0.0000%	1h	501.58	+0.016%	$688K	$449K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX MSFT-USDT	0.0000%	8h	501.90	+0.080%	$59K	$229K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.26	+0.152%	$2.2M	$763K	10x	as long as short
Bitget MSFTUSDT	+0.0005%	8h	502.03	+0.106%	$3.8M	$2.2M	100x	as long as short
Bybit MSFTUSDT	+0.0023%	8h	501.95	+0.090%	$7.4M	$1.7M	100x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.84	+0.068%	$653K	$2.1M	20x	as long as short
QFEX MSFT-USD	+0.0040%	1h	501.92	+0.084%	$1.2M	$5.8M	10x	as long as short
Hotstuff MSFT-PERP	+0.0040%	1h	501.57	+0.014%	$32K	$8K	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.75	+0.050%	—	—	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.45	−0.010%	$22.3M	$9.8M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.48	−0.004%	$305K	$683K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	502.00	+0.100%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.60	+0.020%	$529K	$493K	15x	as long as short
Nado MSFT-PERPlong	+0.0053%	1h	501.50	long leg	$414K	$64K	20x
Paradex MSFT-USD-PERP	+0.0064%	8h	501.80	+0.059%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.69	+0.038%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.44	−0.012%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.56	+0.012%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.83	+0.066%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	502.01	+0.101%	$55	—	10x	as long as short
Lighter MSFT	+0.0176%	1h	502.00	+0.100%	$1.1M	$589K	20x	as long as short
Arcus MSFT-USD	+0.0200%	1h	501.89	+0.078%	$110K	$90K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.34	+0.167%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0244%	4h	502.05	+0.110%	$102K	$242K	10x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0308%	1h	501.80	+0.060%	$27K	$104K	10x	as long as short