Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0013%/8h= −1.4% APRpaid last 24h +0.014%

Price spread now: Binance against Nado+0.058%48s7-day average +0.039% · 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—prices read too far apart to compare

costs, in and out, $10k−$390.391% of the position

Long on Nado Short on Binance

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 4 days (all we have)−0.043%−$4 · spread now +0.058%, 7d avg +0.039%

Together, before fees+0.018%+ Points / potential airdropNado: Active · farm board+$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.039%, so right now this pair is about funding alone: $0 a day on $10k at the current rate. 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. The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado MSFT-PERP	503.72	0.0013	pay 0.0002% / 1h	32m 40s	$415K	$67K	20x
Short	Binance MSFTUSDT	504.01	0	get 0.0000% / 8h	1h 32m	$15.8M	$19.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now +0.058%Rate

Funding earned: −$2.63
Price spread: +0.058% → +0.039%: $1.9
Slippage, 4 orders: −$22.12
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$39.85
Costs to cover: 0.391%
Break-even: never at this rate

Slippage from Nado: live order book, 10 min ago; Binance: 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 Nado live order book, 10 min ago	1.19 bp	12.3 bp −$12	26.5 bp −$265	doesn't fit	doesn't fit
Sell Binance live order book, 8 min ago	0.10 bp	6.6 bp −$7	10.9 bp −$109	49.6 bp −$4,964	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	−0.0088%	4h	503.94	+0.044%	$103K	$243K	10x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0048%	1h	503.66	−0.012%	$682K	$500K	10x	as long as short
Hotstuff MSFT-PERP	−0.0016%	1h	503.54	−0.036%	$32K	$8K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.81	+0.017%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.92	+0.039%	$338K	$1.2M	17x	as long as short
Binance MSFTUSDTshort	0.0000%	8h	504.01	+0.058%	$15.8M	$19.6M	20x
Bybit MSFTUSDT	0.0000%	8h	503.75	+0.006%	$7.3M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	503.93	+0.042%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.82	+0.020%	$3.1M	$1.8M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	503.97	+0.049%	$3.8M	$3.0M	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	504.01	+0.057%	$1.3M	$499K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	504.01	+0.057%	$19K	$328K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	504.77	+0.208%	$6K	$3.9M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	503.77	+0.010%	$27K	$43K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.84	+0.024%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	503.90	+0.036%	$2.2M	$821K	10x	as long as short
Nado MSFT-PERPlong	+0.0013%	1h	503.72	long leg	$415K	$67K	20x
BloFin MSFT-USDT	+0.0023%	8h	504.00	+0.055%	$191K	$206K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.81	+0.018%	$689K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0039%	1h	503.91	+0.038%	$1.1M	$4.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.71	−0.002%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.88	+0.032%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	503.54	−0.036%	$22.4M	$9.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.68	−0.008%	$303K	$718K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.83	+0.022%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.54	−0.036%	$522K	$476K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0057%	8h	503.86	+0.027%	$222	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	503.69	−0.006%	$11K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.50	−0.044%	$1.6M	$60K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.64	−0.016%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.91	+0.038%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.91	+0.038%	$55	—	10x	as long as short
Lighter MSFT	+0.0128%	1h	504.08	+0.071%	$1.2M	$514K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	504.21	+0.097%	$115K	$45K	30x	as long as short