Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0034%/8h= +3.7% APRpaid last 24h +0.004%

Price spread now: Bitget against Nado+0.060%7-day average +0.040% · 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−$43as in the Price arb table

costs, in and out, $10k−$450.452% of the position

Long on Nado Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.050%+$5 on $10k

Price spread, last 4 days (all we have)+0.209%+$21 · spread now +0.060%, 7d avg +0.040%

Together, before fees+0.260%+ Points / potential airdropNado: Active · farm board+$26 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Bitget is 0.021% dearer against Nado than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of +0.040%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado MSFT-PERP	503.34	−0.0034	get 0.0004% / 1h	41m 50s	$414K	$67K	20x
Short	Bitget MSFTUSDT	503.64	0	get 0.0000% / 8h	41m 50s	$3.8M	$2.9M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now +0.060%Rate

Funding earned: $7.11
Price spread: +0.060% → +0.040%: $2.05
Slippage, 4 orders: −$26.21
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$36.05
Costs to cover: 0.452%
Break-even: 42.5 days

Slippage from Nado: live order book, 61 min ago; Bitget: live order book, 1 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, 61 min ago	1.19 bp	12.3 bp −$12	26.5 bp −$265	doesn't fit	doesn't fit
Sell Bitget live order book, 1 min ago	1.99 bp	8.7 bp −$9	12.8 bp −$128	48.5 bp −$4,849	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-PERPlong	−0.0034%	1h	503.34	long leg	$414K	$67K	20x
Aster MSFTUSDT	0.0000%	8h	503.39	+0.010%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.56	+0.044%	$338K	$1.9M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	503.69	+0.070%	$15.8M	$19.1M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.45	+0.022%	$7.3M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	503.80	+0.092%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.43	+0.018%	$3.1M	$1.8M	100x	as long as short
Bitget MSFTUSDTshort	0.0000%	8h	503.64	+0.060%	$3.8M	$2.9M	100x
Variational Omni MSFT	0.0000%	8h	503.40	+0.012%	$1.3M	$414K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	503.62	+0.056%	$19K	$326K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX MSFT-USDT	0.0000%	8h	504.44	+0.219%	$6K	$3.8M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	503.34	+0.001%	$27K	$44K	10x	as long as short
Coinbase International MSFT-PERP-INTX	0.0000%	1h	502.97	−0.073%	$682K	$454K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.59	+0.050%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	503.80	+0.092%	$2.2M	$820K	10x	as long as short
BloFin MSFT-USDT	+0.0027%	8h	503.68	+0.068%	$191K	$206K	20x	as long as short
Lighter MSFT	+0.0032%	1h	503.64	+0.060%	$1.2M	$522K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.49	+0.030%	$698K	$1.9M	20x	as long as short
QFEX MSFT-USD	+0.0037%	1h	503.53	+0.038%	$1.2M	$4.7M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.31	−0.005%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.62	+0.056%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	503.21	−0.025%	$22.4M	$8.8M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.26	−0.015%	$303K	$717K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.47	+0.026%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.06	−0.055%	$512K	$428K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0054%	8h	503.49	+0.030%	$222	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	503.31	−0.005%	$11K	$15K	20x	as long as short
Hotstuff MSFT-PERP	+0.0096%	1h	503.13	−0.041%	$32K	$8K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.03	−0.061%	$1.6M	$62K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.27	−0.013%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.45	+0.022%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.48	+0.029%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	504.82	+0.295%	$116K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0666%	4h	503.46	+0.024%	$102K	$244K	10x	as long as short