Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0051%/8h= −5.6% APRpaid last 24h −0.007%

Price spread now: Gate against Nado+0.039%7-day average −0.003% · 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−$46as in the Price arb table

costs, in and out, $10k−$500.500% of the position

Long on Nado Short on Gate

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.036%+$4 on $10k

Price spread, last 3 days (all we have)+0.030%+$3 · spread now +0.039%, 7d avg −0.003%

Together, before fees+0.065%+ Points / potential airdropNado: Active · farm board+$7 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Gate is 0.042% dearer against Nado than usual: you sell high and buy low (spread +0.039% now, against its 7-day average of −0.003%): +$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 2.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado MSFT-PERP	501.56	0.0051	pay 0.0006% / 1h	33m 15s	$414K	$64K	20x
Short	Gate MSFT_USDT	501.75	0	get 0.0000% / 8h	1h 33m	$3.1M	$1.6M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.039%Rate

Funding earned: −$10.66
Price spread: +0.039% → −0.003%: $4.15
Slippage, 4 orders: −$27.98
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$56.5
Costs to cover: 0.500%
Break-even: never at this rate

Slippage from Nado: live order book, 50 min ago; Gate: live order book, 5 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, 50 min ago	0.60 bp	9.9 bp −$10	22.8 bp −$228	doesn't fit	doesn't fit
Sell Gate live order book, 5 min ago	4.78 bp	14.2 bp −$14	57.1 bp −$571	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
edgeX MSFTUSDC	−0.0036%	4h	501.87	+0.063%	$102K	$243K	10x	as long as short
BloFin MSFT-USDT	−0.0011%	8h	502.05	+0.098%	$188K	$210K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	502.04	+0.096%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.94	+0.077%	$337K	$407K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	502.03	+0.094%	$15.7M	$19.3M	20x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.96	+0.080%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDTshort	0.0000%	8h	501.75	+0.039%	$3.1M	$1.6M	100x
Variational Omni MSFT	0.0000%	8h	501.99	+0.087%	$1.3M	$708K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	502.01	+0.090%	$18K	$318K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.80	+0.248%	$6K	$4.4M	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.69	+0.027%	$27K	$104K	10x	as long as short
Coinbase International MSFT-PERP-INTX	0.0000%	1h	501.58	+0.005%	$688K	$449K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.87	+0.062%	$59K	$229K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.11	+0.110%	$2.2M	$763K	10x	as long as short
Bitget MSFTUSDT	+0.0006%	8h	502.03	+0.094%	$3.8M	$2.2M	100x	as long as short
Bybit MSFTUSDT	+0.0024%	8h	501.98	+0.084%	$7.4M	$1.7M	100x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.88	+0.064%	$654K	$2.1M	20x	as long as short
QFEX MSFT-USD	+0.0040%	1h	501.97	+0.082%	$1.2M	$5.8M	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.80	+0.048%	—	—	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.58	+0.005%	$22.3M	$9.9M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.56	+0.001%	$305K	$681K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.94	+0.076%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.60	+0.009%	$529K	$493K	15x	as long as short
Nado MSFT-PERPlong	+0.0051%	1h	501.56	long leg	$414K	$64K	20x
Paradex MSFT-USD-PERP	+0.0063%	8h	501.77	+0.043%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.69	+0.027%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.47	−0.017%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.71	+0.031%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.91	+0.070%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.96	+0.080%	$55	—	10x	as long as short
Hotstuff MSFT-PERP	+0.0120%	1h	501.60	+0.009%	$32K	$8K	20x	as long as short
Lighter MSFT	+0.0176%	1h	502.03	+0.094%	$1.1M	$590K	20x	as long as short
Arcus MSFT-USD	+0.0200%	1h	501.91	+0.070%	$96K	$108K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.34	+0.156%	$115K	$45K	30x	as long as short