Funding arb · Price arb /

MSFT

RWAall MSFT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0049%/8h= +5.4% APRpaid last 24h +0.003%

Price spread now: GRVT against Nado+0.110%61s7-day average +0.030% · 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−$410.409% of the position

Long on Nado Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.040%+$4 on $10k

Price spread, last 4 days (all we have)−0.036%−$4 · spread now +0.110%, 7d avg +0.030%

Together, before fees+0.003%+ Points / potential airdropNado: Active · GRVT: Active · farm board$0 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 GRVT is 0.080% dearer against Nado than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of +0.030%. The two prices were read 61 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	502.90	−0.0049	get 0.0006% / 1h	53m 49s	$412K	$66K	20x
Short	GRVT MSFT_USDT_Perp	503.45	0	get 0.0000% / 8h	2h 53m	$19K	$307K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now +0.110%Rate

Funding earned: $10.34
Price spread: +0.110% → +0.030%: $7.97
Slippage, 4 orders: −$24.9
Fee Nado: 3.5 bp × 2 orders: −$7
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$22.58
Costs to cover: 0.409%
Break-even: 22.3 days

Slippage from Nado: live order book, 59 min ago; GRVT: live order book, 59 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, 59 min ago	0.70 bp	12.0 bp −$12	26.0 bp −$260	doesn't fit	doesn't fit
Sell GRVT live order book, 59 min ago	1.20 bp	7.5 bp −$8	10.8 bp −$108	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
Coinbase International MSFT-PERP-INTX	−0.0064%	1h	503.29	+0.077%	$685K	$461K	10x	as long as short
Nado MSFT-PERPlong	−0.0049%	1h	502.90	long leg	$412K	$66K	20x
BloFin MSFT-USDT	−0.0008%	8h	503.14	+0.047%	$190K	$205K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	502.88	−0.005%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.08	+0.035%	$341K	$1.2M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	503.13	+0.046%	$15.8M	$19.3M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	502.94	+0.007%	$7.2M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	503.35	+0.089%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	502.98	+0.015%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	503.14	+0.047%	$4.4M	$2.6M	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	503.19	+0.056%	$1.3M	$493K	—	as long as short
GRVT MSFT_USDT_Perpshort	0.0000%	8h	503.45	+0.110%	$19K	$307K	10x
SunX MSFT-USDT	0.0000%	8h	503.97	+0.212%	$6K	$4.0M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	502.84	−0.013%	$27K	$42K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.10	+0.039%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	503.56	+0.131%	$2.2M	$791K	10x	as long as short
Hotstuff MSFT-PERP	+0.0024%	1h	502.80	−0.021%	$32K	$8K	20x	as long as short
Lighter MSFT	+0.0032%	1h	503.23	+0.065%	$1.2M	$495K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	502.96	+0.011%	$679K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0036%	1h	503.16	+0.051%	$1.1M	$4.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.11	+0.041%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.15	+0.049%	—	$1K	25x	as long as short
Phoenix MSFT	+0.0048%	1h	503.13	+0.045%	$11K	$15K	20x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	502.66	−0.048%	$22.2M	$8.9M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	502.84	−0.013%	$303K	$713K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	502.95	+0.009%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	502.83	−0.015%	$513K	$463K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0052%	8h	503.04	+0.027%	$221	—	5x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	502.89	−0.003%	$1.6M	$57K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.22	+0.063%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.01	+0.021%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.07	+0.033%	$55	—	10x	as long as short
edgeX MSFTUSDC	+0.0118%	4h	503.66	+0.150%	$102K	$242K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	503.24	+0.067%	$115K	$45K	30x	as long as short