Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0136%/8h= +14.9% APRpaid last 24h +0.031%

Price spread now: Orderly against Nado+0.029%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Nado Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropNado: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Orderly is 0.029% dearer against Nado than usual: you sell high and buy low: +$3 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado MSFT-PERP	501.10	−0.0036	get 0.0005% / 1h	42m 34s	$414K	$64K	20x
Short	Orderly PERP_MSFT_USDC_mythos	501.25	0.0100	get 0.0100% / 8h	4h 42m	$8K	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.029%Rate

Funding earned: $28.62
Price spread: +0.029% → 0.000%: $2.94
Slippage, 4 orders: no order book: not counted
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: $18.56
Costs to cover: 0.130%
Break-even: 2.5 days

Slippage unknown: Nado: live order book, 15 min ago; Orderly: no order-book sample. Net counts fees only.

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, 15 min ago	1.00 bp	12.5 bp −$13	26.0 bp −$260	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0040%	1h	500.97	−0.026%	$678K	$458K	10x	as long as short
Nado MSFT-PERPlong	−0.0036%	1h	501.10	long leg	$414K	$64K	20x
BloFin MSFT-USDT	−0.0001%	8h	501.37	+0.053%	$189K	$204K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.10	0.000%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.35	+0.050%	$341K	$893K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.48	+0.075%	$15.7M	$19.0M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.13	+0.005%	$7.2M	$2.1M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.47	+0.073%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.30	+0.039%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.39	+0.057%	$4.5M	$2.5M	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	501.27	+0.034%	$1.3M	$617K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.33	+0.045%	$19K	$302K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.23	+0.225%	$6K	$4.0M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.13	+0.005%	$27K	$41K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.30	+0.039%	$58K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.69	+0.117%	$2.2M	$777K	10x	as long as short
Hotstuff MSFT-PERP	+0.0024%	1h	500.92	−0.036%	$32K	$8K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.18	+0.015%	$682K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0036%	1h	501.32	+0.043%	$1.1M	$5.6M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.07	−0.007%	$96K	$111K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.11	+0.001%	—	$1K	25x	as long as short
Phoenix MSFT	+0.0048%	1h	501.04	−0.013%	$10K	$15K	20x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	500.92	−0.036%	$22.1M	$8.8M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.01	−0.019%	$295K	$673K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.32	+0.043%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.84	−0.052%	$527K	$456K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0057%	8h	501.34	+0.047%	$221	—	5x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	500.91	−0.038%	$1.5M	$20K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	500.93	−0.034%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythosshort	+0.0100%	8h	501.25	+0.029%	$8K	—	10x
Aevo MSFT-PERP	+0.0104%	1h	501.29	+0.036%	$55	—	10x	as long as short
Lighter MSFT	+0.0112%	1h	501.45	+0.069%	$1.1M	$489K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.34	+0.047%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0292%	4h	501.27	+0.034%	$102K	$244K	10x	as long as short