Funding arb · Price arb /

MSFT

RWAall MSFT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0007%/8h= −0.8% APRpaid last 24h −0.005%

Price spread now: Nado against OKX−0.075%49s7-day average −0.033% · you buy dearer than you sell

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−$280.282% of the position

Long on OKX Short on Nado

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.039%−$4 on $10k

Price spread, last 4 days (all we have)−0.098%−$10 · spread now −0.075%, 7d avg −0.033%

Together, before fees−0.137%+ Points / potential airdropNado: Active · farm board−$14 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Nado is 0.043% cheaper against OKX than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of −0.033%. The two prices were read 49 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	OKX MSFT-USDT-SWAP	504.87	0	get 0.0000% / 8h	6h 59m	$3.0M	$2.4M	20x
Short	Nado MSFT-PERP	504.49	−0.0007	pay 0.0001% / 1h	59m 39s	$415K	$67K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado against OKX. 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 OKXbpFee NadobpOrdersPrice spread, now −0.075%Rate

Funding earned: −$1.5
Price spread: −0.075% → −0.033%: −$4.25
Slippage, 4 orders: −$11.19
Fee OKX: 5 bp × 2 orders: −$10
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$33.94
Costs to cover: 0.282%
Break-even: never at this rate

Slippage from OKX: live order book, 3 min ago; Nado: live order book, 33 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 OKX live order book, 3 min ago	0.10 bp	6.7 bp −$7	13.4 bp −$134	doesn't fit	doesn't fit
Sell Nado live order book, 33 min ago	0.60 bp	5.5 bp −$5	23.5 bp −$235	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	−0.0838%	4h	504.53	−0.068%	$103K	$244K	10x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0056%	1h	504.35	−0.103%	$693K	$455K	10x	as long as short
Nado MSFT-PERPshort	−0.0007%	1h	504.49	−0.075%	$415K	$67K	20x
Aster MSFTUSDT	0.0000%	8h	504.74	−0.025%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	504.73	−0.027%	$326K	$1.9M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	504.86	−0.002%	$16.3M	$19.6M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	504.53	−0.067%	$7.2M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAPlong	0.0000%	8h	504.87	long leg	$3.0M	$2.4M	20x
Gate MSFT_USDT	0.0000%	8h	504.55	−0.063%	$3.1M	$1.9M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	504.83	−0.008%	$3.9M	$2.8M	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	504.71	−0.031%	$1.3M	$394K	—	as long as short
SunX MSFT-USDT	0.0000%	8h	505.62	+0.149%	$6K	$3.5M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	504.45	−0.083%	$27K	$45K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	504.71	−0.032%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	505.21	+0.067%	$2.2M	$864K	10x	as long as short
Phoenix MSFT	+0.0016%	1h	504.31	−0.111%	$11K	$15K	20x	as long as short
QFEX MSFT-USD	+0.0023%	1h	504.71	−0.032%	$1.1M	$4.6M	10x	as long as short
BloFin MSFT-USDT	+0.0026%	8h	504.81	−0.012%	$190K	$206K	20x	as long as short
Lighter MSFT	+0.0032%	1h	504.62	−0.050%	$1.2M	$470K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	504.65	−0.044%	$712K	$1.7M	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	504.66	−0.042%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	504.34	−0.105%	$22.4M	$8.9M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	504.46	−0.081%	$304K	$650K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	504.57	−0.059%	$61K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	504.34	−0.105%	$537K	$386K	15x	as long as short
Arcus MSFT-USD	+0.0052%	1h	504.63	−0.048%	$93K	$115K	10x	as long as short
Paradex MSFT-USD-PERP	+0.0061%	8h	504.63	−0.048%	$222	—	5x	as long as short
GRVT MSFT_USDT_Perp	+0.0072%	8h	504.59	−0.055%	$19K	$312K	10x	as long as short
Hotstuff MSFT-PERP	+0.0080%	1h	504.33	−0.107%	$33K	$8K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	504.18	−0.137%	$1.6M	$142K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	504.14	−0.145%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	504.72	−0.030%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	504.64	−0.046%	$56	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	505.86	+0.196%	$116K	$45K	30x	as long as short