Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0051%/8h= −5.6% APRpaid last 24h −0.001%

Price spread now: BloFin against Ondo Perps+0.129%7-day average +0.107% · you sell dearer than you buy

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

Long on Ondo Perps Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.076%−$8 on $10k

Price spread, last 4 days (all we have)−0.015%−$1 · spread now +0.129%, 7d avg +0.107%

Together, before fees−0.091%+ Points / potential airdropOndo Perps: Active · farm board−$9 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BloFin is 0.022% dearer against Ondo Perps than usual: you sell high and buy low (spread +0.129% now, against its 7-day average of +0.107%): +$2 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 35 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps MSFT-USD.P	503.09	0.0050	pay 0.0006% / 1h	5m 04s	$513K	$453K	15x
Short	BloFin MSFT-USDT	503.74	−0.0001	pay 0.0001% / 8h	1h 05m	$190K	$207K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Ondo Perps. 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 Ondo PerpsbpFee BloFinbpOrdersPrice spread, now +0.129%Rate

Funding earned: −$10.76
Price spread: +0.129% → +0.107%: $2.24
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$25.52
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Ondo Perps: no order-book sample; BloFin: live order book, 6 min ago. 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 Ondo Perps no order-book sample	—	—	—	—	—
Sell BloFin live order book, 6 min ago	0.10 bp	7.7 bp −$8	9.7 bp −$97	doesn't fit	doesn't fit

Ondo Perps: 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
edgeX MSFTUSDC	−0.0748%	4h	503.68	+0.118%	$102K	$243K	10x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0048%	1h	503.66	+0.113%	$682K	$499K	10x	as long as short
BloFin MSFT-USDTshort	−0.0001%	8h	503.74	+0.129%	$190K	$207K	20x
Aster MSFTUSDT	0.0000%	8h	503.31	+0.045%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.46	+0.074%	$338K	$1.2M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	503.59	+0.100%	$15.8M	$19.5M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.36	+0.054%	$7.3M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	503.64	+0.109%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.39	+0.060%	$3.1M	$1.8M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	503.60	+0.101%	$3.8M	$3.0M	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	503.60	+0.101%	$1.3M	$414K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	503.72	+0.125%	$18K	$328K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	504.48	+0.276%	$6K	$3.9M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.50	+0.081%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	503.74	+0.129%	$2.2M	$823K	10x	as long as short
Nado MSFT-PERP	+0.0022%	1h	503.40	+0.062%	$414K	$67K	20x	as long as short
Hotstuff MSFT-PERP	+0.0024%	1h	503.21	+0.024%	$32K	$8K	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0028%	1h	503.42	+0.066%	$27K	$44K	10x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.37	+0.056%	$694K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0039%	1h	503.62	+0.105%	$1.2M	$4.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.41	+0.064%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.70	+0.121%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	503.17	+0.016%	$22.4M	$8.9M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.34	+0.050%	$303K	$718K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.42	+0.066%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.Plong	+0.0050%	1h	503.09	long leg	$513K	$453K	15x
Paradex MSFT-USD-PERP	+0.0057%	8h	503.51	+0.083%	$222	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	503.38	+0.058%	$11K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.10	+0.002%	$1.6M	$60K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.24	+0.030%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.50	+0.081%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.56	+0.093%	$55	—	10x	as long as short
Lighter MSFT	+0.0144%	1h	503.54	+0.089%	$1.2M	$533K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	503.98	+0.177%	$115K	$45K	30x	as long as short