Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRnext payment −$0.00 per $10,000 · paid last 24h −0.002%

Price spread now: tradeXYZ against Ondo Perps+0.030%53s7-day average −0.010% · you sell dearer than you buy

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

Long on Ondo Perps Short on tradeXYZ

What this pair did over the last

the charts below follow

Funding, last 7 days−0.048%−$5 on $10k

Price spread, last 4 days (all we have)+0.074%+$7 · spread now +0.030%, 7d avg −0.010%

Together, before fees+0.025%+ Points / potential airdropOndo Perps: Active · tradeXYZ: Active · farm board+$3 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: tradeXYZ is 0.040% dearer against Ondo Perps than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of −0.010%. The two prices were read 53 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	Ondo Perps MSFT-USD.P	500.63	0.0050	pay 0.0006% / 1h	2m 47s	$515K	$494K	15x
Short	tradeXYZ xyz:MSFT	500.78	0.0050	get 0.0006% / 1h	2m 47s	$22.1M	$8.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

tradeXYZ 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 tradeXYZbpOrdersPrice spread, now +0.030%Rate

Funding earned: −$0.08
Price spread: +0.030% → −0.010%: $4.03
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee tradeXYZ: 9 bp × 2 orders: −$18
Net: −$19.05
Costs to cover: 0.230%
Break-even: never at this rate

Slippage unknown: Ondo Perps: no order-book sample; tradeXYZ: 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 tradeXYZ live order book, 6 min ago	0.30 bp	10.1 bp −$10	doesn't fit	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
Coinbase International MSFT-PERP-INTX	−0.0064%	1h	500.97	+0.068%	$678K	$458K	10x	as long as short
Nado MSFT-PERP	−0.0033%	1h	500.79	+0.031%	$413K	$64K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.23	+0.119%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.02	+0.079%	$337K	$888K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.20	+0.115%	$15.7M	$19.0M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	500.89	+0.052%	$7.2M	$2.1M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.38	+0.150%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.00	+0.074%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.12	+0.098%	$4.5M	$2.5M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	500.98	+0.069%	$1.3M	$647K	—	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT MSFT_USDT_Perp	0.0000%	8h	501.10	+0.094%	$19K	$299K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	501.92	+0.258%	$6K	$4.1M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	500.81	+0.036%	$27K	$41K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	500.90	+0.054%	$58K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.33	+0.140%	$2.2M	$773K	10x	as long as short
BloFin MSFT-USDT	+0.0004%	8h	501.16	+0.106%	$189K	$203K	20x	as long as short
QFEX MSFT-USD	+0.0030%	1h	501.07	+0.088%	$1.1M	$5.6M	10x	as long as short
Lighter RH MSFT	+0.0032%	1h	500.99	+0.072%	$683K	$2.0M	20x	as long as short
Arcus MSFT-USD	+0.0040%	1h	500.84	+0.042%	$96K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	500.98	+0.070%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFTshort	+0.0050%	1h	500.78	+0.030%	$22.1M	$8.8M	20x
Polymarket Perps MSFT-USD	+0.0050%	1h	500.74	+0.022%	$301K	$648K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	500.95	+0.064%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.Plong	+0.0050%	1h	500.63	long leg	$515K	$494K	15x
Paradex MSFT-USD-PERP	+0.0056%	8h	501.07	+0.088%	$220	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	500.91	+0.056%	$10K	$15K	20x	as long as short
Hotstuff MSFT-PERP	+0.0080%	1h	500.70	+0.014%	$32K	$8K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.01	+0.076%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	500.58	−0.010%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.01	+0.076%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	500.97	+0.067%	$55	—	10x	as long as short
Lighter MSFT	+0.0168%	1h	501.29	+0.132%	$1.1M	$479K	20x	as long as short
edgeX MSFTUSDC	+0.0179%	4h	501.04	+0.082%	$102K	$243K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.49	+0.172%	$115K	$45K	30x	as long as short