Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0156%/8h= −17.1% APRpaid last 24h −0.038%

Price spread now: Coinbase International against Orderly−0.075%7-day average — · you buy dearer than you sell

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

Long on Orderly Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Coinbase International is 0.075% cheaper against Orderly than usual: you would sell low and buy high (−$8 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_MSFT_USDC_mythos	504.09	0.0100	pay 0.0100% / 8h	7h 55m	$8K	—	10x
Short	Coinbase International MSFT-PERP-INTX	503.71	−0.0056	pay 0.0007% / 1h	55m 07s	$689K	$477K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Orderly. 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 OrderlybpFee Coinbase InternationalbpOrdersPrice spread, now −0.075%Rate

Funding earned: −$32.76
Price spread: −0.075% → 0.000%: −$7.54
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$56.3
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Coinbase International: live order book, 43 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 Orderly no order-book sample	—	—	—	—	—
Sell Coinbase International live order book, 43 min ago	3.18 bp	8.7 bp −$9	10.1 bp −$101	doesn't fit	doesn't fit

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
Nado MSFT-PERP	−0.0060%	1h	503.78	−0.061%	$415K	$67K	20x	as long as short
Coinbase International MSFT-PERP-INTXshort	−0.0056%	1h	503.71	−0.075%	$689K	$477K	10x
Aster MSFTUSDT	0.0000%	8h	504.17	+0.016%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	504.28	+0.038%	$339K	$1.9M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	504.50	+0.081%	$15.9M	$19.1M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	504.13	+0.008%	$7.2M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	504.49	+0.079%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	504.28	+0.038%	$3.1M	$1.8M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	504.46	+0.073%	$3.9M	$2.9M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	503.97	−0.023%	$1.3M	$392K	—	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	503.46	−0.125%	$19K	$318K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	505.37	+0.254%	$6K	$3.7M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	504.34	+0.050%	$59K	$224K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	504.76	+0.133%	$2.2M	$823K	10x	as long as short
BloFin MSFT-USDT	+0.0017%	8h	504.30	+0.042%	$192K	$205K	20x	as long as short
QFEX MSFT-USD	+0.0023%	1h	504.00	−0.018%	$1.2M	$4.6M	10x	as long as short
Hotstuff MSFT-PERP	+0.0024%	1h	503.09	−0.198%	$32K	$8K	20x	as long as short
Lighter MSFT	+0.0032%	1h	504.32	+0.046%	$1.2M	$509K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	504.26	+0.034%	$706K	$1.8M	20x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.79	−0.060%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	504.16	+0.014%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	503.88	−0.042%	$22.5M	$8.9M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.80	−0.058%	$303K	$704K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	504.15	+0.012%	$61K	$3K	10x	as long as short
edgeX MSFTUSDC	+0.0050%	4h	503.74	−0.069%	$102K	$242K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.58	−0.101%	$513K	$430K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0051%	8h	503.78	−0.061%	$222	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	503.05	−0.206%	$11K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.80	−0.058%	$1.6M	$88K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	502.95	−0.226%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythoslong	+0.0100%	8h	504.09	long leg	$8K	—	10x
Aevo MSFT-PERP	+0.0104%	1h	504.15	+0.013%	$55	—	10x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0127%	1h	504.34	+0.050%	$27K	$44K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	503.87	−0.044%	$115K	$45K	30x	as long as short