Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.017%

Price spread now: tradeXYZ against Orderly−0.078%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 tradeXYZ

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—+ Points / potential airdroptradeXYZ: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and tradeXYZ is 0.078% 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	501.18	0.0100	pay 0.0100% / 8h	4h 13m	$8K	—	10x
Short	tradeXYZ xyz:MSFT	500.79	0.0050	get 0.0006% / 1h	13m 09s	$22.0M	$8.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

tradeXYZ 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 tradeXYZbpOrdersPrice spread, now −0.078%Rate

Funding earned: −$10.5
Price spread: −0.078% → 0.000%: −$7.78
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee tradeXYZ: 9 bp × 2 orders: −$18
Net: −$42.28
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; tradeXYZ: live order book, 5 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 tradeXYZ live order book, 5 min ago	0.50 bp	10.4 bp −$10	doesn't fit	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
edgeX MSFTUSDC	−0.0330%	4h	501.40	+0.044%	$102K	$244K	10x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0040%	1h	500.97	−0.042%	$677K	$457K	10x	as long as short
Nado MSFT-PERP	−0.0012%	1h	501.17	−0.002%	$414K	$64K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.13	−0.010%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.15	−0.006%	$337K	$890K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.30	+0.024%	$15.8M	$19.0M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	500.94	−0.048%	$7.2M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.57	+0.078%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.12	−0.012%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.39	+0.042%	$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	501.46	+0.056%	$1.3M	$615K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.48	+0.060%	$19K	$302K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.16	+0.196%	$6K	$4.0M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.04	−0.028%	$27K	$41K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.20	+0.004%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.57	+0.078%	$2.2M	$769K	10x	as long as short
BloFin MSFT-USDT	+0.0019%	8h	501.31	+0.026%	$189K	$204K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.05	−0.026%	$675K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0036%	1h	501.25	+0.014%	$1.2M	$5.2M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.18	0.000%	$96K	$111K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.33	+0.030%	—	$1K	25x	as long as short
Phoenix MSFT	+0.0048%	1h	501.13	−0.010%	$10K	$15K	20x	as long as short
tradeXYZ xyz:MSFTshort	+0.0050%	1h	500.79	−0.078%	$22.0M	$8.7M	20x
Polymarket Perps MSFT-USD	+0.0050%	1h	500.95	−0.046%	$302K	$722K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.09	−0.018%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.90	−0.056%	$528K	$444K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0057%	8h	501.22	+0.008%	$221	—	5x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	500.96	−0.044%	$1.5M	$20K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.20	+0.004%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythoslong	+0.0100%	8h	501.18	long leg	$8K	—	10x
Aevo MSFT-PERP	+0.0104%	1h	501.24	+0.012%	$55	—	10x	as long as short
Lighter MSFT	+0.0112%	1h	501.27	+0.018%	$1.1M	$499K	20x	as long as short
Hotstuff MSFT-PERP	+0.0176%	1h	500.99	−0.038%	$32K	$8K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.76	+0.116%	$115K	$45K	30x	as long as short