Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0043%/8h= −4.7% APRpaid last 24h −0.003%

Price spread now: Nado against Phemex−0.053%7-day average −0.073% · 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−$91as in the Price arb table

costs, in and out, $10k−$930.934% of the position

Long on Phemex Short on Nado

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.038%−$4 on $10k

Price spread, last 4 days (all we have)−0.050%−$5 · spread now −0.053%, 7d avg −0.073%

Together, before fees−0.088%+ Points / potential airdropNado: Active · farm board−$9 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Nado is 0.020% dearer against Phemex than usual: you sell high and buy low (spread −0.053% now, against its 7-day average of −0.073%): +$2 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 38 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex MSFTUSDT	503.83	0	get 0.0000% / 8h	20m 16s	$2.2M	$818K	10x
Short	Nado MSFT-PERP	503.56	−0.0043	pay 0.0005% / 1h	20m 16s	$415K	$67K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado against Phemex. 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 PhemexbpFee NadobpOrdersPrice spread, now −0.053%Rate

Funding earned: −$8.96
Price spread: −0.053% → −0.073%: $2.04
Slippage, 4 orders: −$74.36
Fee Phemex: 6 bp × 2 orders: −$12
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$100.28
Costs to cover: 0.934%
Break-even: never at this rate

Slippage from Phemex: live order book, 3 min ago; Nado: live order book, 18 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 Phemex live order book, 3 min ago	2.48 bp	38.2 bp −$38	doesn't fit	doesn't fit	doesn't fit
Sell Nado live order book, 18 min ago	0.69 bp	12.8 bp −$13	27.3 bp −$273	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
Deribit MSFT_USDC-PERPETUAL	−0.0366%	1h	503.24	−0.117%	$27K	$44K	10x	as long as short
Nado MSFT-PERPshort	−0.0043%	1h	503.56	−0.053%	$415K	$67K	20x
Aster MSFTUSDT	0.0000%	8h	503.77	−0.012%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.52	−0.062%	$338K	$1.9M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	503.61	−0.043%	$15.8M	$19.1M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.33	−0.099%	$7.2M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	503.66	−0.034%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.41	−0.083%	$3.1M	$1.8M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	503.62	−0.042%	$3.8M	$2.9M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	503.52	−0.062%	$1.3M	$404K	—	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	503.69	−0.028%	$18K	$321K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	504.42	+0.117%	$6K	$3.8M	20x	as long as short
Coinbase International MSFT-PERP-INTX	0.0000%	1h	503.16	−0.133%	$681K	$447K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.55	−0.056%	$59K	$226K	20x	as long as short
Phemex MSFTUSDTlong	0.0000%	8h	503.83	long leg	$2.2M	$818K	10x
BloFin MSFT-USDT	+0.0003%	8h	503.62	−0.042%	$191K	$206K	20x	as long as short
tradeXYZ xyz:MSFT	+0.0010%	1h	503.18	−0.129%	$22.4M	$8.9M	20x	as long as short
Lighter MSFT	+0.0032%	1h	503.54	−0.058%	$1.2M	$532K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.44	−0.077%	$708K	$1.9M	20x	as long as short
edgeX MSFTUSDC	+0.0036%	4h	503.49	−0.068%	$102K	$243K	10x	as long as short
QFEX MSFT-USD	+0.0037%	1h	503.48	−0.069%	$1.1M	$4.6M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.33	−0.099%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.77	−0.012%	—	$1K	25x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.26	−0.113%	$303K	$717K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.41	−0.083%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.17	−0.131%	$512K	$428K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0052%	8h	503.57	−0.051%	$222	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	503.40	−0.085%	$11K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	502.95	−0.175%	$1.6M	$68K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.37	−0.091%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.46	−0.073%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.51	−0.063%	$55	—	10x	as long as short
Hotstuff MSFT-PERP	+0.0128%	1h	503.19	−0.127%	$32K	$8K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	504.86	+0.204%	$116K	$45K	30x	as long as short