Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h +0.015%

Price spread now: Orderly against SoDEX−0.004%7-day average — · you buy dearer than you sell

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

Long on SoDEX Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 3 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

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: +$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX MSFT-USD	501.96	0.0050	pay 0.0006% / 1h	54m 04s	$60K	$3K	10x
Short	Orderly PERP_MSFT_USDC_mythos	501.94	0.0100	get 0.0100% / 8h	7h 54m	$8K	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against SoDEX. 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 SoDEXbpFee OrderlybpOrdersPrice spread, now −0.004%Rate

Funding earned: $10.5
Price spread: −0.004% → 0.000%: −$0.4
Slippage, 4 orders: no order book: not counted
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$3.9
Costs to cover: 0.140%
Break-even: 9.6 days

Slippage unknown: SoDEX: no order-book sample; Orderly: no order-book sample. 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 SoDEX no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

SoDEX and 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	−0.0981%	4h	501.84	−0.024%	$102K	$242K	10x	as long as short
Hotstuff MSFT-PERP	−0.0008%	1h	501.62	−0.068%	$32K	$8K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0008%	1h	501.57	−0.078%	$680K	$450K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	502.06	+0.020%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.96	0.000%	$337K	$378K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	502.05	+0.019%	$15.7M	$18.8M	20x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	502.06	+0.020%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.82	−0.028%	$3.1M	$1.6M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.96	0.000%	$3.8M	$2.2M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.97	+0.001%	$1.3M	$690K	—	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	501.73	−0.046%	$19K	$296K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.83	+0.173%	$6K	$4.2M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.76	−0.040%	$27K	$41K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.92	−0.008%	$58K	$228K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.37	+0.082%	$2.2M	$753K	10x	as long as short
Nado MSFT-PERP	+0.0004%	1h	501.90	−0.013%	$414K	$64K	20x	as long as short
BloFin MSFT-USDT	+0.0012%	8h	502.00	+0.008%	$188K	$207K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.89	−0.014%	$618K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0044%	1h	501.92	−0.008%	$1.1M	$5.9M	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.99	+0.006%	—	$1K	25x	as long as short
Lighter MSFT	+0.0048%	1h	502.17	+0.042%	$1.1M	$486K	20x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.77	−0.038%	$22.3M	$9.1M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.77	−0.038%	$303K	$673K	10x	as long as short
SoDEX MSFT-USDlong	+0.0050%	1h	501.96	long leg	$60K	$3K	10x
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.52	−0.088%	$529K	$492K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0052%	8h	502.01	+0.010%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.72	−0.048%	$10K	$15K	20x	as long as short
Bybit MSFTUSDT	+0.0091%	8h	502.05	+0.018%	$7.4M	$1.7M	100x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.65	−0.062%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.31	−0.129%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythosshort	+0.0100%	8h	501.94	−0.004%	$8K	—	10x
Aevo MSFT-PERP	+0.0104%	1h	501.83	−0.027%	$55	—	10x	as long as short
Arcus MSFT-USD	+0.0212%	1h	501.85	−0.022%	$97K	$110K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.20	+0.048%	$115K	$45K	30x	as long as short