Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.001%

Price spread now: tradeXYZ against SoDEX−0.064%52s7-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 tradeXYZ

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

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: tradeXYZ is 0.064% cheaper against SoDEX than usual: you would sell low and buy high, −$6 on $10k if it goes back to zero (this spread has no 7-day history yet). The two prices were read 52 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	SoDEX MSFT-USD	503.50	0.0050	pay 0.0006% / 1h	47m 28s	$60K	$3K	10x
Short	tradeXYZ xyz:MSFT	503.18	0.0050	get 0.0006% / 1h	47m 28s	$22.4M	$8.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

tradeXYZ 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 tradeXYZbpOrdersPrice spread, now −0.064%Rate

Funding earned: $0
Price spread: −0.064% → 0.000%: −$6.36
Slippage, 4 orders: no order book: not counted
Fee SoDEX: 4 bp × 2 orders: −$8
Fee tradeXYZ: 9 bp × 2 orders: −$18
Net: −$32.36
Costs to cover: 0.260%
Break-even: never at this rate

Slippage unknown: SoDEX: no order-book sample; tradeXYZ: live order book, 11 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 SoDEX no order-book sample	—	—	—	—	—
Sell tradeXYZ live order book, 11 min ago	0.40 bp	10.1 bp −$10	12.4 bp −$124	doesn't fit	doesn't fit

SoDEX: 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	−0.0029%	1h	503.19	−0.062%	$414K	$67K	20x	as long as short
BloFin MSFT-USDT	−0.0027%	8h	503.70	+0.040%	$191K	$206K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.24	−0.052%	$161K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.37	−0.025%	$338K	$1.8M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	503.51	+0.002%	$15.8M	$19.1M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.33	−0.034%	$7.3M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	503.77	+0.054%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.28	−0.044%	$3.1M	$1.8M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	503.60	+0.020%	$3.8M	$2.9M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	503.45	−0.011%	$1.3M	$414K	—	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	503.43	−0.014%	$19K	$326K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	504.44	+0.187%	$6K	$3.8M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	503.39	−0.022%	$27K	$44K	10x	as long as short
Coinbase International MSFT-PERP-INTX	0.0000%	1h	502.97	−0.105%	$682K	$455K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.46	−0.008%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	504.09	+0.117%	$2.2M	$821K	10x	as long as short
Lighter MSFT	+0.0032%	1h	503.38	−0.024%	$1.2M	$521K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.27	−0.046%	$695K	$1.9M	20x	as long as short
QFEX MSFT-USD	+0.0037%	1h	503.45	−0.010%	$1.2M	$4.7M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.32	−0.036%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.54	+0.008%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFTshort	+0.0050%	1h	503.18	−0.064%	$22.4M	$8.8M	20x
Polymarket Perps MSFT-USD	+0.0050%	1h	503.18	−0.064%	$303K	$717K	10x	as long as short
SoDEX MSFT-USDlong	+0.0050%	1h	503.50	long leg	$60K	$3K	10x
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.08	−0.083%	$512K	$428K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0054%	8h	503.38	−0.024%	$221	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	503.33	−0.034%	$11K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	502.99	−0.101%	$1.6M	$62K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.11	−0.077%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.39	−0.022%	$8K	—	10x	as long as short
Hotstuff MSFT-PERP	+0.0104%	1h	503.17	−0.066%	$32K	$8K	20x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.57	+0.014%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	503.82	+0.064%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0417%	4h	503.41	−0.019%	$102K	$243K	10x	as long as short