Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0040%/8h= +4.4% APRpaid last 24h +0.081%

Price spread now: Arcus against SunX−0.208%7-day average −0.194% · 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−$237as in the Price arb table

costs, in and out, $10k−$2352.353% of the position

Long on SunX Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.153%+$15 on $10k

Price spread, last 4 days (all we have)+0.014%+$1 · spread now −0.208%, 7d avg −0.194%

Together, before fees+0.167%+$17 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.194%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX MSFT-USDT	505.11	0	get 0.0000% / 8h	2h 20m	$6K	$4.0M	20x
Short	Arcus MSFT-USD	504.06	0.0040	get 0.0005% / 1h	20m 06s	$97K	$110K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus against SunX. 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 SunXbpFee ArcusbpOrdersPrice spread, now −0.208%Rate

Funding earned: $8.46
Price spread: −0.208% → −0.194%: −$1.41
Slippage, 4 orders: −$222.76
Fee SunX: 4 bp × 2 orders: −$8
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: −$228.21
Costs to cover: 2.353%
Break-even: 195.9 days

Slippage from SunX: live order book, 8 min ago; Arcus: live order book, 28 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 SunX live order book, 8 min ago	29.21 bp	110.0 bp −$110	doesn't fit	doesn't fit	doesn't fit
Sell Arcus live order book, 28 min ago	3.68 bp	9.8 bp −$10	12.0 bp −$120	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
edgeX MSFTUSDC	−0.0107%	4h	504.40	−0.141%	$103K	$243K	10x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0064%	1h	503.98	−0.224%	$687K	$485K	10x	as long as short
Nado MSFT-PERP	−0.0038%	1h	504.20	−0.180%	$415K	$68K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.98	−0.224%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	504.17	−0.185%	$338K	$1.2M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	504.14	−0.192%	$15.8M	$19.5M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	504.03	−0.214%	$7.2M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	504.38	−0.145%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	504.15	−0.190%	$3.1M	$1.8M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	504.32	−0.156%	$3.8M	$3.0M	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	504.32	−0.157%	$1.3M	$477K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	504.42	−0.137%	$19K	$322K	10x	as long as short
SunX MSFT-USDTlong	0.0000%	8h	505.11	long leg	$6K	$4.0M	20x
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	504.10	−0.200%	$27K	$43K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	504.12	−0.196%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	504.79	−0.063%	$2.2M	$809K	10x	as long as short
Phoenix MSFT	+0.0016%	1h	503.79	−0.261%	$11K	$15K	20x	as long as short
BloFin MSFT-USDT	+0.0017%	8h	504.40	−0.141%	$189K	$206K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	504.18	−0.184%	$687K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0036%	1h	504.35	−0.150%	$1.2M	$4.8M	10x	as long as short
Arcus MSFT-USDshort	+0.0040%	1h	504.06	−0.208%	$97K	$110K	10x
Vest MSFT-USD-PERP	+0.0046%	1h	504.46	−0.129%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	503.82	−0.255%	$22.4M	$9.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.92	−0.236%	$303K	$720K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	504.20	−0.180%	$61K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.98	−0.224%	$518K	$472K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0052%	8h	504.19	−0.181%	$222	—	5x	as long as short
Lighter MSFT	+0.0080%	1h	504.36	−0.148%	$1.2M	$516K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.56	−0.307%	$1.6M	$57K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	504.25	−0.170%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	504.23	−0.174%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	504.30	−0.159%	$55	—	10x	as long as short
Hotstuff MSFT-PERP	+0.0160%	1h	503.91	−0.238%	$33K	$8K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	504.04	−0.212%	$115K	$45K	30x	as long as short