Funding arb · Price arb /

MSFT

RWAall MSFT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0056%/8h= −6.1% APRpaid last 24h −0.008%

Price spread now: Coinbase International against SunX−0.255%7-day average −0.274% · you buy dearer than you sell

Net, funding: paid 7d − costs−$234as in the Funding arb table

Net, price: spread back to 7d avg − costs−$229as in the Price arb table

costs, in and out, $10k−$2312.313% of the position

Long on SunX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.027%−$3 on $10k

Price spread, last 4 days (all we have)+0.019%+$2 · spread now −0.255%, 7d avg −0.274%

Together, before fees−0.009%−$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.274%, 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	SunX MSFT-USDT	504.93	0	get 0.0000% / 8h	7h 18m	$6K	$3.5M	20x
Short	Coinbase International MSFT-PERP-INTX	503.64	−0.0056	pay 0.0007% / 1h	18m 40s	$685K	$452K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now −0.255%Rate

Funding earned: −$11.76
Price spread: −0.255% → −0.274%: $1.87
Slippage, 4 orders: −$213.27
Fee SunX: 4 bp × 2 orders: −$8
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$241.16
Costs to cover: 2.313%
Break-even: never at this rate

Slippage from SunX: live order book, 10 min ago; Coinbase International: live order book, 15 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, 10 min ago	29.21 bp	110.7 bp −$111	doesn't fit	doesn't fit	doesn't fit
Sell Coinbase International live order book, 15 min ago	1.59 bp	7.4 bp −$7	10.0 bp −$100	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	−0.0638%	4h	503.89	−0.206%	$103K	$243K	10x	as long as short
Coinbase International MSFT-PERP-INTXshort	−0.0056%	1h	503.64	−0.255%	$685K	$452K	10x
Nado MSFT-PERP	−0.0009%	1h	503.72	−0.240%	$415K	$67K	20x	as long as short
BloFin MSFT-USDT	−0.0002%	8h	504.16	−0.152%	$192K	$203K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	504.27	−0.130%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.91	−0.202%	$335K	$1.9M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	504.15	−0.154%	$16.4M	$19.4M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.84	−0.216%	$7.2M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	504.07	−0.170%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.86	−0.212%	$3.1M	$1.9M	100x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MSFTUSDT	0.0000%	8h	504.00	−0.184%	$3.9M	$2.8M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	503.92	−0.200%	$1.3M	$387K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	503.94	−0.195%	$19K	$316K	10x	as long as short
SunX MSFT-USDTlong	0.0000%	8h	504.93	long leg	$6K	$3.5M	20x
HTX MSFT-USDT	0.0000%	8h	504.01	−0.182%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	504.60	−0.065%	$2.2M	$846K	10x	as long as short
Phoenix MSFT	+0.0016%	1h	503.53	−0.277%	$11K	$15K	20x	as long as short
QFEX MSFT-USD	+0.0023%	1h	504.05	−0.174%	$1.1M	$4.6M	10x	as long as short
Lighter MSFT	+0.0032%	1h	503.90	−0.204%	$1.2M	$523K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.93	−0.198%	$704K	$1.9M	20x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.88	−0.208%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	504.07	−0.170%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	503.63	−0.257%	$22.4M	$8.9M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.84	−0.216%	$303K	$650K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.90	−0.204%	$61K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.66	−0.252%	$534K	$392K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0057%	8h	503.94	−0.197%	$222	—	5x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0068%	1h	503.91	−0.202%	$27K	$45K	10x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.57	−0.269%	$1.6M	$123K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.33	−0.317%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	504.05	−0.174%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	504.03	−0.178%	$55	—	10x	as long as short
Hotstuff MSFT-PERP	+0.0136%	1h	503.38	−0.307%	$32K	$8K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	505.30	+0.073%	$116K	$45K	30x	as long as short