Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0024%/8h= −2.6% APRpaid last 24h +0.007%

Price spread now: Nado against SunX−0.182%7-day average −0.193% · 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−$240as in the Price arb table

costs, in and out, $10k−$2412.412% of the position

Long on SunX Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.036%−$4 on $10k

Price spread, last 3 days (all we have)−0.079%−$8 · spread now −0.182%, 7d avg −0.193%

Together, before fees−0.115%+ Points / potential airdropNado: Active · farm board−$11 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.193%, 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	502.42	0	get 0.0000% / 8h	2h 22m	$6K	$4.4M	20x
Short	Nado MSFT-PERP	501.51	−0.0024	pay 0.0003% / 1h	22m 18s	$414K	$64K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now −0.182%Rate

Funding earned: −$5.03
Price spread: −0.182% → −0.193%: $1.13
Slippage, 4 orders: −$226.23
Fee SunX: 4 bp × 2 orders: −$8
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$245.13
Costs to cover: 2.412%
Break-even: never at this rate

Slippage from SunX: live order book, 6 min ago; Nado: live order book, 65 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, 6 min ago	29.16 bp	111.5 bp −$112	doesn't fit	doesn't fit	doesn't fit
Sell Nado live order book, 65 min ago	0.60 bp	13.3 bp −$13	33.2 bp −$332	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
Coinbase International MSFT-PERP-INTX	−0.0040%	1h	501.47	−0.189%	$690K	$434K	10x	as long as short
Nado MSFT-PERPshort	−0.0024%	1h	501.51	−0.182%	$414K	$64K	20x
BloFin MSFT-USDT	0.0000%	8h	501.67	−0.149%	$189K	$209K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.84	−0.116%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.60	−0.163%	$372K	$369K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.68	−0.147%	$15.7M	$19.3M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.80	−0.123%	$7.4M	$1.7M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.81	−0.121%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.53	−0.177%	$3.1M	$1.5M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.68	−0.147%	$3.8M	$2.2M	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	501.67	−0.150%	$1.3M	$726K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.75	−0.133%	$18K	$330K	10x	as long as short
SunX MSFT-USDTlong	0.0000%	8h	502.42	long leg	$6K	$4.4M	20x
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.55	−0.173%	$27K	$104K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.59	−0.165%	$59K	$230K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.82	−0.119%	$2.2M	$765K	10x	as long as short
Hotstuff MSFT-PERP	+0.0024%	1h	501.40	−0.203%	$32K	$8K	20x	as long as short
Lighter MSFT	+0.0032%	1h	501.67	−0.149%	$1.1M	$653K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.59	−0.165%	$652K	$2.2M	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.70	−0.143%	—	—	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.36	−0.211%	$22.2M	$10.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.27	−0.229%	$309K	$683K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.61	−0.161%	$60K	$3K	10x	as long as short
Paradex MSFT-USD-PERP	+0.0050%	8h	501.64	−0.155%	$221	—	5x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.25	−0.233%	$521K	$485K	15x	as long as short
QFEX MSFT-USD	+0.0050%	1h	501.69	−0.145%	$1.1M	$5.7M	10x	as long as short
Phoenix MSFT	+0.0096%	1h	501.45	−0.193%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.21	−0.241%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.53	−0.177%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.56	−0.171%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.61	−0.161%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.03	−0.078%	$115K	$45K	30x	as long as short
Arcus MSFT-USD	+0.0531%	1h	501.51	−0.181%	$109K	$90K	10x	as long as short
edgeX MSFTUSDC	+0.0989%	4h	501.68	−0.147%	$102K	$242K	10x	as long as short