Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h +0.015%

Price spread now: SoDEX against SunX−0.171%7-day average — · you buy dearer than you sell

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

Long on SunX Short on SoDEX

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

Funding pays, the price is against you. SoDEX is 0.171% cheaper against SunX than usual: you would sell low and buy high (spread −0.171% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$17 on $10k: about 11 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX MSFT-USDT	502.46	0	get 0.0000% / 8h	6h 02m	$6K	$4.1M	20x
Short	SoDEX MSFT-USD	501.60	0.0050	get 0.0006% / 1h	2m 35s	$60K	$3K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now −0.171%Rate

Funding earned: $10.5
Price spread: −0.171% → 0.000%: −$17.12
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$22.62
Costs to cover: 0.160%
Break-even: 22.1 days

Slippage unknown: SunX: live order book, 6 min ago; SoDEX: 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 SunX live order book, 6 min ago	29.45 bp	111.1 bp −$111	doesn't fit	doesn't fit	doesn't fit
Sell SoDEX no order-book sample	—	—	—	—	—

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 33 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
Deribit MSFT_USDC-PERPETUAL	−0.0129%	1h	501.34	−0.223%	$27K	$41K	10x	as long as short
Nado MSFT-PERP	−0.0035%	1h	501.53	−0.184%	$414K	$64K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0016%	1h	501.24	−0.243%	$679K	$457K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.75	−0.142%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.54	−0.183%	$337K	$899K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.67	−0.158%	$15.6M	$18.7M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.73	−0.145%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.90	−0.111%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.53	−0.185%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.66	−0.159%	$4.5M	$2.5M	100x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni MSFT	0.0000%	8h	501.70	−0.152%	$1.3M	$652K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.63	−0.165%	$19K	$295K	10x	as long as short
SunX MSFT-USDTlong	0.0000%	8h	502.46	long leg	$6K	$4.1M	20x
HTX MSFT-USDT	0.0000%	8h	501.55	−0.181%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.87	−0.117%	$2.2M	$764K	10x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.48	−0.195%	$644K	$2.1M	20x	as long as short
QFEX MSFT-USD	+0.0038%	1h	501.54	−0.183%	$1.1M	$5.7M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.49	−0.193%	$97K	$109K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.71	−0.149%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.32	−0.227%	$22.1M	$9.3M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.24	−0.243%	$303K	$671K	10x	as long as short
SoDEX MSFT-USDshort	+0.0050%	1h	501.60	−0.171%	$60K	$3K	10x
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.32	−0.227%	$522K	$483K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0054%	8h	501.59	−0.174%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.56	−0.179%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.35	−0.221%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.63	−0.165%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.60	−0.171%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.57	−0.178%	$55	—	10x	as long as short
Lighter MSFT	+0.0128%	1h	501.73	−0.145%	$1.1M	$489K	20x	as long as short
Hotstuff MSFT-PERP	+0.0168%	1h	501.35	−0.221%	$32K	$8K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.78	−0.135%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0549%	4h	501.71	−0.150%	$102K	$243K	10x	as long as short