Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0037%/8h= +4.1% APRpaid last 24h +0.013%

Price spread now: tradeXYZ against SunX−0.231%7-day average −0.264% · you buy dearer than you sell

Net, funding: paid 7d − costs−$224as in the Funding arb table

Net, price: spread back to 7d avg − costs−$228as in the Price arb table

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

Long on SunX Short on tradeXYZ

What this pair did over the last

the charts below follow

Funding, last 7 days+0.076%+$8 on $10k

Price spread, last 4 days (all we have)−0.084%−$8 · spread now −0.231%, 7d avg −0.264%

Together, before fees−0.008%+ Points / potential airdroptradeXYZ: Active · farm board−$1 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and tradeXYZ is 0.033% dearer against SunX than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.264%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX MSFT-USDT	507.10	0	get 0.0000% / 8h	4h 47m	$6K	$3.4M	20x
Short	tradeXYZ xyz:MSFT	505.93	0.0037	get 0.0005% / 1h	47m 12s	$22.4M	$9.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

tradeXYZ 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 tradeXYZbpOrdersPrice spread, now −0.231%Rate

Funding earned: $7.85
Price spread: −0.231% → −0.264%: $3.3
Slippage, 4 orders: −$205.28
Fee SunX: 4 bp × 2 orders: −$8
Fee tradeXYZ: 9 bp × 2 orders: −$18
Net: −$220.13
Costs to cover: 2.313%
Break-even: 203.3 days

Slippage from SunX: live order book, 4 min ago; tradeXYZ: live order book, 5 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, 4 min ago	29.17 bp	107.0 bp −$107	doesn't fit	doesn't fit	doesn't fit
Sell tradeXYZ live order book, 5 min ago	0.79 bp	10.1 bp −$10	doesn't fit	doesn't fit	doesn't fit

MSFT on 34 exchanges

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	−0.0060%	1h	506.29	−0.160%	$413K	$72K	20x	as long as short
Hotstuff MSFT-PERP	−0.0024%	1h	505.78	−0.260%	$33K	$8K	20x	as long as short
BloFin MSFT-USDT	−0.0021%	8h	506.33	−0.152%	$203K	$225K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0008%	1h	505.85	−0.246%	$711K	$698K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	506.02	−0.213%	$166K	$117K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	506.13	−0.191%	$326K	$2.0M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	506.31	−0.156%	$16.4M	$22.0M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	505.98	−0.221%	$7.3M	$2.4M	100x	as long as short
Gate MSFT_USDT	0.0000%	8h	506.08	−0.201%	$3.2M	$2.0M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	506.27	−0.164%	$4.0M	$3.2M	100x	as long as short

Show all 34 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni MSFT	0.0000%	8h	506.43	−0.133%	$1.3M	$418K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	506.37	−0.144%	$19K	$327K	10x	as long as short
SunX MSFT-USDTlong	0.0000%	8h	507.10	long leg	$6K	$3.4M	20x
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	506.00	−0.217%	$30K	$46K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	506.15	−0.187%	$49K	$247K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	506.76	−0.067%	$2.3M	$952K	10x	as long as short
Lighter MSFT	+0.0032%	1h	506.20	−0.177%	$1.2M	$506K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	506.11	−0.195%	$719K	$1.9M	20x	as long as short
tradeXYZ xyz:MSFTshort	+0.0037%	1h	505.93	−0.231%	$22.4M	$9.4M	20x
QFEX MSFT-USD	+0.0038%	1h	506.13	−0.191%	$1.2M	$4.7M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	506.04	−0.209%	$94K	$83K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	506.36	−0.146%	—	$1K	25x	as long as short
Phoenix MSFT	+0.0048%	1h	506.10	−0.197%	$11K	$16K	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	505.93	−0.231%	$320K	$674K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	506.06	−0.205%	$61K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	506.00	−0.217%	$525K	$430K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0056%	8h	506.24	−0.169%	$223	—	5x	as long as short
OKX MSFT-USDT-SWAP	+0.0063%	8h	506.50	−0.118%	$3.2M	$2.9M	20x	as long as short
KuCoin MSFTUSDTM	+0.0080%	8h	505.65	−0.286%	$1.6M	$291K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	505.91	−0.235%	$161K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	506.15	−0.187%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	505.17	−0.381%	$56	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	506.25	−0.168%	$116K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0317%	4h	506.28	−0.161%	$103K	$244K	10x	as long as short