Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0010%/8h= +1.1% APRpaid last 24h −0.014%

Price spread now: Aster against tradeXYZ+0.064%7-day average +0.117% · you sell dearer than you buy

Net, funding: paid 7d − costs−$67as in the Funding arb table

Net, price: spread back to 7d avg − costs−$68as in the Price arb table

costs, in and out, $10k−$620.623% of the position

Long on tradeXYZ Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days−0.045%−$4 on $10k

Price spread, last 4 days (all we have)+0.071%+$7 · spread now +0.064%, 7d avg +0.117%

Together, before fees+0.026%+ Points / potential airdroptradeXYZ: Active · Aster: Stage 5 · farm board+$3 on $10k · with fees, hour by hour

Funding pays, the price is against you. Aster is 0.053% cheaper against tradeXYZ than usual: you would sell low and buy high (spread +0.064% now, against its 7-day average of +0.117%). If the spread goes back, that is −$5 on $10k: about 18 days of funding at the current rate ($0 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	tradeXYZ xyz:MSFT	502.68	−0.0010	get 0.0001% / 1h	22m 04s	$22.2M	$8.8M	20x
Short	Aster MSFTUSDT	503.00	0	get 0.0000% / 8h	3h 22m	$162K	$116K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against tradeXYZ. 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 tradeXYZbpFee AsterbpOrdersPrice spread, now +0.064%Rate

Funding earned: $2.03
Price spread: +0.064% → +0.117%: −$5.26
Slippage, 4 orders: −$36.32
Fee tradeXYZ: 9 bp × 2 orders: −$18
Fee Aster: 4 bp × 2 orders: −$8
Net: −$65.55
Costs to cover: 0.623%
Break-even: 233.1 days

Slippage from tradeXYZ: live order book, 7 min ago; Aster: live order book, 29 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 tradeXYZ live order book, 7 min ago	0.70 bp	10.3 bp −$10	11.7 bp −$117	doesn't fit	doesn't fit
Sell Aster live order book, 29 min ago	13.65 bp	20.7 bp −$21	71.8 bp −$718	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
Nado MSFT-PERP	−0.0103%	1h	503.03	+0.069%	$415K	$64K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0032%	1h	502.46	−0.044%	$680K	$448K	10x	as long as short
tradeXYZ xyz:MSFTlong	−0.0010%	1h	502.68	long leg	$22.2M	$8.8M	20x
Aster MSFTUSDTshort	0.0000%	8h	503.00	+0.064%	$162K	$116K	20x
Extended MSFT_24_5-USD	0.0000%	1h	502.98	+0.060%	$339K	$884K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	503.08	+0.080%	$15.8M	$19.2M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	502.90	+0.044%	$7.2M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	503.13	+0.090%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	502.93	+0.050%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	503.00	+0.064%	$4.4M	$2.6M	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	502.37	−0.061%	$1.3M	$607K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	502.63	−0.009%	$19K	$299K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	503.91	+0.245%	$6K	$4.0M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	502.90	+0.044%	$27K	$42K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	502.98	+0.060%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	503.05	+0.074%	$2.2M	$783K	10x	as long as short
BloFin MSFT-USDT	+0.0020%	8h	503.13	+0.090%	$189K	$204K	20x	as long as short
Lighter MSFT	+0.0032%	1h	503.20	+0.103%	$1.1M	$503K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	502.94	+0.052%	$681K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0035%	1h	502.95	+0.054%	$1.1M	$4.9M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	502.52	−0.032%	$96K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.13	+0.090%	—	$1K	25x	as long as short
Phoenix MSFT	+0.0048%	1h	502.52	−0.032%	$11K	$15K	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	502.76	+0.016%	$304K	$705K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	502.96	+0.056%	$60K	$3K	10x	as long as short
Paradex MSFT-USD-PERP	+0.0050%	8h	503.06	+0.076%	$221	—	5x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	502.53	−0.030%	$511K	$461K	15x	as long as short
Hotstuff MSFT-PERP	+0.0080%	1h	502.74	+0.012%	$32K	$8K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	502.63	−0.010%	$1.6M	$55K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	502.18	−0.099%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.12	+0.088%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.05	+0.074%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.14	−0.107%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0614%	4h	502.32	−0.072%	$102K	$242K	10x	as long as short