Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.013%

Price spread now: SunX against tradeXYZ+0.218%52s7-day average +0.266% · you sell dearer than you buy

Net, funding: paid 7d − costs−$242as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$2352.349% of the position

Long on tradeXYZ Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.067%−$7 on $10k

Price spread, last 4 days (all we have)+0.273%+$27 · spread now +0.218%, 7d avg +0.266%

Together, before fees+0.206%+ Points / potential airdroptradeXYZ: Active · farm board+$21 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and SunX is 0.048% cheaper against tradeXYZ than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.266%). Swap the legs. The two prices were read 52 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	tradeXYZ xyz:MSFT	500.90	0.0050	pay 0.0006% / 1h	1m 28s	$22.1M	$8.8M	20x
Short	SunX MSFT-USDT	501.99	0	get 0.0000% / 8h	5h 01m	$6K	$4.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.218%Rate

Funding earned: −$10.5
Price spread: +0.218% → +0.266%: −$4.85
Slippage, 4 orders: −$208.91
Fee tradeXYZ: 9 bp × 2 orders: −$18
Fee SunX: 4 bp × 2 orders: −$8
Net: −$250.26
Costs to cover: 2.349%
Break-even: never at this rate

Slippage from tradeXYZ: live order book, 8 min ago; SunX: live order book, 7 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, 8 min ago	0.30 bp	9.9 bp −$10	12.4 bp −$124	doesn't fit	doesn't fit
Sell SunX live order book, 7 min ago	29.09 bp	104.3 bp −$104	doesn't fit	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
Hotstuff MSFT-PERP	−0.0064%	1h	500.83	−0.014%	$32K	$8K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0064%	1h	500.97	+0.014%	$678K	$458K	10x	as long as short
Nado MSFT-PERP	−0.0032%	1h	500.93	+0.006%	$414K	$64K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.26	+0.072%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.18	+0.055%	$337K	$888K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.31	+0.082%	$15.7M	$19.0M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	500.99	+0.018%	$7.2M	$2.1M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.31	+0.082%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.13	+0.046%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.29	+0.078%	$4.5M	$2.5M	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	500.98	+0.015%	$1.3M	$647K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.10	+0.040%	$19K	$299K	10x	as long as short
SunX MSFT-USDTshort	0.0000%	8h	501.99	+0.218%	$6K	$4.1M	20x
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	500.91	+0.002%	$27K	$41K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.09	+0.038%	$58K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.38	+0.096%	$2.2M	$771K	10x	as long as short
BloFin MSFT-USDT	+0.0004%	8h	501.16	+0.052%	$189K	$203K	20x	as long as short
QFEX MSFT-USD	+0.0030%	1h	501.15	+0.050%	$1.1M	$5.6M	10x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.01	+0.022%	$683K	$2.0M	20x	as long as short
Arcus MSFT-USD	+0.0040%	1h	500.90	0.000%	$96K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.15	+0.050%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFTlong	+0.0050%	1h	500.90	long leg	$22.1M	$8.8M	20x
Polymarket Perps MSFT-USD	+0.0050%	1h	500.87	−0.006%	$301K	$648K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.11	+0.042%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.69	−0.042%	$516K	$442K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0056%	8h	501.11	+0.042%	$220	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	500.91	+0.002%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.10	+0.040%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	500.83	−0.014%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.07	+0.034%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.04	+0.028%	$55	—	10x	as long as short
Lighter MSFT	+0.0168%	1h	501.30	+0.080%	$1.1M	$479K	20x	as long as short
edgeX MSFTUSDC	+0.0179%	4h	501.04	+0.028%	$102K	$243K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.49	+0.118%	$115K	$45K	30x	as long as short