Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC−0.0526%/8hpaid last 24h −0.046%

Price spread now: BloFin against Arcus+0.022%7-day average +0.045% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$250.245% of the position

Long on Arcus Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.090%−$9 on $10k

Price spread, last 3 days (all we have)+0.016%+$2 · spread now +0.022%, 7d avg +0.045%

Together, before fees−0.074%−$7 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$16 a day on $10k at the current rate, and BloFin is 0.023% cheaper against Arcus than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of +0.045%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.090% in total (about -10.1% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Arcus MSFT-USD	501.21	0.0553	pay 0.0069% / 1h	4m 33s	$111K	$76K	10x
Short	BloFin MSFT-USDT	501.32	0.0027	get 0.0027% / 8h	4h 04m	$192K	$206K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Arcus. 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 ArcusbpFee BloFinbpOrdersPrice spread, now +0.022%Rate

Funding earned: −$110.39
Price spread: +0.022% → +0.045%: −$2.3
Slippage, 4 orders: −$8
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$137.19
Costs to cover: 0.245%
Break-even: never at this rate

Slippage from Arcus: live order book, 27 min ago; BloFin: live order book, 22 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 Arcus live order book, 27 min ago	1.70 bp	5.4 bp −$5	5.7 bp −$57	9.6 bp −$957	doesn't fit
Sell BloFin live order book, 22 min ago	0.20 bp	6.5 bp −$6	8.4 bp −$84	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
edgeX MSFTUSDC	−0.0549%	4h	500.58	−0.125%	$102K	$243K	10x	as long as short
Nado MSFT-PERP	−0.0028%	1h	500.58	−0.126%	$449K	$44K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0016%	1h	499.93	−0.255%	$692K	$403K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	500.92	−0.058%	$156K	$110K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.26	+0.010%	$371K	$401K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.14	−0.014%	$15.6M	$18.6M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.27	+0.012%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.32	+0.022%	$3.1M	$2.2M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	500.95	−0.052%	$3.1M	$1.5M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.10	−0.021%	$1.3M	$741K	—	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT MSFT_USDT_Perp	0.0000%	8h	501.24	+0.006%	$18K	$340K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.16	+0.190%	$6K	$4.4M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.26	+0.010%	$58K	$231K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.49	+0.056%	$2.2M	$730K	10x	as long as short
Bitget MSFTUSDT	+0.0010%	8h	501.18	−0.006%	$3.9M	$2.0M	100x	as long as short
BloFin MSFT-USDTshort	+0.0027%	8h	501.32	+0.022%	$192K	$206K	20x
Deribit MSFT_USDC-PERPETUAL	+0.0029%	1h	501.17	−0.008%	$27K	$115K	10x	as long as short
Lighter MSFT	+0.0032%	1h	501.24	+0.006%	$1.1M	$636K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.12	−0.018%	$667K	$2.3M	20x	as long as short
QFEX MSFT-USD	+0.0045%	1h	501.24	+0.006%	$1.1M	$5.5M	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.05	−0.032%	—	—	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	500.72	−0.098%	$22.2M	$9.6M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	500.80	−0.082%	$315K	$654K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.33	+0.024%	$60K	$3K	10x	as long as short
Paradex MSFT-USD-PERP	+0.0050%	8h	501.13	−0.016%	$220	—	5x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.94	−0.054%	$514K	$475K	15x	as long as short
Phoenix MSFT	+0.0080%	1h	500.53	−0.136%	$10K	$15K	20x	as long as short
Hotstuff MSFT-PERP	+0.0096%	1h	500.89	−0.064%	$32K	$8K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	500.60	−0.122%	$1.5M	$11K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	500.84	−0.074%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.00	−0.042%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.00	−0.043%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	500.34	−0.174%	$115K	$45K	30x	as long as short
Arcus MSFT-USDlong	+0.0553%	1h	501.21	long leg	$111K	$76K	10x