Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0950%/8h= +104.0% APRpaid last 24h −0.076%

Price spread now: edgeX against Arcus+0.065%114s7-day average +0.025% · 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—prices read too far apart to compare

costs, in and out, $10k−$410.410% of the position

Long on Arcus Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.190%−$19 on $10k

Price spread, last 4 days (all we have)−0.132%−$13 · spread now +0.065%, 7d avg +0.025%

Together, before fees−0.322%+ Points / potential airdropedgeX: Active · farm board−$32 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$28 a day on $10k at the current rate, and edgeX is 0.040% dearer against Arcus than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.025%. Mind the row above: over the last 4 days funding on this pair cost −0.190%, so the current rate has only just turned in your favour. The two prices were read 114 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.190% in total (about -19.7% 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	501.49	0.0040	pay 0.0005% / 1h	27m 35s	$97K	$110K	10x
Short	edgeX MSFTUSDC	501.81	0.0990	get 0.0495% / 4h	1h 27m	$102K	$244K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now +0.065%Rate

Funding earned: $199.45
Price spread: +0.065% → +0.025%: $3.95
Slippage, 4 orders: −$27.45
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: $162.45
Costs to cover: 0.410%
Break-even: 1.3 days

Slippage from Arcus: live order book, 35 min ago; edgeX: live order book, 35 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, 35 min ago	1.20 bp	8.0 bp −$8	11.3 bp −$113	doesn't fit	doesn't fit
Sell edgeX live order book, 35 min ago	5.68 bp	10.3 bp −$10	12.6 bp −$126	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
Coinbase International MSFT-PERP-INTX	−0.0064%	1h	501.24	−0.050%	$679K	$456K	10x	as long as short
Nado MSFT-PERP	−0.0029%	1h	501.36	−0.026%	$414K	$64K	20x	as long as short
BloFin MSFT-USDT	−0.0021%	8h	501.76	+0.054%	$189K	$204K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.64	+0.030%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.52	+0.005%	$337K	$892K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.65	+0.032%	$15.7M	$18.9M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.64	+0.030%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.90	+0.082%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.52	+0.006%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.75	+0.052%	$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	501.82	+0.065%	$1.3M	$650K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.87	+0.076%	$18K	$297K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.41	+0.183%	$6K	$4.1M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.35	−0.028%	$27K	$41K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.45	−0.008%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.64	+0.030%	$2.2M	$767K	10x	as long as short
QFEX MSFT-USD	+0.0030%	1h	501.48	−0.002%	$1.1M	$5.6M	10x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.41	−0.016%	$685K	$2.0M	20x	as long as short
Arcus MSFT-USDlong	+0.0040%	1h	501.49	long leg	$97K	$110K	10x
Vest MSFT-USD-PERP	+0.0046%	1h	501.54	+0.010%	—	$1K	25x	as long as short
Hotstuff MSFT-PERP	+0.0048%	1h	501.23	−0.052%	$32K	$8K	20x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.21	−0.056%	$22.1M	$9.1M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.28	−0.042%	$302K	$648K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.52	+0.006%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.39	−0.020%	$525K	$487K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0061%	8h	501.51	+0.005%	$221	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	501.44	−0.010%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.45	−0.008%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.49	0.000%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.56	+0.014%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.51	+0.005%	$55	—	10x	as long as short
Lighter MSFT	+0.0184%	1h	501.78	+0.058%	$1.1M	$459K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	503.24	+0.349%	$115K	$45K	30x	as long as short
edgeX MSFTUSDCshort	+0.0990%	4h	501.81	+0.065%	$102K	$244K	10x