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 +0.002%

Price spread now: tradeXYZ against Binance−0.076%7-day average −0.128% · you buy dearer than you sell

Net, funding: paid 7d − costs−$29as in the Funding arb table

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$330.328% of the position

Long on Binance Short on tradeXYZ

What this pair did over the last

the charts below follow

Funding, last 7 days+0.038%+$4 on $10k

Price spread, last 7 days−0.009%−$1 · spread now −0.076%, 7d avg −0.128%

Together, before fees+0.029%+ Points / potential airdroptradeXYZ: Active · farm board+$3 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and tradeXYZ is 0.052% dearer against Binance than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.128%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance MSFTUSDT	501.54	0	get 0.0000% / 8h	5h 25m	$15.7M	$18.9M	20x
Short	tradeXYZ xyz:MSFT	501.16	0.0050	get 0.0006% / 1h	25m 47s	$22.1M	$9.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

tradeXYZ against Binance. 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 BinancebpFee tradeXYZbpOrdersPrice spread, now −0.076%Rate

Funding earned: $10.5
Price spread: −0.076% → −0.128%: $5.22
Slippage, 4 orders: −$4.81
Fee Binance: 5 bp × 2 orders: −$10
Fee tradeXYZ: 9 bp × 2 orders: −$18
Net: −$17.09
Costs to cover: 0.328%
Break-even: 18.4 days

Slippage from Binance: live order book, 15 min ago; tradeXYZ: live order book, 2 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 Binance live order book, 15 min ago	0.20 bp	6.9 bp −$7	13.3 bp −$133	45.6 bp −$4,559	doesn't fit
Sell tradeXYZ live order book, 2 min ago	0.10 bp	9.6 bp −$10	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
Coinbase International MSFT-PERP-INTX	−0.0064%	1h	501.24	−0.060%	$679K	$456K	10x	as long as short
Nado MSFT-PERP	−0.0031%	1h	501.37	−0.035%	$414K	$64K	20x	as long as short
BloFin MSFT-USDT	−0.0021%	8h	501.70	+0.032%	$189K	$204K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.68	+0.027%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.42	−0.025%	$337K	$892K	17x	as long as short
Binance MSFTUSDTlong	0.0000%	8h	501.54	long leg	$15.7M	$18.9M	20x
Bybit MSFTUSDT	0.0000%	8h	501.43	−0.022%	$7.4M	$1.8M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.78	+0.048%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.36	−0.036%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.60	+0.012%	$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	501.44	−0.020%	$1.3M	$650K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.69	+0.029%	$19K	$296K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.36	+0.163%	$6K	$4.1M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.26	−0.056%	$27K	$41K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.36	−0.036%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.46	−0.016%	$2.2M	$767K	10x	as long as short
QFEX MSFT-USD	+0.0030%	1h	501.40	−0.028%	$1.1M	$5.6M	10x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.33	−0.042%	$685K	$2.0M	20x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.45	−0.018%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.52	−0.004%	—	$1K	25x	as long as short
Hotstuff MSFT-PERP	+0.0048%	1h	501.21	−0.066%	$32K	$8K	20x	as long as short
tradeXYZ xyz:MSFTshort	+0.0050%	1h	501.16	−0.076%	$22.1M	$9.1M	20x
Polymarket Perps MSFT-USD	+0.0050%	1h	501.20	−0.068%	$302K	$648K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.40	−0.028%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.39	−0.030%	$524K	$487K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0061%	8h	501.51	−0.007%	$221	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	501.44	−0.020%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.43	−0.022%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.49	−0.010%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.44	−0.020%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.45	−0.018%	$55	—	10x	as long as short
Lighter MSFT	+0.0184%	1h	501.66	+0.024%	$1.1M	$459K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	503.24	+0.339%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0660%	4h	501.74	+0.040%	$102K	$244K	10x	as long as short