Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0022%/8h= −2.5% APRpaid last 24h −0.010%

Price spread now: Extended against BloFin−0.054%54s7-day average −0.035% · you buy dearer than you sell

Net, funding: paid 7d − costs−$30as 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−$280.277% of the position

Long on BloFin Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days−0.025%−$3 on $10k

Price spread, last 4 days (all we have)−0.003%$0 · spread now −0.054%, 7d avg −0.035%

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

The price spread sits at its 7-day average of −0.035%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate. The two prices were read 54 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	BloFin MSFT-USDT	503.56	0.0022	pay 0.0022% / 8h	56m 25s	$190K	$206K	20x
Short	Extended MSFT_24_5-USD	503.29	0	get 0.0000% / 1h	56m 25s	$338K	$1.7M	17x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against BloFin. 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 BloFinbpFee ExtendedbpOrdersPrice spread, now −0.054%Rate

Funding earned: −$4.71
Price spread: −0.054% → −0.035%: −$1.92
Slippage, 4 orders: −$10.74
Fee BloFin: 6 bp × 2 orders: −$12
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$34.37
Costs to cover: 0.277%
Break-even: never at this rate

Slippage from BloFin: live order book, 14 min ago; Extended: 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 BloFin live order book, 14 min ago	0.10 bp	8.6 bp −$9	11.1 bp −$111	doesn't fit	doesn't fit
Sell Extended live order book, 2 min ago	0.60 bp	5.7 bp −$6	31.4 bp −$314	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	−0.0132%	1h	503.46	−0.019%	$414K	$67K	20x	as long as short
tradeXYZ xyz:MSFT	−0.0019%	1h	503.11	−0.089%	$22.4M	$8.9M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	−0.0008%	1h	503.13	−0.085%	$27K	$44K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.32	−0.048%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USDshort	0.0000%	1h	503.29	−0.054%	$338K	$1.7M	17x
Binance MSFTUSDT	0.0000%	8h	503.43	−0.026%	$15.8M	$19.2M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.32	−0.048%	$7.3M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	503.52	−0.008%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.27	−0.058%	$3.1M	$1.8M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	503.54	−0.004%	$3.8M	$2.9M	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	503.65	+0.017%	$1.3M	$414K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	503.66	+0.020%	$19K	$328K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	504.32	+0.151%	$6K	$3.8M	20x	as long as short
Coinbase International MSFT-PERP-INTX	0.0000%	1h	503.66	+0.020%	$682K	$450K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.47	−0.018%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	503.62	+0.012%	$2.2M	$823K	10x	as long as short
BloFin MSFT-USDTlong	+0.0022%	8h	503.56	long leg	$190K	$206K	20x
Lighter RH MSFT	+0.0032%	1h	503.33	−0.046%	$695K	$1.9M	20x	as long as short
QFEX MSFT-USD	+0.0037%	1h	503.44	−0.024%	$1.1M	$4.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.29	−0.054%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.62	+0.012%	—	$1K	25x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.14	−0.083%	$303K	$717K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.35	−0.042%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.22	−0.068%	$512K	$439K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0055%	8h	503.45	−0.021%	$222	—	5x	as long as short
Lighter MSFT	+0.0056%	1h	503.48	−0.016%	$1.2M	$518K	20x	as long as short
Hotstuff MSFT-PERP	+0.0056%	1h	503.19	−0.073%	$32K	$8K	20x	as long as short
Phoenix MSFT	+0.0064%	1h	503.38	−0.036%	$11K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	502.87	−0.137%	$1.6M	$61K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.41	−0.030%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.33	−0.046%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.32	−0.049%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	503.82	+0.052%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0451%	4h	503.51	−0.010%	$102K	$242K	10x	as long as short