Funding arb · Price arb /

MSFT

RWAall MSFT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0044%/8h= +4.8% APRpaid last 24h −0.001%

Price spread now: tradeXYZ against BloFin−0.089%48s7-day average −0.116% · you buy dearer than you sell

Net, funding: paid 7d − costs−$32as 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−$350.347% of the position

Long on BloFin Short on tradeXYZ

What this pair did over the last

the charts below follow

Funding, last 7 days+0.032%+$3 on $10k

Price spread, last 4 days (all we have)−0.063%−$6 · spread now −0.089%, 7d avg −0.116%

Together, before fees−0.031%+ Points / potential airdroptradeXYZ: Active · farm board−$3 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and tradeXYZ is 0.027% dearer against BloFin than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.116%. The two prices were read 48 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	504.03	0.0006	pay 0.0006% / 8h	1h 38m	$190K	$206K	20x
Short	tradeXYZ xyz:MSFT	503.58	0.0050	get 0.0006% / 1h	38m 17s	$22.4M	$9.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

tradeXYZ 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 tradeXYZbpOrdersPrice spread, now −0.089%Rate

Funding earned: $9.19
Price spread: −0.089% → −0.116%: $2.72
Slippage, 4 orders: −$4.7
Fee BloFin: 6 bp × 2 orders: −$12
Fee tradeXYZ: 9 bp × 2 orders: −$18
Net: −$22.79
Costs to cover: 0.347%
Break-even: 24.4 days

Slippage from BloFin: live order book, 37 min ago; tradeXYZ: live order book, 11 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, 37 min ago	0.10 bp	6.2 bp −$6	10.1 bp −$101	24.3 bp −$2,432	doesn't fit
Sell tradeXYZ live order book, 11 min ago	0.69 bp	9.9 bp −$10	12.5 bp −$125	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	−0.0048%	1h	503.66	−0.073%	$682K	$500K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.79	−0.047%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.84	−0.037%	$341K	$1.2M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	504.01	−0.004%	$15.8M	$19.6M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.75	−0.056%	$7.3M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	503.97	−0.012%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.75	−0.056%	$3.1M	$1.8M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	503.96	−0.014%	$3.8M	$3.0M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	503.95	−0.017%	$1.3M	$499K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	504.01	−0.005%	$19K	$328K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX MSFT-USDT	0.0000%	8h	504.73	+0.139%	$6K	$3.9M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	503.66	−0.073%	$27K	$43K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.80	−0.046%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	504.10	+0.014%	$2.2M	$821K	10x	as long as short
BloFin MSFT-USDTlong	+0.0006%	8h	504.03	long leg	$190K	$206K	20x
Nado MSFT-PERP	+0.0012%	1h	503.72	−0.061%	$415K	$67K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.81	−0.044%	$690K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0039%	1h	503.96	−0.014%	$1.1M	$4.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.71	−0.063%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.94	−0.018%	—	$1K	25x	as long as short
edgeX MSFTUSDC	+0.0047%	4h	503.99	−0.007%	$103K	$243K	10x	as long as short
tradeXYZ xyz:MSFTshort	+0.0050%	1h	503.58	−0.089%	$22.4M	$9.0M	20x
Polymarket Perps MSFT-USD	+0.0050%	1h	503.66	−0.073%	$303K	$718K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.77	−0.052%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.52	−0.101%	$522K	$476K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0057%	8h	503.85	−0.036%	$222	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	503.80	−0.046%	$11K	$15K	20x	as long as short
Hotstuff MSFT-PERP	+0.0080%	1h	503.56	−0.093%	$32K	$8K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.39	−0.127%	$1.6M	$59K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.47	−0.111%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.86	−0.034%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.90	−0.026%	$55	—	10x	as long as short
Lighter MSFT	+0.0128%	1h	504.03	0.000%	$1.2M	$514K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	504.21	+0.036%	$115K	$45K	30x	as long as short