Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0064%/8h= +7.0% APRpaid last 24h +0.018%

Price spread now: Binance against Coinbase International+0.079%7-day average +0.125% · you sell dearer than you buy

Net, funding: paid 7d − costs−$25as in the Funding arb table

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$300.302% of the position

Long on Coinbase International Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.057%+$6 on $10k

Price spread, last 4 days (all we have)−0.015%−$1 · spread now +0.079%, 7d avg +0.125%

Together, before fees+0.042%+$4 on $10k · with fees, hour by hour

Funding pays, the price is against you. Binance is 0.046% cheaper against Coinbase International than usual: you would sell low and buy high (spread +0.079% now, against its 7-day average of +0.125%). If the spread goes back, that is −$5 on $10k: about 2.4 days of funding at the current rate (+$2 a day). At the pace of the last 7 days (+0.057% in total) that is about 5.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International MSFT-PERP-INTX	503.75	−0.0064	get 0.0008% / 1h	2m 43s	$683K	$494K	10x
Short	Binance MSFTUSDT	504.15	0	get 0.0000% / 8h	2h 02m	$15.8M	$19.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Coinbase International. 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 Coinbase InternationalbpFee BinancebpOrdersPrice spread, now +0.079%Rate

Funding earned: $13.44
Price spread: +0.079% → +0.125%: −$4.58
Slippage, 4 orders: −$10.2
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$21.34
Costs to cover: 0.302%
Break-even: 18.1 days

Slippage from Coinbase International: live order book, 46 min ago; Binance: live order book, 8 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 Coinbase International live order book, 46 min ago	2.89 bp	8.2 bp −$8	10.8 bp −$108	doesn't fit	doesn't fit
Sell Binance live order book, 8 min ago	0.10 bp	7.3 bp −$7	11.9 bp −$119	43.2 bp −$4,324	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	−0.0418%	4h	504.10	+0.070%	$103K	$243K	10x	as long as short
Hotstuff MSFT-PERP	−0.0064%	1h	503.68	−0.014%	$32K	$8K	20x	as long as short
Coinbase International MSFT-PERP-INTXlong	−0.0064%	1h	503.75	long leg	$683K	$494K	10x
Nado MSFT-PERP	−0.0013%	1h	503.80	+0.011%	$415K	$67K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.85	+0.020%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	504.01	+0.052%	$341K	$1.2M	17x	as long as short
Binance MSFTUSDTshort	0.0000%	8h	504.15	+0.079%	$15.8M	$19.6M	20x
Bybit MSFTUSDT	0.0000%	8h	503.88	+0.026%	$7.2M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	504.10	+0.069%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.98	+0.046%	$3.1M	$1.8M	100x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MSFTUSDT	0.0000%	8h	504.15	+0.079%	$3.8M	$3.0M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	504.10	+0.069%	$1.3M	$499K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	504.25	+0.100%	$18K	$324K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	504.91	+0.230%	$6K	$3.9M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	504.16	+0.081%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	504.35	+0.119%	$2.2M	$815K	10x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0008%	1h	503.84	+0.018%	$27K	$43K	10x	as long as short
Phoenix MSFT	+0.0016%	1h	503.97	+0.044%	$11K	$15K	20x	as long as short
BloFin MSFT-USDT	+0.0017%	8h	504.17	+0.083%	$188K	$207K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.91	+0.032%	$711K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0036%	1h	504.07	+0.064%	$1.1M	$4.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.90	+0.030%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	504.01	+0.052%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	503.67	−0.016%	$22.4M	$9.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.79	+0.008%	$303K	$717K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	504.00	+0.050%	$61K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.83	+0.016%	$522K	$476K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0058%	8h	503.98	+0.046%	$222	—	5x	as long as short
Lighter MSFT	+0.0096%	1h	504.12	+0.073%	$1.2M	$516K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.68	−0.014%	$1.6M	$57K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.77	+0.004%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	504.02	+0.054%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	504.02	+0.054%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	504.48	+0.145%	$116K	$45K	30x	as long as short