Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0021%/8h= −2.3% APRpaid last 24h +0.009%

Price spread now: BloFin against Coinbase International+0.108%58s7-day average +0.133% · you sell dearer than you buy

Net, funding: paid 7d − costs−$28as 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−$350.346% of the position

Long on Coinbase International Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.067%+$7 on $10k

Price spread, last 3 days (all we have)−0.032%−$3 · spread now +0.108%, 7d avg +0.133%

Together, before fees+0.035%+$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and BloFin is 0.025% cheaper against Coinbase International than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.133%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.067%, so the current rate has only just turned against you. The two prices were read 58 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	Coinbase International MSFT-PERP-INTX	501.58	0	get 0.0000% / 1h	24m 14s	$688K	$449K	10x
Short	BloFin MSFT-USDT	502.12	−0.0021	pay 0.0021% / 8h	1h 24m	$188K	$210K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.108%Rate

Funding earned: −$4.39
Price spread: +0.108% → +0.133%: −$2.54
Slippage, 4 orders: −$12.56
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$41.48
Costs to cover: 0.346%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 59 min ago; BloFin: live order book, 51 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, 59 min ago	2.89 bp	8.9 bp −$9	11.9 bp −$119	doesn't fit	doesn't fit
Sell BloFin live order book, 51 min ago	0.80 bp	8.6 bp −$9	11.6 bp −$116	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
BloFin MSFT-USDTshort	−0.0021%	8h	502.12	+0.108%	$188K	$210K	20x
Aster MSFTUSDT	0.0000%	8h	502.16	+0.115%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	502.03	+0.091%	$337K	$406K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	502.04	+0.091%	$15.7M	$19.2M	20x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	502.24	+0.132%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.86	+0.056%	$3.1M	$1.6M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	502.08	+0.099%	$1.3M	$708K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	502.05	+0.094%	$19K	$318K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.95	+0.273%	$6K	$4.3M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.81	+0.046%	$27K	$104K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International MSFT-PERP-INTXlong	0.0000%	1h	501.58	long leg	$688K	$449K	10x
HTX MSFT-USDT	0.0000%	8h	501.89	+0.062%	$58K	$228K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.25	+0.134%	$2.2M	$761K	10x	as long as short
Bitget MSFTUSDT	+0.0003%	8h	502.11	+0.106%	$3.8M	$2.2M	100x	as long as short
Bybit MSFTUSDT	+0.0019%	8h	502.22	+0.128%	$7.4M	$1.7M	100x	as long as short
Nado MSFT-PERP	+0.0026%	1h	501.93	+0.070%	$414K	$64K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.98	+0.080%	$652K	$2.1M	20x	as long as short
QFEX MSFT-USD	+0.0040%	1h	502.03	+0.090%	$1.1M	$5.8M	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.91	+0.066%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.71	+0.026%	$22.3M	$9.7M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.71	+0.026%	$306K	$676K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	502.03	+0.090%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.74	+0.032%	$529K	$494K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0061%	8h	502.10	+0.104%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.88	+0.060%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.48	−0.020%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.89	+0.062%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	502.04	+0.092%	$8K	—	10x	as long as short
Hotstuff MSFT-PERP	+0.0104%	1h	501.70	+0.024%	$32K	$8K	20x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	502.11	+0.106%	$55	—	10x	as long as short
Lighter MSFT	+0.0152%	1h	502.12	+0.108%	$1.1M	$590K	20x	as long as short
Arcus MSFT-USD	+0.0200%	1h	502.04	+0.092%	$98K	$109K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.17	+0.118%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0633%	4h	502.01	+0.085%	$102K	$242K	10x	as long as short