Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0040%/8h= +4.4% APRpaid last 24h +0.007%

Price spread now: HTX against Coinbase International+0.062%59s7-day average +0.101% · you sell dearer than you buy

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−$350.350% of the position

Long on Coinbase International Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.028%+$3 on $10k

Price spread, last 4 days (all we have)+0.001%$0 · spread now +0.062%, 7d avg +0.101%

Together, before fees+0.029%+$3 on $10k · with fees, hour by hour

Funding pays, the price is against you. HTX is 0.040% cheaper against Coinbase International than usual: you would sell low and buy high (spread +0.062% now, against its 7-day average of +0.101%). If the spread goes back, that is −$4 on $10k: about 3.3 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.028% in total) that is about 10.0 days. The two prices were read 59 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	500.97	−0.0040	get 0.0005% / 1h	9m 17s	$677K	$457K	10x
Short	HTX MSFT-USDT	501.28	0	get 0.0000% / 8h	4h 09m	$59K	$225K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now +0.062%Rate

Funding earned: $8.4
Price spread: +0.062% → +0.101%: −$3.96
Slippage, 4 orders: −$12.98
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee HTX: 6 bp × 2 orders: −$12
Net: −$30.54
Costs to cover: 0.350%
Break-even: 32.4 days

Slippage from Coinbase International: live order book, 49 min ago; HTX: live order book, 47 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, 49 min ago	2.70 bp	8.3 bp −$8	10.4 bp −$104	doesn't fit	doesn't fit
Sell HTX live order book, 47 min ago	2.79 bp	8.8 bp −$9	14.7 bp −$147	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-INTXlong	−0.0040%	1h	500.97	long leg	$677K	$457K	10x
BloFin MSFT-USDT	−0.0027%	8h	501.33	+0.072%	$189K	$204K	20x	as long as short
Nado MSFT-PERP	−0.0019%	1h	501.19	+0.044%	$414K	$64K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.21	+0.048%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.28	+0.061%	$337K	$890K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.42	+0.089%	$15.8M	$19.0M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.05	+0.016%	$7.2M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.43	+0.092%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.20	+0.046%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.29	+0.064%	$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	501.23	+0.052%	$1.3M	$613K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.34	+0.074%	$19K	$301K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.17	+0.240%	$6K	$4.0M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	500.99	+0.004%	$27K	$41K	10x	as long as short
HTX MSFT-USDTshort	0.0000%	8h	501.28	+0.062%	$59K	$225K	20x
Phemex MSFTUSDT	0.0000%	8h	501.62	+0.130%	$2.2M	$770K	10x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.14	+0.034%	$676K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0036%	1h	501.25	+0.056%	$1.2M	$5.1M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.09	+0.024%	$96K	$111K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.36	+0.078%	—	$1K	25x	as long as short
Phoenix MSFT	+0.0048%	1h	501.13	+0.032%	$10K	$15K	20x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	500.86	−0.022%	$22.0M	$8.7M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	500.98	+0.002%	$302K	$722K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.22	+0.050%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.84	−0.026%	$527K	$443K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0056%	8h	501.28	+0.061%	$221	—	5x	as long as short
Lighter MSFT	+0.0096%	1h	501.37	+0.080%	$1.1M	$499K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.04	+0.014%	$1.5M	$20K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	500.89	−0.016%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.24	+0.054%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.25	+0.056%	$55	—	10x	as long as short
Hotstuff MSFT-PERP	+0.0160%	1h	500.86	−0.022%	$32K	$8K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.76	+0.158%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0590%	4h	501.25	+0.055%	$102K	$242K	10x	as long as short