Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0016%/8h= +1.8% APRpaid last 24h +0.005%

Price spread now: SunX against Coinbase International+0.264%7-day average +0.280% · you sell dearer than you buy

Net, funding: paid 7d − costs−$230as in the Funding arb table

Net, price: spread back to 7d avg − costs−$234as in the Price arb table

costs, in and out, $10k−$2322.324% of the position

Long on Coinbase International Short on SunX

What this pair did over the last

the charts below follow

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

Price spread, last 3 days (all we have)−0.024%−$2 · spread now +0.264%, 7d avg +0.280%

Together, before fees+0.004%$0 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.280%, so right now this pair is about funding alone: $0 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International MSFT-PERP-INTX	500.87	−0.0016	get 0.0002% / 1h	37m 55s	$684K	$451K	10x
Short	SunX MSFT-USDT	502.19	0	get 0.0000% / 8h	6h 37m	$6K	$4.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.264%Rate

Funding earned: $3.36
Price spread: +0.264% → +0.280%: −$1.62
Slippage, 4 orders: −$214.44
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$230.7
Costs to cover: 2.324%
Break-even: 487.6 days

Slippage from Coinbase International: live order book, 30 min ago; SunX: live order book, 10 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, 30 min ago	1.80 bp	7.7 bp −$8	11.4 bp −$114	doesn't fit	doesn't fit
Sell SunX live order book, 10 min ago	29.48 bp	105.4 bp −$105	doesn't fit	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-USDT	−0.0028%	8h	501.33	+0.092%	$189K	$204K	20x	as long as short
Coinbase International MSFT-PERP-INTXlong	−0.0016%	1h	500.87	long leg	$684K	$451K	10x
Nado MSFT-PERP	−0.0013%	1h	501.08	+0.042%	$414K	$64K	20x	as long as short
Hotstuff MSFT-PERP	−0.0008%	1h	500.97	+0.020%	$32K	$8K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.53	+0.132%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.26	+0.078%	$342K	$894K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.38	+0.102%	$15.6M	$18.8M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.25	+0.076%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.50	+0.126%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.22	+0.070%	$3.1M	$1.6M	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	501.40	+0.106%	$4.3M	$2.4M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.10	+0.045%	$1.3M	$677K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.24	+0.073%	$19K	$295K	10x	as long as short
SunX MSFT-USDTshort	0.0000%	8h	502.19	+0.264%	$6K	$4.1M	20x
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.15	+0.056%	$27K	$41K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.32	+0.090%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.53	+0.132%	$2.2M	$762K	10x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.23	+0.072%	$618K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0038%	1h	501.31	+0.088%	$1.2M	$5.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.12	+0.050%	$97K	$109K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.18	+0.062%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.03	+0.032%	$22.1M	$9.2M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	500.97	+0.020%	$303K	$672K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.30	+0.086%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.84	−0.006%	$513K	$514K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0051%	8h	501.26	+0.077%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.09	+0.044%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.11	+0.048%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	500.67	−0.040%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.31	+0.088%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.28	+0.081%	$55	—	10x	as long as short
Lighter MSFT	+0.0136%	1h	501.50	+0.126%	$1.1M	$489K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.56	+0.138%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0251%	4h	501.21	+0.068%	$102K	$241K	10x	as long as short