Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.005%

Price spread now: Binance against Extended+0.030%7-day average +0.034% · you sell dearer than you buy

Net, funding: paid 7d − costs−$23as in the Funding arb table

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$240.245% of the position

Long on Extended Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.014%+$1 on $10k

Price spread, last 4 days (all we have)+0.062%+$6 · spread now +0.030%, 7d avg +0.034%

Together, before fees+0.075%+ Points / potential airdropExtended: Active · farm board+$8 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended MSFT_24_5-USD	501.28	0	get 0.0000% / 1h	46m 15s	$337K	$883K	17x
Short	Binance MSFTUSDT	501.43	0	get 0.0000% / 8h	3h 46m	$15.8M	$19.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Extended. 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 ExtendedbpFee BinancebpOrdersPrice spread, now +0.030%Rate

Funding earned: $0
Price spread: +0.030% → +0.034%: −$0.43
Slippage, 4 orders: −$9.47
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Binance: 5 bp × 2 orders: −$10
Net: −$24.9
Costs to cover: 0.245%
Break-even: never at this rate

Slippage from Extended: live order book, 7 min ago; Binance: 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 Extended live order book, 7 min ago	0.80 bp	6.2 bp −$6	39.1 bp −$391	doesn't fit	doesn't fit
Sell Binance live order book, 10 min ago	0.10 bp	5.9 bp −$6	8.1 bp −$81	37.1 bp −$3,708	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
Nado MSFT-PERP	−0.0117%	1h	501.29	+0.002%	$414K	$64K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0032%	1h	500.97	−0.062%	$677K	$450K	10x	as long as short
BloFin MSFT-USDT	−0.0027%	8h	501.46	+0.036%	$189K	$204K	20x	as long as short
tradeXYZ xyz:MSFT	−0.0023%	1h	500.97	−0.062%	$22.1M	$8.7M	20x	as long as short
Hotstuff MSFT-PERP	−0.0016%	1h	500.90	−0.076%	$32K	$8K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.25	−0.006%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USDlong	0.0000%	1h	501.28	long leg	$337K	$883K	17x
Binance MSFTUSDTshort	0.0000%	8h	501.43	+0.030%	$15.8M	$19.0M	20x
Bybit MSFTUSDT	0.0000%	8h	501.17	−0.022%	$7.2M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.54	+0.052%	$3.0M	$2.3M	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate MSFT_USDT	0.0000%	8h	501.21	−0.014%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.30	+0.004%	$4.5M	$2.5M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.27	−0.003%	$1.3M	$607K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.14	−0.028%	$19K	$300K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.17	+0.177%	$6K	$4.0M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.19	−0.018%	$27K	$42K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.34	+0.012%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.44	+0.032%	$2.2M	$770K	10x	as long as short
Lighter MSFT	+0.0032%	1h	501.40	+0.024%	$1.1M	$503K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.18	−0.020%	$676K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0035%	1h	501.27	−0.002%	$1.2M	$4.9M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.08	−0.040%	$96K	$111K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.28	0.000%	—	$1K	25x	as long as short
Phoenix MSFT	+0.0048%	1h	500.98	−0.060%	$10K	$15K	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	500.99	−0.058%	$302K	$697K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.20	−0.016%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.89	−0.078%	$518K	$451K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0054%	8h	501.31	+0.006%	$221	—	5x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	500.75	−0.106%	$1.6M	$52K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	500.78	−0.100%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.28	0.000%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.30	+0.003%	$55	—	10x	as long as short
edgeX MSFTUSDC	+0.0213%	4h	501.28	0.000%	$102K	$244K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.54	+0.052%	$115K	$45K	30x	as long as short