Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0009%/8h= +0.9% APRpaid last 24h +0.001%

Price spread now: Nado against Gate−0.023%50s7-day average +0.003% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$510.506% of the position

Long on Gate Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.036%−$4 on $10k

Price spread, last 3 days (all we have)−0.038%−$4 · spread now −0.023%, 7d avg +0.003%

Together, before fees−0.074%+ Points / potential airdropNado: Active · farm board−$7 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Nado is 0.026% cheaper against Gate than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of +0.003%. The two prices were read 50 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	Gate MSFT_USDT	501.22	0	get 0.0000% / 8h	7h 01m	$3.1M	$1.7M	100x
Short	Nado MSFT-PERP	501.10	0.0009	get 0.0001% / 1h	1m 33s	$414K	$64K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado against Gate. 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 GatebpFee NadobpOrdersPrice spread, now −0.023%Rate

Funding earned: $1.81
Price spread: −0.023% → +0.003%: −$2.63
Slippage, 4 orders: −$28.56
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$51.37
Costs to cover: 0.506%
Break-even: 205.4 days

Slippage from Gate: live order book, 1 min ago; Nado: live order book, 6 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 Gate live order book, 1 min ago	3.29 bp	12.0 bp −$12	39.8 bp −$398	doesn't fit	doesn't fit
Sell Nado live order book, 6 min ago	1.00 bp	11.7 bp −$12	23.6 bp −$236	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-INTX	−0.0008%	1h	500.76	−0.092%	$684K	$449K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.45	+0.045%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.20	−0.004%	$342K	$905K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.32	+0.020%	$15.6M	$18.7M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.17	−0.010%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.22	0.000%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDTlong	0.0000%	8h	501.22	long leg	$3.1M	$1.7M	100x
Bitget MSFTUSDT	0.0000%	8h	501.37	+0.030%	$3.8M	$2.1M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.37	+0.030%	$1.3M	$690K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.46	+0.048%	$19K	$293K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX MSFT-USDT	0.0000%	8h	502.11	+0.178%	$6K	$4.1M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.04	−0.036%	$27K	$41K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.19	−0.006%	$58K	$227K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.55	+0.066%	$2.2M	$759K	10x	as long as short
Nado MSFT-PERPshort	+0.0009%	1h	501.10	−0.023%	$414K	$64K	20x
BloFin MSFT-USDT	+0.0024%	8h	501.32	+0.020%	$188K	$205K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.17	−0.010%	$617K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0044%	1h	501.31	+0.018%	$1.1M	$5.8M	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.24	+0.004%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	500.85	−0.074%	$22.1M	$9.2M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	500.93	−0.058%	$303K	$672K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.21	−0.002%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.98	−0.048%	$514K	$504K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0051%	8h	501.15	−0.014%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.09	−0.026%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.22	0.000%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	500.82	−0.080%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.26	+0.008%	$8K	—	10x	as long as short
Lighter MSFT	+0.0104%	1h	501.36	+0.028%	$1.1M	$486K	20x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.19	−0.007%	$55	—	10x	as long as short
edgeX MSFTUSDC	+0.0163%	4h	501.29	+0.013%	$102K	$243K	10x	as long as short
Hotstuff MSFT-PERP	+0.0168%	1h	500.85	−0.074%	$32K	$8K	20x	as long as short
Arcus MSFT-USD	+0.0212%	1h	501.16	−0.012%	$97K	$109K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.76	+0.108%	$115K	$45K	30x	as long as short