Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0594%/8h= −65.0% APRpaid last 24h +0.006%

Price spread now: edgeX against Nado+0.008%62s7-day average +0.029% · you sell dearer than you buy

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−$400.399% of the position

Long on Nado Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.113%+$11 on $10k

Price spread, last 4 days (all we have)+0.187%+$19 · spread now +0.008%, 7d avg +0.029%

Together, before fees+0.300%+ Points / potential airdropNado: Active · edgeX: Active · farm board+$30 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$18 a day on $10k at the current rate, and edgeX is 0.021% cheaper against Nado than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of +0.029%). Swap the legs. Mind the row above: over the last 3 days funding on this pair paid +0.113%, so the current rate has only just turned against you. The two prices were read 62 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.113% in total (about 12.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado MSFT-PERP	501.52	−0.0139	get 0.0017% / 1h	52m 07s	$414K	$64K	20x
Short	edgeX MSFTUSDC	501.55	−0.0733	pay 0.0366% / 4h	1h 52m	$102K	$242K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against Nado. 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 NadobpFee edgeXbpOrdersPrice spread, now +0.008%Rate

Funding earned: −$124.74
Price spread: +0.008% → +0.029%: −$2.12
Slippage, 4 orders: −$23.94
Fee Nado: 3.5 bp × 2 orders: −$7
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$166.8
Costs to cover: 0.399%
Break-even: never at this rate

Slippage from Nado: live order book, 11 min ago; edgeX: 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 Nado live order book, 11 min ago	0.70 bp	13.7 bp −$14	29.9 bp −$299	doesn't fit	doesn't fit
Sell edgeX live order book, 10 min ago	5.68 bp	10.3 bp −$10	12.6 bp −$126	doesn't fit	doesn't fit

MSFT on 33 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
edgeX MSFTUSDCshort	−0.0733%	4h	501.55	+0.008%	$102K	$242K	10x
Nado MSFT-PERPlong	−0.0139%	1h	501.52	long leg	$414K	$64K	20x
Deribit MSFT_USDC-PERPETUAL	−0.0069%	1h	501.26	−0.051%	$27K	$41K	10x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0064%	1h	501.24	−0.055%	$679K	$456K	10x	as long as short
tradeXYZ xyz:MSFT	−0.0002%	1h	501.25	−0.053%	$22.1M	$9.1M	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.74	+0.044%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.47	−0.009%	$338K	$891K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.64	+0.024%	$15.6M	$18.7M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.69	+0.035%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.80	+0.057%	$3.0M	$2.3M	20x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate MSFT_USDT	0.0000%	8h	501.41	−0.021%	$3.1M	$1.6M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.61	+0.019%	$4.5M	$2.5M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.53	+0.002%	$1.3M	$650K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.63	+0.023%	$18K	$293K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.39	+0.174%	$6K	$4.1M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.48	−0.007%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.70	+0.037%	$2.2M	$762K	10x	as long as short
QFEX MSFT-USD	+0.0030%	1h	501.46	−0.011%	$1.1M	$5.7M	10x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.45	−0.013%	$662K	$2.0M	20x	as long as short
Lighter MSFT	+0.0040%	1h	501.71	+0.039%	$1.1M	$454K	20x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.41	−0.021%	$97K	$109K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.60	+0.017%	—	$1K	25x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.24	−0.055%	$303K	$646K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.51	−0.001%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.12	−0.079%	$522K	$481K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0053%	8h	501.58	+0.014%	$221	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	501.46	−0.011%	$10K	$15K	20x	as long as short
Hotstuff MSFT-PERP	+0.0080%	1h	501.25	−0.053%	$32K	$8K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.38	−0.027%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.25	−0.053%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.47	−0.009%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.48	−0.008%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.87	+0.071%	$115K	$45K	30x	as long as short