Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.015%

Price spread now: SunX against Ondo Perps+0.234%7-day average +0.255% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Ondo Perps Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.116%−$12 on $10k

Price spread, last 4 days (all we have)+0.030%+$3 · spread now +0.234%, 7d avg +0.255%

Together, before fees−0.086%+ Points / potential airdropOndo Perps: Active · farm board−$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and SunX is 0.021% cheaper against Ondo Perps than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of +0.255%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps MSFT-USD.P	503.32	0.0050	pay 0.0006% / 1h	35m 05s	$513K	$428K	15x
Short	SunX MSFT-USDT	504.50	0	get 0.0000% / 8h	35m 05s	$6K	$3.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against Ondo Perps. 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 Ondo PerpsbpFee SunXbpOrdersPrice spread, now +0.234%Rate

Funding earned: −$10.58
Price spread: +0.234% → +0.255%: −$2.05
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee SunX: 4 bp × 2 orders: −$8
Net: −$25.64
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Ondo Perps: no order-book sample; SunX: live order book, 3 min ago. Net counts fees only.

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 Ondo Perps no order-book sample	—	—	—	—	—
Sell SunX live order book, 3 min ago	29.23 bp	104.9 bp −$105	doesn't fit	doesn't fit	doesn't fit

Ondo Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0018%	1h	503.42	+0.020%	$414K	$67K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.76	+0.087%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.58	+0.051%	$338K	$1.9M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	503.75	+0.085%	$15.8M	$19.1M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.49	+0.034%	$7.3M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	503.89	+0.113%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.46	+0.028%	$3.1M	$1.8M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	503.65	+0.066%	$3.8M	$2.9M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	503.65	+0.065%	$1.3M	$407K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	503.78	+0.090%	$19K	$324K	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-USDTshort	0.0000%	8h	504.50	+0.234%	$6K	$3.8M	20x
Coinbase International MSFT-PERP-INTX	0.0000%	1h	502.97	−0.070%	$682K	$448K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.63	+0.062%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	503.93	+0.121%	$2.2M	$819K	10x	as long as short
BloFin MSFT-USDT	+0.0022%	8h	503.75	+0.085%	$190K	$206K	20x	as long as short
Lighter MSFT	+0.0032%	1h	503.65	+0.066%	$1.2M	$532K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.54	+0.044%	$707K	$1.9M	20x	as long as short
QFEX MSFT-USD	+0.0037%	1h	503.59	+0.054%	$1.2M	$4.6M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.47	+0.030%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.75	+0.085%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	503.23	−0.018%	$22.4M	$8.8M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.44	+0.024%	$303K	$717K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.51	+0.038%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.Plong	+0.0050%	1h	503.32	long leg	$513K	$428K	15x
Paradex MSFT-USD-PERP	+0.0053%	8h	503.62	+0.059%	$222	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	503.47	+0.030%	$11K	$15K	20x	as long as short
Hotstuff MSFT-PERP	+0.0064%	1h	503.25	−0.014%	$32K	$8K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.12	−0.040%	$1.6M	$63K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.22	−0.020%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.65	+0.066%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.64	+0.063%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	503.90	+0.115%	$115K	$45K	30x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0286%	1h	503.60	+0.056%	$27K	$44K	10x	as long as short
edgeX MSFTUSDC	+0.0983%	4h	503.71	+0.077%	$102K	$243K	10x	as long as short