Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0446%/8h= −48.8% APRpaid last 24h −0.091%

Price spread now: edgeX against Orderly+0.026%71s7-day average — · you sell dearer than you buy

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

Long on Orderly Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropedgeX: Active · farm boardneeds both histories

The price spread pays, funding is against you. edgeX is 0.026% dearer against Orderly than usual: you sell high and buy low (spread +0.026% now, against zero (this spread has no 7-day history yet)): +$3 on $10k if it goes back. Holding the pair costs −$13 a day in funding at the current rate, which eats that in about 5 hours. The two prices were read 71 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	Orderly PERP_MSFT_USDC_mythos	503.34	0.0100	pay 0.0100% / 8h	54m 12s	$8K	—	10x
Short	edgeX MSFTUSDC	503.47	−0.0346	pay 0.0173% / 4h	54m 12s	$102K	$242K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against Orderly. 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 OrderlybpFee edgeXbpOrdersPrice spread, now +0.026%Rate

Funding earned: −$93.59
Price spread: +0.026% → 0.000%: $2.65
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$105.94
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; edgeX: live order book, 48 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 Orderly no order-book sample	—	—	—	—	—
Sell edgeX live order book, 48 min ago	5.26 bp	9.9 bp −$10	12.3 bp −$123	doesn't fit	doesn't fit

Orderly: 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
edgeX MSFTUSDCshort	−0.0346%	4h	503.47	+0.026%	$102K	$242K	10x
Nado MSFT-PERP	−0.0093%	1h	503.28	−0.013%	$414K	$67K	20x	as long as short
Hotstuff MSFT-PERP	−0.0064%	1h	503.12	−0.044%	$32K	$8K	20x	as long as short
BloFin MSFT-USDT	−0.0025%	8h	503.53	+0.038%	$190K	$206K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.27	−0.014%	$161K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.40	+0.012%	$338K	$1.8M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	503.53	+0.038%	$15.8M	$19.2M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.28	−0.012%	$7.3M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	503.51	+0.034%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.24	−0.020%	$3.1M	$1.8M	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	503.54	+0.040%	$3.8M	$2.9M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	503.43	+0.018%	$1.3M	$414K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	503.62	+0.056%	$18K	$328K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	504.32	+0.195%	$6K	$3.8M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	503.22	−0.024%	$27K	$44K	10x	as long as short
Coinbase International MSFT-PERP-INTX	0.0000%	1h	503.66	+0.064%	$682K	$450K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.39	+0.010%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	503.65	+0.062%	$2.2M	$822K	10x	as long as short
tradeXYZ xyz:MSFT	+0.0025%	1h	503.08	−0.052%	$22.4M	$8.8M	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.28	−0.012%	$696K	$1.9M	20x	as long as short
QFEX MSFT-USD	+0.0037%	1h	503.39	+0.010%	$1.2M	$4.7M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.27	−0.014%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.55	+0.042%	—	$1K	25x	as long as short
Lighter MSFT	+0.0048%	1h	503.46	+0.024%	$1.2M	$518K	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.13	−0.042%	$303K	$717K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.33	−0.002%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.11	−0.046%	$512K	$433K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0055%	8h	503.32	−0.003%	$221	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	503.28	−0.012%	$11K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	502.83	−0.101%	$1.6M	$61K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.39	+0.010%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythoslong	+0.0100%	8h	503.34	long leg	$8K	—	10x
Aevo MSFT-PERP	+0.0104%	1h	503.34	−0.001%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	503.82	+0.095%	$115K	$45K	30x	as long as short