Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0134%/8h= −14.6% APRpaid last 24h −0.033%

Price spread now: Nado against Orderly+0.006%7-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 Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

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

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$4 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_MSFT_USDC_mythos	504.08	0.0100	pay 0.0100% / 8h	2h 24m	$8K	—	10x
Short	Nado MSFT-PERP	504.11	−0.0034	pay 0.0004% / 1h	24m 45s	$415K	$68K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now +0.006%Rate

Funding earned: −$28.06
Price spread: +0.006% → 0.000%: $0.62
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$40.44
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Nado: live order book, 23 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 Nado live order book, 23 min ago	0.80 bp	14.5 bp −$14	26.0 bp −$260	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
Coinbase International MSFT-PERP-INTX	−0.0064%	1h	503.98	−0.020%	$687K	$485K	10x	as long as short
Nado MSFT-PERPshort	−0.0034%	1h	504.11	+0.006%	$415K	$68K	20x
BloFin MSFT-USDT	−0.0009%	8h	504.26	+0.036%	$189K	$206K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	504.14	+0.012%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	504.16	+0.016%	$338K	$1.2M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	504.36	+0.056%	$15.8M	$19.4M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	504.14	+0.012%	$7.2M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	504.33	+0.050%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.99	−0.018%	$3.1M	$1.8M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	504.26	+0.036%	$3.8M	$3.0M	100x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni MSFT	0.0000%	8h	504.15	+0.013%	$1.3M	$477K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	503.79	−0.058%	$19K	$317K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	505.12	+0.206%	$6K	$3.9M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	504.04	−0.008%	$27K	$43K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	504.22	+0.028%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	504.48	+0.079%	$2.2M	$801K	10x	as long as short
Phoenix MSFT	+0.0016%	1h	503.79	−0.058%	$11K	$15K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	504.09	+0.002%	$687K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0036%	1h	504.25	+0.034%	$1.2M	$4.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.88	−0.040%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	504.30	+0.044%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	503.91	−0.034%	$22.4M	$8.9M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.88	−0.040%	$303K	$720K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	504.17	+0.018%	$61K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	504.01	−0.014%	$518K	$472K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0052%	8h	504.23	+0.030%	$222	—	5x	as long as short
Lighter MSFT	+0.0088%	1h	504.33	+0.050%	$1.2M	$516K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.57	−0.101%	$1.6M	$57K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.91	−0.034%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythoslong	+0.0100%	8h	504.08	long leg	$8K	—	10x
Aevo MSFT-PERP	+0.0104%	1h	504.12	+0.007%	$55	—	10x	as long as short
Hotstuff MSFT-PERP	+0.0192%	1h	503.67	−0.081%	$32K	$8K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	504.04	−0.008%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0832%	4h	504.10	+0.004%	$103K	$242K	10x	as long as short