Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.015%

Price spread now: SoDEX against Orderly−0.014%7-day average — · you buy dearer than you sell

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

Long on Orderly Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—needs 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: −$2 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	504.78	0.0100	pay 0.0100% / 8h	6h 55m	$8K	—	10x
Short	SoDEX MSFT-USD	504.71	0.0050	get 0.0006% / 1h	55m 25s	$61K	$3K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now −0.014%Rate

Funding earned: −$10.5
Price spread: −0.014% → 0.000%: −$1.39
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$25.89
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; SoDEX: no order-book sample. 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 SoDEX no order-book sample	—	—	—	—	—

Orderly and SoDEX: 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	−0.0032%	1h	504.59	−0.038%	$692K	$455K	10x	as long as short
Nado MSFT-PERP	−0.0001%	1h	504.65	−0.025%	$415K	$67K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	504.81	+0.007%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	504.82	+0.008%	$326K	$1.9M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	504.97	+0.038%	$16.3M	$19.7M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	504.58	−0.040%	$7.3M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	505.13	+0.069%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	504.76	−0.004%	$3.1M	$1.8M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	504.86	+0.016%	$3.9M	$2.8M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	505.01	+0.045%	$1.3M	$388K	—	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	505.83	+0.208%	$6K	$3.5M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	504.99	+0.042%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	505.37	+0.117%	$2.3M	$868K	10x	as long as short
Phoenix MSFT	+0.0016%	1h	504.40	−0.075%	$11K	$5K	20x	as long as short
BloFin MSFT-USDT	+0.0024%	8h	504.98	+0.040%	$191K	$207K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	504.85	+0.014%	$709K	$1.7M	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	504.85	+0.014%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	504.40	−0.075%	$22.5M	$9.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	504.54	−0.048%	$304K	$650K	10x	as long as short
SoDEX MSFT-USDshort	+0.0050%	1h	504.71	−0.014%	$61K	$3K	10x
Ondo Perps MSFT-USD.P	+0.0050%	1h	504.43	−0.069%	$537K	$374K	15x	as long as short
Arcus MSFT-USD	+0.0052%	1h	504.78	0.000%	$93K	$115K	10x	as long as short
Hotstuff MSFT-PERP	+0.0056%	1h	504.53	−0.050%	$33K	$8K	20x	as long as short
QFEX MSFT-USD	+0.0061%	1h	504.94	+0.032%	$1.2M	$4.6M	10x	as long as short
Paradex MSFT-USD-PERP	+0.0062%	8h	504.83	+0.010%	$222	—	5x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0067%	1h	504.57	−0.042%	$27K	$45K	10x	as long as short
Lighter MSFT	+0.0072%	1h	504.86	+0.016%	$1.2M	$472K	20x	as long as short
GRVT MSFT_USDT_Perp	+0.0088%	8h	504.86	+0.015%	$19K	$312K	10x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	504.21	−0.113%	$1.6M	$147K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	504.50	−0.055%	$161K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythoslong	+0.0100%	8h	504.78	long leg	$8K	—	10x
Aevo MSFT-PERP	+0.0104%	1h	504.61	−0.034%	$56	—	10x	as long as short
edgeX MSFTUSDC	+0.0204%	4h	504.86	+0.017%	$103K	$242K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	505.86	+0.214%	$116K	$45K	30x	as long as short