Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.004%

Price spread now: Binance against SoDEX+0.026%7-day average — · you sell dearer than you buy

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

Long on SoDEX Short on Binance

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—needs both histories

The price spread pays, funding is against you. Binance is 0.026% dearer against SoDEX 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 −$2 a day in funding at the current rate, which eats that in about 42 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX MSFT-USD	501.24	0.0050	pay 0.0006% / 1h	36m 45s	$60K	$3K	10x
Short	Binance MSFTUSDT	501.37	0	get 0.0000% / 8h	4h 36m	$15.8M	$19.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against SoDEX. 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 SoDEXbpFee BinancebpOrdersPrice spread, now +0.026%Rate

Funding earned: −$10.5
Price spread: +0.026% → 0.000%: $2.61
Slippage, 4 orders: no order book: not counted
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Binance: 5 bp × 2 orders: −$10
Net: −$25.89
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: SoDEX: no order-book sample; Binance: live order book, 4 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 SoDEX no order-book sample	—	—	—	—	—
Sell Binance live order book, 4 min ago	0.10 bp	6.5 bp −$6	12.2 bp −$122	44.7 bp −$4,468	doesn't fit

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
edgeX MSFTUSDC	−0.0361%	4h	501.31	+0.013%	$102K	$242K	10x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0040%	1h	500.97	−0.054%	$678K	$456K	10x	as long as short
Nado MSFT-PERP	−0.0023%	1h	501.03	−0.043%	$414K	$64K	20x	as long as short
BloFin MSFT-USDT	−0.0014%	8h	501.36	+0.024%	$189K	$204K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.05	−0.039%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.24	0.000%	$341K	$893K	17x	as long as short
Binance MSFTUSDTshort	0.0000%	8h	501.37	+0.026%	$15.8M	$19.1M	20x
Bybit MSFTUSDT	0.0000%	8h	501.07	−0.034%	$7.2M	$2.1M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.40	+0.032%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.25	+0.002%	$3.1M	$1.7M	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	501.34	+0.020%	$4.5M	$2.5M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.35	+0.022%	$1.3M	$613K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.38	+0.028%	$19K	$302K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.12	+0.176%	$6K	$4.0M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.06	−0.036%	$27K	$41K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.17	−0.014%	$58K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.39	+0.030%	$2.2M	$779K	10x	as long as short
Hotstuff MSFT-PERP	+0.0024%	1h	500.86	−0.076%	$32K	$8K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.12	−0.024%	$674K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0036%	1h	501.24	0.000%	$1.1M	$5.5M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.09	−0.030%	$96K	$111K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.09	−0.030%	—	$1K	25x	as long as short
Phoenix MSFT	+0.0048%	1h	501.07	−0.034%	$10K	$15K	20x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	500.87	−0.074%	$22.1M	$8.7M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	500.92	−0.064%	$318K	$697K	10x	as long as short
SoDEX MSFT-USDlong	+0.0050%	1h	501.24	long leg	$60K	$3K	10x
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.97	−0.054%	$527K	$456K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0058%	8h	501.25	+0.002%	$221	—	5x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	500.90	−0.068%	$1.5M	$20K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	500.77	−0.094%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.29	+0.010%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.23	−0.002%	$55	—	10x	as long as short
Lighter MSFT	+0.0120%	1h	501.38	+0.028%	$1.1M	$489K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.66	+0.084%	$115K	$45K	30x	as long as short