Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0018%/8h= −2.0% APRpaid last 24h +0.002%

Price spread now: Nado against SunX−0.211%7-day average −0.194% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$241as in the Price arb table

costs, in and out, $10k−$2402.396% of the position

Long on SunX Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.036%−$4 on $10k

Price spread, last 3 days (all we have)−0.025%−$2 · spread now −0.211%, 7d avg −0.194%

Together, before fees−0.060%+ Points / potential airdropNado: Active · farm board−$6 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.194%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX MSFT-USDT	503.01	0	get 0.0000% / 8h	38m 04s	$6K	$4.3M	20x
Short	Nado MSFT-PERP	501.95	−0.0018	pay 0.0002% / 1h	38m 04s	$414K	$64K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado against SunX. 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 SunXbpFee NadobpOrdersPrice spread, now −0.211%Rate

Funding earned: −$3.88
Price spread: −0.211% → −0.194%: −$1.64
Slippage, 4 orders: −$224.62
Fee SunX: 4 bp × 2 orders: −$8
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$245.14
Costs to cover: 2.396%
Break-even: never at this rate

Slippage from SunX: live order book, 10 min ago; Nado: live order book, 40 min ago.

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 SunX live order book, 10 min ago	29.13 bp	110.0 bp −$110	doesn't fit	doesn't fit	doesn't fit
Sell Nado live order book, 40 min ago	0.60 bp	11.9 bp −$12	25.7 bp −$257	doesn't fit	doesn't fit

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
BloFin MSFT-USDT	−0.0027%	8h	502.26	−0.149%	$188K	$209K	20x	as long as short
Nado MSFT-PERPshort	−0.0018%	1h	501.95	−0.211%	$414K	$64K	20x
Coinbase International MSFT-PERP-INTX	−0.0016%	1h	501.76	−0.249%	$687K	$449K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	502.20	−0.160%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	502.13	−0.174%	$337K	$392K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	502.22	−0.158%	$15.7M	$19.1M	20x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	502.27	−0.147%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	502.01	−0.199%	$3.1M	$1.6M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	502.23	−0.155%	$3.8M	$2.3M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	502.20	−0.161%	$1.3M	$692K	—	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT MSFT_USDT_Perp	0.0000%	8h	502.15	−0.171%	$18K	$300K	10x	as long as short
SunX MSFT-USDTlong	0.0000%	8h	503.01	long leg	$6K	$4.3M	20x
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	502.02	−0.197%	$27K	$101K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	502.04	−0.193%	$59K	$227K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.39	−0.123%	$2.2M	$748K	10x	as long as short
Bybit MSFTUSDT	+0.0029%	8h	502.24	−0.153%	$7.4M	$1.7M	100x	as long as short
Lighter RH MSFT	+0.0032%	1h	502.12	−0.177%	$636K	$2.1M	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	502.13	−0.175%	—	$1K	25x	as long as short
Hotstuff MSFT-PERP	+0.0048%	1h	501.81	−0.239%	$32K	$8K	20x	as long as short
QFEX MSFT-USD	+0.0049%	1h	502.12	−0.177%	$1.1M	$5.8M	10x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.86	−0.229%	$22.3M	$9.4M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.76	−0.249%	$303K	$678K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	502.11	−0.179%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.80	−0.241%	$529K	$494K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0054%	8h	502.18	−0.166%	$221	—	5x	as long as short
edgeX MSFTUSDC	+0.0075%	4h	502.21	−0.160%	$102K	$242K	10x	as long as short
Phoenix MSFT	+0.0080%	1h	501.94	−0.213%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.69	−0.262%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.72	−0.256%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	502.10	−0.181%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	502.18	−0.164%	$55	—	10x	as long as short
Lighter MSFT	+0.0160%	1h	502.33	−0.135%	$1.1M	$585K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.57	−0.087%	$115K	$45K	30x	as long as short
Arcus MSFT-USD	+0.0286%	1h	502.15	−0.171%	$97K	$109K	10x	as long as short