Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.011%

Price spread now: Binance against tradeXYZ+0.159%7-day average +0.128% · you sell dearer than you buy

Net, funding: paid 7d − costs−$37as in the Funding arb table

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

costs, in and out, $10k−$330.330% of the position

Long on tradeXYZ Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.045%−$4 on $10k

Price spread, last 7 days−0.051%−$5 · spread now +0.159%, 7d avg +0.128%

Together, before fees−0.096%+ Points / potential airdroptradeXYZ: Active · farm board−$10 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Binance is 0.031% dearer against tradeXYZ than usual: you sell high and buy low (spread +0.159% now, against its 7-day average of +0.128%): +$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 2.0 days. At the pace of the last 7 days (−0.045% in total) that is about 4.8 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	tradeXYZ xyz:MSFT	503.38	0.0050	pay 0.0006% / 1h	20m 02s	$22.4M	$8.9M	20x
Short	Binance MSFTUSDT	504.18	0	get 0.0000% / 8h	7h 20m	$16.4M	$19.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against tradeXYZ. 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 tradeXYZbpFee BinancebpOrdersPrice spread, now +0.159%Rate

Funding earned: −$10.5
Price spread: +0.159% → +0.128%: $3.05
Slippage, 4 orders: −$4.96
Fee tradeXYZ: 9 bp × 2 orders: −$18
Fee Binance: 5 bp × 2 orders: −$10
Net: −$40.4
Costs to cover: 0.330%
Break-even: never at this rate

Slippage from tradeXYZ: live order book, 9 min ago; Binance: live order book, 6 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 tradeXYZ live order book, 9 min ago	0.10 bp	10.6 bp −$11	12.4 bp −$124	doesn't fit	doesn't fit
Sell Binance live order book, 6 min ago	0.30 bp	7.4 bp −$7	10.9 bp −$109	38.0 bp −$3,804	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
Coinbase International MSFT-PERP-INTX	−0.0056%	1h	503.55	+0.034%	$686K	$451K	10x	as long as short
Nado MSFT-PERP	−0.0010%	1h	503.49	+0.023%	$414K	$67K	20x	as long as short
BloFin MSFT-USDT	−0.0007%	8h	503.98	+0.119%	$192K	$203K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	504.30	+0.183%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.90	+0.104%	$335K	$1.9M	17x	as long as short
Binance MSFTUSDTshort	0.0000%	8h	504.18	+0.159%	$16.4M	$19.4M	20x
Bybit MSFTUSDT	0.0000%	8h	503.66	+0.056%	$7.2M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	504.09	+0.141%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.66	+0.056%	$3.1M	$1.9M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	504.03	+0.129%	$3.9M	$2.8M	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	503.92	+0.108%	$1.3M	$387K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	503.92	+0.107%	$19K	$316K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	504.75	+0.272%	$6K	$3.5M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.88	+0.099%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	504.22	+0.167%	$2.2M	$845K	10x	as long as short
Phoenix MSFT	+0.0016%	1h	503.53	+0.030%	$11K	$15K	20x	as long as short
QFEX MSFT-USD	+0.0023%	1h	503.90	+0.103%	$1.2M	$4.6M	10x	as long as short
Lighter MSFT	+0.0032%	1h	503.71	+0.066%	$1.2M	$519K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.72	+0.068%	$700K	$1.9M	20x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.72	+0.068%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.78	+0.079%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFTlong	+0.0050%	1h	503.38	long leg	$22.4M	$8.9M	20x
Polymarket Perps MSFT-USD	+0.0050%	1h	503.49	+0.022%	$303K	$650K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.74	+0.072%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.39	+0.002%	$534K	$390K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0056%	8h	503.77	+0.078%	$222	—	5x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.51	+0.026%	$1.6M	$121K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.42	+0.008%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.88	+0.099%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.87	+0.098%	$55	—	10x	as long as short
Hotstuff MSFT-PERP	+0.0136%	1h	503.43	+0.010%	$32K	$8K	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0167%	1h	503.68	+0.060%	$27K	$45K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	505.30	+0.381%	$116K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0766%	4h	503.86	+0.096%	$102K	$243K	10x	as long as short