Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0040%/8h= −4.4% APRpaid last 24h −0.081%

Price spread now: Aster against Arcus+0.087%7-day average +0.046% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$56as in the Price arb table

costs, in and out, $10k−$600.600% of the position

Long on Arcus Short on Aster

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.129%−$13 on $10k

Price spread, last 4 days (all we have)+0.014%+$1 · spread now +0.087%, 7d avg +0.046%

Together, before fees−0.114%+ Points / potential airdropAster: Stage 5 · farm board−$11 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Aster is 0.041% dearer against Arcus than usual: you sell high and buy low (spread +0.087% now, against its 7-day average of +0.046%): +$4 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 3.4 days. At the pace of the last 4 days (−0.129% in total) that is about 28 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Arcus MSFT-USD	503.33	0.0040	pay 0.0005% / 1h	20m 11s	$97K	$110K	10x
Short	Aster MSFTUSDT	503.77	0	get 0.0000% / 8h	20m 11s	$162K	$114K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Arcus. 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 ArcusbpFee AsterbpOrdersPrice spread, now +0.087%Rate

Funding earned: −$8.46
Price spread: +0.087% → +0.046%: $4.07
Slippage, 4 orders: −$47.46
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee Aster: 4 bp × 2 orders: −$8
Net: −$64.35
Costs to cover: 0.600%
Break-even: never at this rate

Slippage from Arcus: live order book, 18 min ago; Aster: live order book, 16 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 Arcus live order book, 18 min ago	3.87 bp	8.4 bp −$8	13.0 bp −$130	doesn't fit	doesn't fit
Sell Aster live order book, 16 min ago	14.98 bp	21.0 bp −$21	83.6 bp −$836	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
Deribit MSFT_USDC-PERPETUAL	−0.0366%	1h	503.24	−0.018%	$27K	$44K	10x	as long as short
Nado MSFT-PERP	−0.0043%	1h	503.56	+0.046%	$415K	$67K	20x	as long as short
Aster MSFTUSDTshort	0.0000%	8h	503.77	+0.087%	$162K	$114K	20x
Extended MSFT_24_5-USD	0.0000%	1h	503.52	+0.037%	$338K	$1.9M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	503.61	+0.057%	$15.8M	$19.1M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.33	0.000%	$7.2M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	503.66	+0.066%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.41	+0.016%	$3.1M	$1.8M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	503.62	+0.058%	$3.8M	$2.9M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	503.52	+0.037%	$1.3M	$404K	—	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	503.69	+0.072%	$18K	$321K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	504.42	+0.217%	$6K	$3.8M	20x	as long as short
Coinbase International MSFT-PERP-INTX	0.0000%	1h	503.16	−0.034%	$681K	$447K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.55	+0.044%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	503.83	+0.099%	$2.2M	$818K	10x	as long as short
BloFin MSFT-USDT	+0.0003%	8h	503.62	+0.058%	$191K	$206K	20x	as long as short
tradeXYZ xyz:MSFT	+0.0010%	1h	503.18	−0.030%	$22.4M	$8.9M	20x	as long as short
Lighter MSFT	+0.0032%	1h	503.54	+0.042%	$1.2M	$532K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.44	+0.022%	$708K	$1.9M	20x	as long as short
edgeX MSFTUSDC	+0.0036%	4h	503.49	+0.032%	$102K	$243K	10x	as long as short
QFEX MSFT-USD	+0.0037%	1h	503.48	+0.030%	$1.1M	$4.6M	10x	as long as short
Arcus MSFT-USDlong	+0.0040%	1h	503.33	long leg	$97K	$110K	10x
Vest MSFT-USD-PERP	+0.0046%	1h	503.77	+0.087%	—	$1K	25x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.26	−0.014%	$303K	$717K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.41	+0.016%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.17	−0.032%	$512K	$428K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0052%	8h	503.57	+0.049%	$222	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	503.40	+0.014%	$11K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	502.95	−0.075%	$1.6M	$68K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.37	+0.008%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.46	+0.026%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.51	+0.036%	$55	—	10x	as long as short
Hotstuff MSFT-PERP	+0.0128%	1h	503.19	−0.028%	$32K	$8K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	504.86	+0.304%	$116K	$45K	30x	as long as short