Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0040%/8h= −4.4% APRpaid last 24h −0.081%

Price spread now: Gate against Arcus+0.050%7-day average −0.003% · 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−$44as in the Price arb table

costs, in and out, $10k−$490.489% of the position

Long on Arcus Short on Gate

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.153%−$15 on $10k

Price spread, last 4 days (all we have)+0.020%+$2 · spread now +0.050%, 7d avg −0.003%

Together, before fees−0.132%−$13 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Gate is 0.052% dearer against Arcus than usual: you sell high and buy low (spread +0.050% now, against its 7-day average of −0.003%): +$5 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 4.3 days. At the pace of the last 4 days (−0.153% in total) that is about 30 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Arcus MSFT-USD	501.97	0.0040	pay 0.0005% / 1h	26m 22s	$96K	$110K	10x
Short	Gate MSFT_USDT	502.22	0	get 0.0000% / 8h	3h 26m	$3.1M	$1.7M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.050%Rate

Funding earned: −$8.46
Price spread: +0.050% → −0.003%: $5.23
Slippage, 4 orders: −$29.45
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$52.17
Costs to cover: 0.489%
Break-even: never at this rate

Slippage from Arcus: live order book, 27 min ago; Gate: live order book, 2 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, 27 min ago	4.09 bp	9.3 bp −$9	13.9 bp −$139	doesn't fit	doesn't fit
Sell Gate live order book, 2 min ago	5.28 bp	13.1 bp −$13	59.2 bp −$592	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
Nado MSFT-PERP	−0.0102%	1h	502.30	+0.065%	$415K	$64K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0032%	1h	500.97	−0.199%	$677K	$447K	10x	as long as short
tradeXYZ xyz:MSFT	−0.0006%	1h	502.03	+0.012%	$22.2M	$8.8M	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	502.32	+0.069%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	502.34	+0.075%	$337K	$881K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	502.49	+0.103%	$15.8M	$19.1M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	502.23	+0.052%	$7.2M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	502.44	+0.094%	$3.0M	$2.3M	20x	as long as short
Hotstuff MSFT-PERP	0.0000%	1h	502.04	+0.014%	$32K	$8K	20x	as long as short
Gate MSFT_USDTshort	0.0000%	8h	502.22	+0.050%	$3.1M	$1.7M	100x

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MSFTUSDT	0.0000%	8h	502.41	+0.088%	$4.4M	$2.6M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	502.04	+0.013%	$1.3M	$607K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	502.17	+0.040%	$19K	$297K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	503.22	+0.249%	$6K	$4.0M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	502.22	+0.050%	$27K	$42K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	502.30	+0.066%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.69	+0.143%	$2.2M	$777K	10x	as long as short
BloFin MSFT-USDT	+0.0016%	8h	502.43	+0.092%	$189K	$204K	20x	as long as short
Lighter MSFT	+0.0032%	1h	502.44	+0.094%	$1.1M	$503K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	502.21	+0.048%	$679K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0035%	1h	502.32	+0.070%	$1.1M	$4.9M	10x	as long as short
Arcus MSFT-USDlong	+0.0040%	1h	501.97	long leg	$96K	$110K	10x
Vest MSFT-USD-PERP	+0.0046%	1h	502.47	+0.100%	—	$1K	25x	as long as short
Phoenix MSFT	+0.0048%	1h	501.61	−0.072%	$10K	$15K	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	502.11	+0.028%	$303K	$701K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	502.32	+0.070%	$60K	$3K	10x	as long as short
Paradex MSFT-USD-PERP	+0.0050%	8h	502.29	+0.064%	$221	—	5x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.96	−0.002%	$511K	$461K	15x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.87	−0.020%	$1.6M	$53K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.65	−0.064%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	502.36	+0.078%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	502.39	+0.084%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.14	+0.034%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0905%	4h	501.92	−0.011%	$102K	$244K	10x	as long as short