Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0040%/8h= −4.4% APRpaid last 24h −0.081%

Price spread now: SunX against Arcus+0.205%7-day average +0.193% · 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−$233as in the Price arb table

costs, in and out, $10k−$2342.343% of the position

Long on Arcus Short on SunX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.151%−$15 on $10k

Price spread, last 3 days (all we have)−0.011%−$1 · spread now +0.205%, 7d avg +0.193%

Together, before fees−0.162%−$16 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.193%, 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	Arcus MSFT-USD	501.51	0.0040	pay 0.0005% / 1h	16m 32s	$97K	$109K	10x
Short	SunX MSFT-USDT	502.54	0	get 0.0000% / 8h	6h 16m	$6K	$4.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.205%Rate

Funding earned: −$8.46
Price spread: +0.205% → +0.193%: $1.23
Slippage, 4 orders: −$221.76
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee SunX: 4 bp × 2 orders: −$8
Net: −$241.49
Costs to cover: 2.343%
Break-even: never at this rate

Slippage from Arcus: live order book, 51 min ago; SunX: live order book, 12 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, 51 min ago	2.29 bp	8.3 bp −$8	12.7 bp −$127	doesn't fit	doesn't fit
Sell SunX live order book, 12 min ago	29.16 bp	103.9 bp −$104	doesn't fit	doesn't fit	doesn't fit

MSFT on 33 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	−0.0016%	1h	501.22	−0.058%	$679K	$457K	10x	as long as short
Nado MSFT-PERP	−0.0001%	1h	501.59	+0.017%	$414K	$64K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.80	+0.058%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.61	+0.020%	$337K	$899K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.73	+0.044%	$15.6M	$18.8M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.72	+0.042%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.90	+0.078%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.61	+0.020%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.74	+0.046%	$4.5M	$2.5M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.69	+0.036%	$1.3M	$682K	—	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT MSFT_USDT_Perp	0.0000%	8h	501.75	+0.048%	$18K	$296K	10x	as long as short
SunX MSFT-USDTshort	0.0000%	8h	502.54	+0.205%	$6K	$4.1M	20x
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.63	+0.024%	$27K	$41K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.62	+0.022%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.05	+0.108%	$2.2M	$765K	10x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.58	+0.014%	$624K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0038%	1h	501.64	+0.026%	$1.1M	$5.7M	10x	as long as short
Arcus MSFT-USDlong	+0.0040%	1h	501.51	long leg	$97K	$109K	10x
Vest MSFT-USD-PERP	+0.0046%	1h	501.70	+0.038%	—	$1K	25x	as long as short
Hotstuff MSFT-PERP	+0.0048%	1h	501.42	−0.018%	$32K	$8K	20x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.41	−0.020%	$22.1M	$9.3M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.33	−0.036%	$303K	$671K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.65	+0.028%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.46	−0.010%	$522K	$518K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0055%	8h	501.65	+0.028%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.60	+0.018%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.44	−0.014%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.29	−0.044%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.65	+0.028%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.65	+0.028%	$55	—	10x	as long as short
Lighter MSFT	+0.0160%	1h	501.83	+0.064%	$1.1M	$489K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.78	+0.054%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0345%	4h	501.68	+0.033%	$102K	$243K	10x	as long as short