Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.004%

Price spread now: Nado against Aster−0.008%58s7-day average −0.047% · 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—prices read too far apart to compare

costs, in and out, $10k−$730.730% of the position

Long on Aster Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.064%−$6 on $10k

Price spread, last 4 days (all we have)−0.070%−$7 · spread now −0.008%, 7d avg −0.047%

Together, before fees−0.135%+ Points / potential airdropAster: Stage 5 · Nado: Active · farm board−$13 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Nado is 0.039% dearer against Aster than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of −0.047%. The two prices were read 58 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster MSFTUSDT	503.75	0	get 0.0000% / 8h	1h 47m	$162K	$114K	20x
Short	Nado MSFT-PERP	503.70	0.0004	get 0.0000% / 1h	47m 36s	$415K	$67K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado against Aster. 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 AsterbpFee NadobpOrdersPrice spread, now −0.008%Rate

Funding earned: $0.83
Price spread: −0.008% → −0.047%: $3.85
Slippage, 4 orders: −$58.05
Fee Aster: 4 bp × 2 orders: −$8
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$68.37
Costs to cover: 0.730%
Break-even: 586.8 days

Slippage from Aster: live order book, 59 min ago; Nado: live order book, 60 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 Aster live order book, 59 min ago	12.82 bp	19.2 bp −$19	doesn't fit	doesn't fit	doesn't fit
Sell Nado live order book, 60 min ago	0.80 bp	14.5 bp −$14	26.0 bp −$260	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
edgeX MSFTUSDC	−0.0462%	4h	503.96	+0.042%	$103K	$244K	10x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0048%	1h	503.66	−0.017%	$682K	$500K	10x	as long as short
Aster MSFTUSDTlong	0.0000%	8h	503.75	long leg	$162K	$114K	20x
Extended MSFT_24_5-USD	0.0000%	1h	503.94	+0.039%	$341K	$1.2M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	504.08	+0.066%	$15.8M	$19.6M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.75	+0.001%	$7.3M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	504.31	+0.112%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.88	+0.027%	$3.1M	$1.8M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	504.08	+0.066%	$3.8M	$3.0M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	504.13	+0.077%	$1.3M	$499K	—	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	504.20	+0.091%	$19K	$327K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	504.90	+0.229%	$6K	$3.9M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	503.80	+0.011%	$27K	$43K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.99	+0.048%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	504.11	+0.072%	$2.2M	$819K	10x	as long as short
Nado MSFT-PERPshort	+0.0004%	1h	503.70	−0.008%	$415K	$67K	20x
BloFin MSFT-USDT	+0.0005%	8h	504.01	+0.052%	$190K	$207K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.82	+0.015%	$689K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0039%	1h	503.96	+0.042%	$1.1M	$4.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.81	+0.013%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.95	+0.041%	—	$1K	25x	as long as short
Hotstuff MSFT-PERP	+0.0048%	1h	503.62	−0.025%	$32K	$8K	20x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	503.57	−0.035%	$22.4M	$9.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.72	−0.005%	$303K	$718K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.92	+0.035%	$61K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.67	−0.015%	$522K	$476K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0059%	8h	503.91	+0.032%	$222	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	503.94	+0.039%	$11K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.40	−0.069%	$1.6M	$58K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.66	−0.017%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.93	+0.037%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	504.01	+0.052%	$55	—	10x	as long as short
Lighter MSFT	+0.0120%	1h	504.03	+0.056%	$1.2M	$514K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	504.13	+0.076%	$115K	$45K	30x	as long as short