Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h +0.013%

Price spread now: tradeXYZ against Aster−0.083%7-day average −0.118% · you buy dearer than you sell

Net, funding: paid 7d − costs−$56as in the Funding arb table

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

costs, in and out, $10k−$600.598% of the position

Long on Aster Short on tradeXYZ

What this pair did over the last

the charts below follow

Funding, last 7 days+0.040%+$4 on $10k

Price spread, last 4 days (all we have)−0.050%−$5 · spread now −0.083%, 7d avg −0.118%

Together, before fees−0.010%+ Points / potential airdropAster: Stage 5 · tradeXYZ: Active · farm board−$1 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and tradeXYZ is 0.035% dearer against Aster than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.118%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster MSFTUSDT	501.52	0	get 0.0000% / 8h	6h 35m	$161K	$116K	20x
Short	tradeXYZ xyz:MSFT	501.10	0.0050	get 0.0006% / 1h	35m 08s	$22.1M	$9.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

tradeXYZ 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 tradeXYZbpOrdersPrice spread, now −0.083%Rate

Funding earned: $10.5
Price spread: −0.083% → −0.118%: $3.5
Slippage, 4 orders: −$33.84
Fee Aster: 4 bp × 2 orders: −$8
Fee tradeXYZ: 9 bp × 2 orders: −$18
Net: −$45.85
Costs to cover: 0.598%
Break-even: 37.6 days

Slippage from Aster: live order book, 31 min ago; tradeXYZ: live order book, 3 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, 31 min ago	9.77 bp	22.4 bp −$22	doesn't fit	doesn't fit	doesn't fit
Sell tradeXYZ live order book, 3 min ago	0.30 bp	9.6 bp −$10	doesn't fit	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	−0.0029%	4h	501.29	−0.045%	$102K	$242K	10x	as long as short
BloFin MSFT-USDT	−0.0028%	8h	501.33	−0.037%	$189K	$204K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0016%	1h	500.87	−0.129%	$684K	$451K	10x	as long as short
Nado MSFT-PERP	−0.0012%	1h	501.23	−0.058%	$414K	$64K	20x	as long as short
Aster MSFTUSDTlong	0.0000%	8h	501.52	long leg	$161K	$116K	20x
Extended MSFT_24_5-USD	0.0000%	1h	501.35	−0.033%	$342K	$894K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.48	−0.007%	$15.6M	$18.8M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.37	−0.029%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.57	+0.011%	$3.0M	$2.3M	20x	as long as short
Hotstuff MSFT-PERP	0.0000%	1h	501.11	−0.081%	$32K	$8K	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate MSFT_USDT	0.0000%	8h	501.31	−0.041%	$3.1M	$1.6M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.49	−0.005%	$4.3M	$2.4M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.49	−0.006%	$1.3M	$680K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.39	−0.026%	$19K	$295K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.30	+0.156%	$6K	$4.1M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.11	−0.081%	$27K	$41K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.31	−0.041%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.69	+0.035%	$2.2M	$764K	10x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.33	−0.037%	$619K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0038%	1h	501.38	−0.027%	$1.1M	$5.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.22	−0.059%	$97K	$109K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.26	−0.051%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFTshort	+0.0050%	1h	501.10	−0.083%	$22.1M	$9.2M	20x
Polymarket Perps MSFT-USD	+0.0050%	1h	501.12	−0.079%	$303K	$672K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.37	−0.029%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.16	−0.071%	$520K	$518K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0051%	8h	501.35	−0.033%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.15	−0.073%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.11	−0.081%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	500.96	−0.111%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.36	−0.031%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.40	−0.023%	$55	—	10x	as long as short
Lighter MSFT	+0.0136%	1h	501.60	+0.017%	$1.1M	$489K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.62	+0.021%	$115K	$45K	30x	as long as short