Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0056%/8h= −6.1% APRpaid last 24h −0.009%

Price spread now: Coinbase International against Binance−0.055%7-day average −0.121% · you buy dearer than you sell

Net, funding: paid 7d − costs−$39as in the Funding arb table

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$330.332% of the position

Long on Binance Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.056%−$6 on $10k

Price spread, last 4 days (all we have)−0.135%−$14 · spread now −0.055%, 7d avg −0.121%

Together, before fees−0.191%−$19 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Coinbase International is 0.066% dearer against Binance than usual: you sell high and buy low (spread −0.055% now, against its 7-day average of −0.121%): +$7 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 4.0 days. At the pace of the last 7 days (−0.056% in total) that is about 8.3 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance MSFTUSDT	504.11	0	get 0.0000% / 8h	7h 42m	$15.9M	$19.0M	20x
Short	Coinbase International MSFT-PERP-INTX	503.83	−0.0056	pay 0.0007% / 1h	42m 35s	$682K	$494K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Binance. 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 BinancebpFee Coinbase InternationalbpOrdersPrice spread, now −0.055%Rate

Funding earned: −$11.76
Price spread: −0.055% → −0.121%: $6.64
Slippage, 4 orders: −$13.15
Fee Binance: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$38.28
Costs to cover: 0.332%
Break-even: never at this rate

Slippage from Binance: live order book, 13 min ago; Coinbase International: live order book, 56 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 Binance live order book, 13 min ago	0.20 bp	8.0 bp −$8	14.3 bp −$143	45.8 bp −$4,582	doesn't fit
Sell Coinbase International live order book, 56 min ago	3.18 bp	8.7 bp −$9	10.1 bp −$101	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	−0.0071%	1h	503.79	−0.062%	$415K	$67K	20x	as long as short
Coinbase International MSFT-PERP-INTXshort	−0.0056%	1h	503.83	−0.055%	$682K	$494K	10x
BloFin MSFT-USDT	−0.0003%	8h	503.97	−0.027%	$191K	$205K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	504.33	+0.044%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.95	−0.031%	$338K	$1.9M	17x	as long as short
Binance MSFTUSDTlong	0.0000%	8h	504.11	long leg	$15.9M	$19.0M	20x
Bybit MSFTUSDT	0.0000%	8h	503.88	−0.045%	$7.2M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	504.20	+0.018%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.89	−0.043%	$3.2M	$1.8M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	503.99	−0.023%	$3.9M	$2.9M	100x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni MSFT	0.0000%	8h	504.21	+0.021%	$1.3M	$401K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	504.19	+0.015%	$19K	$316K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	504.74	+0.125%	$6K	$3.6M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	503.64	−0.093%	$27K	$44K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.91	−0.039%	$59K	$224K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	504.31	+0.040%	$2.2M	$829K	10x	as long as short
Phoenix MSFT	+0.0016%	1h	504.00	−0.021%	$11K	$15K	20x	as long as short
QFEX MSFT-USD	+0.0023%	1h	504.02	−0.017%	$1.2M	$4.6M	10x	as long as short
Lighter MSFT	+0.0032%	1h	504.01	−0.019%	$1.2M	$510K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.96	−0.029%	$697K	$1.9M	20x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.86	−0.049%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.98	−0.025%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	503.61	−0.099%	$22.4M	$9.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.45	−0.130%	$303K	$654K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.86	−0.049%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.50	−0.121%	$514K	$410K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0052%	8h	503.89	−0.042%	$222	—	5x	as long as short
edgeX MSFTUSDC	+0.0079%	4h	504.22	+0.022%	$103K	$244K	10x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.77	−0.067%	$1.6M	$100K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.66	−0.089%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.99	−0.023%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.92	−0.037%	$55	—	10x	as long as short
Hotstuff MSFT-PERP	+0.0112%	1h	503.84	−0.053%	$33K	$8K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	505.94	+0.363%	$116K	$45K	30x	as long as short