Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0052%/8h= +5.7% APRpaid last 24h +0.080%

Price spread now: Arcus against Bitget−0.034%50s7-day average −0.038% · 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−$320.319% of the position

Long on Bitget Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.140%+$14 on $10k

Price spread, last 4 days (all we have)−0.056%−$6 · spread now −0.034%, 7d avg −0.038%

Together, before fees+0.084%+$8 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.038%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate. The two prices were read 50 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	Bitget MSFTUSDT	504.83	0	get 0.0000% / 8h	6h 57m	$3.9M	$2.8M	100x
Short	Arcus MSFT-USD	504.66	0.0052	get 0.0007% / 1h	57m 50s	$93K	$115K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus against Bitget. 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 BitgetbpFee ArcusbpOrdersPrice spread, now −0.034%Rate

Funding earned: $10.98
Price spread: −0.034% → −0.038%: $0.47
Slippage, 4 orders: −$15.44
Fee Bitget: 6 bp × 2 orders: −$12
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: −$20.49
Costs to cover: 0.319%
Break-even: 20.1 days

Slippage from Bitget: live order book, 5 min ago; Arcus: live order book, 35 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 Bitget live order book, 5 min ago	1.49 bp	8.2 bp −$8	10.7 bp −$107	34.9 bp −$3,487	doesn't fit
Sell Arcus live order book, 35 min ago	3.27 bp	8.1 bp −$8	8.5 bp −$85	17.4 bp −$1,745	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	−0.0297%	4h	504.73	−0.019%	$103K	$244K	10x	as long as short
Nado MSFT-PERP	−0.0044%	1h	504.52	−0.062%	$415K	$67K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0032%	1h	504.35	−0.095%	$693K	$454K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	504.76	−0.014%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	504.78	−0.010%	$326K	$1.9M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	504.93	+0.020%	$16.3M	$19.6M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	504.60	−0.046%	$7.2M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	504.89	+0.012%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	504.57	−0.052%	$3.1M	$1.8M	100x	as long as short
Bitget MSFTUSDTlong	0.0000%	8h	504.83	long leg	$3.9M	$2.8M	100x

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni MSFT	0.0000%	8h	504.71	−0.023%	$1.3M	$394K	—	as long as short
SunX MSFT-USDT	0.0000%	8h	505.62	+0.156%	$6K	$3.5M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	504.39	−0.087%	$27K	$45K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	504.76	−0.014%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	505.19	+0.071%	$2.2M	$865K	10x	as long as short
Phoenix MSFT	+0.0016%	1h	504.58	−0.050%	$11K	$5K	20x	as long as short
BloFin MSFT-USDT	+0.0020%	8h	504.89	+0.012%	$190K	$206K	20x	as long as short
QFEX MSFT-USD	+0.0023%	1h	504.73	−0.020%	$1.1M	$4.6M	10x	as long as short
Lighter MSFT	+0.0032%	1h	504.68	−0.030%	$1.2M	$471K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	504.67	−0.032%	$712K	$1.7M	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	504.68	−0.030%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	504.38	−0.089%	$22.4M	$8.9M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	504.46	−0.073%	$304K	$650K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	504.58	−0.050%	$61K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	504.34	−0.097%	$537K	$386K	15x	as long as short
Arcus MSFT-USDshort	+0.0052%	1h	504.66	−0.034%	$93K	$115K	10x
Paradex MSFT-USD-PERP	+0.0061%	8h	504.65	−0.036%	$222	—	5x	as long as short
Hotstuff MSFT-PERP	+0.0080%	1h	504.34	−0.097%	$33K	$8K	20x	as long as short
GRVT MSFT_USDT_Perp	+0.0097%	8h	504.76	−0.014%	$19K	$312K	10x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	504.21	−0.123%	$1.6M	$144K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	504.29	−0.107%	$161K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	504.80	−0.006%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	504.68	−0.030%	$56	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	505.86	+0.204%	$116K	$45K	30x	as long as short