Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0292%/8h= +31.9% APRpaid last 24h +0.052%

Price spread now: Arcus against BloFin+0.012%95s7-day average −0.044% · 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—prices read too far apart to compare

costs, in and out, $10k−$260.261% of the position

Long on BloFin Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.097%+$10 on $10k

Price spread, last 3 days (all we have)−0.044%−$4 · spread now +0.012%, 7d avg −0.044%

Together, before fees+0.053%+$5 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and Arcus is 0.056% dearer against BloFin than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of −0.044%. The two prices were read 95 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	BloFin MSFT-USDT	502.07	0.0010	pay 0.0010% / 8h	3h 31m	$190K	$208K	20x
Short	Arcus MSFT-USD	502.13	0.0301	get 0.0038% / 1h	31m 23s	$109K	$78K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus against BloFin. 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 BloFinbpFee ArcusbpOrdersPrice spread, now +0.012%Rate

Funding earned: $61.24
Price spread: +0.012% → −0.044%: $5.64
Slippage, 4 orders: −$9.59
Fee BloFin: 6 bp × 2 orders: −$12
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: $40.78
Costs to cover: 0.261%
Break-even: 2.3 days

Slippage from BloFin: live order book, 11 min ago; Arcus: live order book, 17 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 BloFin live order book, 11 min ago	0.70 bp	7.2 bp −$7	10.4 bp −$104	doesn't fit	doesn't fit
Sell Arcus live order book, 17 min ago	1.89 bp	4.1 bp −$4	8.3 bp −$83	19.8 bp −$1,977	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	−0.0247%	4h	502.06	−0.002%	$102K	$243K	10x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0056%	1h	501.71	−0.072%	$689K	$431K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.82	−0.050%	$160K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	502.11	+0.007%	$371K	$368K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	502.14	+0.014%	$15.7M	$19.0M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	502.24	+0.034%	$7.4M	$1.7M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	502.20	+0.026%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.87	−0.040%	$3.1M	$1.5M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	502.03	−0.007%	$1.3M	$725K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.94	−0.025%	$18K	$340K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX MSFT-USDT	0.0000%	8h	502.92	+0.169%	$6K	$4.4M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.90	−0.034%	$27K	$115K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	502.01	−0.012%	$58K	$231K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.40	+0.066%	$2.2M	$742K	10x	as long as short
Nado MSFT-PERP	+0.0003%	1h	501.84	−0.045%	$415K	$62K	20x	as long as short
Bitget MSFTUSDT	+0.0004%	8h	502.14	+0.014%	$3.9M	$2.1M	100x	as long as short
BloFin MSFT-USDTlong	+0.0010%	8h	502.07	long leg	$190K	$208K	20x
Hotstuff MSFT-PERP	+0.0016%	1h	501.82	−0.050%	$32K	$8K	20x	as long as short
QFEX MSFT-USD	+0.0031%	1h	502.14	+0.014%	$1.1M	$5.6M	10x	as long as short
Lighter RH MSFT	+0.0032%	1h	502.04	−0.006%	$659K	$2.2M	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	502.03	−0.008%	—	—	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.81	−0.052%	$22.2M	$9.9M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.80	−0.054%	$304K	$676K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	502.08	+0.002%	$60K	$3K	10x	as long as short
Paradex MSFT-USD-PERP	+0.0050%	8h	502.15	+0.016%	$221	—	5x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.56	−0.102%	$515K	$479K	15x	as long as short
Phoenix MSFT	+0.0064%	1h	502.03	−0.008%	$11K	$15K	20x	as long as short
Lighter MSFT	+0.0072%	1h	502.21	+0.028%	$1.1M	$660K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.64	−0.086%	$1.5M	$18K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.51	−0.112%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	502.13	+0.012%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	502.14	+0.014%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.99	−0.016%	$115K	$45K	30x	as long as short
Arcus MSFT-USDshort	+0.0301%	1h	502.13	+0.012%	$109K	$78K	10x