Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0061%/8h= −6.6% APRpaid last 24h −0.022%

Price spread now: Coinbase International against BloFin−0.004%58s7-day average −0.128% · you buy dearer than you sell

Net, funding: paid 7d − costs−$37as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$310.306% of the position

Long on BloFin Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.068%−$7 on $10k

Price spread, last 4 days (all we have)−0.075%−$8 · spread now −0.004%, 7d avg −0.128%

Together, before fees−0.144%−$14 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Coinbase International is 0.124% dearer against BloFin than usual: you sell high and buy low (spread −0.004% now, against its 7-day average of −0.128%): +$12 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 6.8 days. 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	BloFin MSFT-USDT	503.68	0.0013	pay 0.0013% / 8h	1h 16m	$190K	$207K	20x
Short	Coinbase International MSFT-PERP-INTX	503.66	−0.0048	pay 0.0006% / 1h	16m 21s	$682K	$500K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now −0.004%Rate

Funding earned: −$12.71
Price spread: −0.004% → −0.128%: $12.38
Slippage, 4 orders: −$8.63
Fee BloFin: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$30.96
Costs to cover: 0.306%
Break-even: never at this rate

Slippage from BloFin: live order book, 59 min ago; Coinbase International: live order book, 27 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, 59 min ago	0.10 bp	6.2 bp −$6	10.1 bp −$101	24.3 bp −$2,432	doesn't fit
Sell Coinbase International live order book, 27 min ago	2.48 bp	8.3 bp −$8	10.5 bp −$105	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	−0.0427%	4h	503.50	−0.037%	$102K	$244K	10x	as long as short
Coinbase International MSFT-PERP-INTXshort	−0.0048%	1h	503.66	−0.004%	$682K	$500K	10x
Aster MSFTUSDT	0.0000%	8h	503.40	−0.055%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.56	−0.025%	$338K	$1.2M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	503.70	+0.004%	$15.8M	$19.7M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.41	−0.054%	$7.3M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	503.76	+0.016%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.51	−0.034%	$3.1M	$1.8M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	503.66	−0.004%	$3.8M	$3.0M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	503.75	+0.013%	$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	503.61	−0.014%	$19K	$328K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	504.48	+0.159%	$6K	$3.9M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	503.36	−0.064%	$27K	$44K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.60	−0.016%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	503.72	+0.008%	$2.2M	$822K	10x	as long as short
BloFin MSFT-USDTlong	+0.0013%	8h	503.68	long leg	$190K	$207K	20x
Nado MSFT-PERP	+0.0025%	1h	503.40	−0.055%	$414K	$67K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.48	−0.040%	$700K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0039%	1h	503.61	−0.014%	$1.2M	$4.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.40	−0.056%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.70	+0.004%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	503.16	−0.103%	$22.4M	$9.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.27	−0.081%	$303K	$718K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.56	−0.024%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.13	−0.109%	$522K	$476K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0059%	8h	503.52	−0.031%	$222	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	503.43	−0.050%	$11K	$15K	20x	as long as short
Hotstuff MSFT-PERP	+0.0088%	1h	503.18	−0.099%	$32K	$8K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.10	−0.115%	$1.6M	$60K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.21	−0.093%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.50	−0.036%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.54	−0.027%	$55	—	10x	as long as short
Lighter MSFT	+0.0152%	1h	503.71	+0.006%	$1.2M	$517K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	504.04	+0.071%	$115K	$45K	30x	as long as short