Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0030%/8h= −3.3% APRpaid last 24h −0.001%

Price spread now: tradeXYZ against BloFin−0.080%7-day average −0.117% · you buy dearer than you sell

Net, funding: paid 7d − costs−$33as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$360.357% of the position

Long on BloFin Short on tradeXYZ

What this pair did over the last

the charts below follow

Funding, last 7 days+0.030%+$3 on $10k

Price spread, last 4 days (all we have)−0.098%−$10 · spread now −0.080%, 7d avg −0.117%

Together, before fees−0.067%+ Points / potential airdroptradeXYZ: Active · farm board−$7 on $10k · with fees, hour by hour

The price spread pays, funding is against you. tradeXYZ is 0.038% dearer against BloFin than usual: you sell high and buy low (spread −0.080% now, against its 7-day average of −0.117%): +$4 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 4.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin MSFT-USDT	501.87	0.0026	pay 0.0026% / 8h	3h 37m	$189K	$204K	20x
Short	tradeXYZ xyz:MSFT	501.47	−0.0004	pay 0.0000% / 1h	37m 11s	$22.1M	$8.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

tradeXYZ 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 tradeXYZbpOrdersPrice spread, now −0.080%Rate

Funding earned: −$6.36
Price spread: −0.080% → −0.117%: $3.78
Slippage, 4 orders: −$5.7
Fee BloFin: 6 bp × 2 orders: −$12
Fee tradeXYZ: 9 bp × 2 orders: −$18
Net: −$38.27
Costs to cover: 0.357%
Break-even: never at this rate

Slippage from BloFin: live order book, 53 min ago; tradeXYZ: live order book, 2 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, 53 min ago	0.20 bp	7.3 bp −$7	9.5 bp −$95	doesn't fit	doesn't fit
Sell tradeXYZ live order book, 2 min ago	0.10 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	−0.0846%	4h	501.49	−0.076%	$102K	$243K	10x	as long as short
Nado MSFT-PERP	−0.0106%	1h	501.75	−0.024%	$414K	$64K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0032%	1h	500.97	−0.179%	$677K	$450K	10x	as long as short
tradeXYZ xyz:MSFTshort	−0.0004%	1h	501.47	−0.080%	$22.1M	$8.7M	20x
Aster MSFTUSDT	0.0000%	8h	501.74	−0.025%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.79	−0.016%	$337K	$881K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.94	+0.014%	$15.8M	$19.0M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.64	−0.046%	$7.2M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.92	+0.010%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.67	−0.040%	$3.1M	$1.7M	100x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MSFTUSDT	0.0000%	8h	501.83	−0.008%	$4.5M	$2.5M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.36	−0.102%	$1.3M	$607K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.65	−0.043%	$18K	$298K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.69	+0.163%	$6K	$4.0M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.63	−0.048%	$27K	$42K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.77	−0.020%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.00	+0.026%	$2.2M	$773K	10x	as long as short
BloFin MSFT-USDTlong	+0.0026%	8h	501.87	long leg	$189K	$204K	20x
Lighter MSFT	+0.0032%	1h	501.91	+0.008%	$1.1M	$503K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.67	−0.040%	$677K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0035%	1h	501.75	−0.024%	$1.1M	$4.9M	10x	as long as short
Hotstuff MSFT-PERP	+0.0040%	1h	501.48	−0.078%	$32K	$8K	20x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.35	−0.104%	$96K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.84	−0.006%	—	$1K	25x	as long as short
Phoenix MSFT	+0.0048%	1h	501.44	−0.086%	$10K	$15K	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.56	−0.062%	$303K	$697K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.74	−0.026%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.16	−0.141%	$518K	$451K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0053%	8h	501.82	−0.011%	$221	—	5x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.26	−0.122%	$1.6M	$52K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.36	−0.102%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.79	−0.016%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.81	−0.013%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.47	−0.080%	$115K	$45K	30x	as long as short