Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0064%/8h= +7.0% APRpaid last 24h +0.006%

Price spread now: Aster against Coinbase International+0.054%7-day average +0.129% · you sell dearer than you buy

Net, funding: paid 7d − costs−$56as in the Funding arb table

Net, price: spread back to 7d avg − costs−$69as in the Price arb table

costs, in and out, $10k−$610.611% of the position

Long on Coinbase International Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days+0.054%+$5 on $10k

Price spread, last 4 days (all we have)−0.182%−$18 · spread now +0.054%, 7d avg +0.129%

Together, before fees−0.129%+ Points / potential airdropAster: Stage 5 · farm board−$13 on $10k · with fees, hour by hour

Funding pays, the price is against you. Aster is 0.075% cheaper against Coinbase International than usual: you would sell low and buy high (spread +0.054% now, against its 7-day average of +0.129%). If the spread goes back, that is −$7 on $10k: about 3.9 days of funding at the current rate (+$2 a day). At the pace of the last 7 days (+0.054% in total) that is about 9.8 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International MSFT-PERP-INTX	500.97	−0.0064	get 0.0008% / 1h	9m 47s	$678K	$458K	10x
Short	Aster MSFTUSDT	501.24	0	get 0.0000% / 8h	5h 09m	$161K	$116K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Coinbase International. 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 Coinbase InternationalbpFee AsterbpOrdersPrice spread, now +0.054%Rate

Funding earned: $13.44
Price spread: +0.054% → +0.129%: −$7.49
Slippage, 4 orders: −$43.15
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Aster: 4 bp × 2 orders: −$8
Net: −$55.2
Costs to cover: 0.611%
Break-even: 35.7 days

Slippage from Coinbase International: live order book, 53 min ago; Aster: live order book, 51 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 Coinbase International live order book, 53 min ago	2.29 bp	7.8 bp −$8	11.2 bp −$112	doesn't fit	doesn't fit
Sell Aster live order book, 51 min ago	10.36 bp	26.6 bp −$27	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
Coinbase International MSFT-PERP-INTXlong	−0.0064%	1h	500.97	long leg	$678K	$458K	10x
Nado MSFT-PERP	−0.0032%	1h	500.94	−0.006%	$414K	$64K	20x	as long as short
BloFin MSFT-USDT	−0.0010%	8h	501.18	+0.042%	$190K	$203K	20x	as long as short
Aster MSFTUSDTshort	0.0000%	8h	501.24	+0.054%	$161K	$116K	20x
Extended MSFT_24_5-USD	0.0000%	1h	501.07	+0.020%	$337K	$892K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.19	+0.045%	$15.7M	$19.0M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	500.86	−0.022%	$7.2M	$2.1M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.42	+0.090%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.05	+0.016%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.21	+0.048%	$4.5M	$2.5M	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	501.10	+0.025%	$1.3M	$647K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.23	+0.052%	$19K	$299K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	501.99	+0.204%	$6K	$4.1M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	500.96	−0.002%	$27K	$41K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.08	+0.022%	$58K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.64	+0.134%	$2.2M	$773K	10x	as long as short
QFEX MSFT-USD	+0.0030%	1h	501.10	+0.026%	$1.2M	$5.6M	10x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.01	+0.008%	$683K	$2.0M	20x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.02	+0.010%	$96K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.10	+0.026%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	500.76	−0.042%	$22.1M	$8.8M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	500.78	−0.038%	$301K	$648K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.10	+0.026%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.83	−0.028%	$516K	$494K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0057%	8h	501.07	+0.019%	$220	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	500.91	−0.012%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	500.99	+0.004%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	500.78	−0.038%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.06	+0.018%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.07	+0.019%	$55	—	10x	as long as short
Hotstuff MSFT-PERP	+0.0168%	1h	500.79	−0.036%	$32K	$8K	20x	as long as short
Lighter MSFT	+0.0176%	1h	501.24	+0.054%	$1.1M	$479K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.73	+0.152%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0680%	4h	501.28	+0.061%	$102K	$242K	10x	as long as short