Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0010%/8h= −1.1% APRpaid last 24h +0.012%

Price spread now: BloFin against Coinbase International+0.112%58s7-day average +0.132% · you sell dearer than you buy

Net, funding: paid 7d − costs−$26as 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−$330.326% of the position

Long on Coinbase International Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.066%+$7 on $10k

Price spread, last 3 days (all we have)−0.027%−$3 · spread now +0.112%, 7d avg +0.132%

Together, before fees+0.039%+$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and BloFin is 0.021% cheaper against Coinbase International than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of +0.132%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.066%, so the current rate has only just turned against you. 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	Coinbase International MSFT-PERP-INTX	501.76	−0.0016	get 0.0002% / 1h	43m 57s	$687K	$450K	10x
Short	BloFin MSFT-USDT	502.32	−0.0026	pay 0.0026% / 8h	43m 57s	$188K	$209K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.112%Rate

Funding earned: −$2.16
Price spread: +0.112% → +0.132%: −$2.07
Slippage, 4 orders: −$10.61
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$36.84
Costs to cover: 0.326%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 34 min ago; BloFin: live order book, 26 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, 34 min ago	3.69 bp	9.7 bp −$10	11.5 bp −$115	doesn't fit	doesn't fit
Sell BloFin live order book, 26 min ago	0.50 bp	7.0 bp −$7	9.2 bp −$92	25.2 bp −$2,516	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
BloFin MSFT-USDTshort	−0.0026%	8h	502.32	+0.112%	$188K	$209K	20x
Nado MSFT-PERP	−0.0021%	1h	501.96	+0.040%	$414K	$64K	20x	as long as short
Coinbase International MSFT-PERP-INTXlong	−0.0016%	1h	501.76	long leg	$687K	$450K	10x
Aster MSFTUSDT	0.0000%	8h	502.20	+0.088%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	502.22	+0.093%	$337K	$392K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	502.31	+0.110%	$15.7M	$19.1M	20x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	502.31	+0.110%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	502.03	+0.054%	$3.2M	$1.6M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	502.29	+0.106%	$3.8M	$2.3M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	502.26	+0.100%	$1.3M	$702K	—	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	502.15	+0.079%	$18K	$308K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	503.06	+0.259%	$6K	$4.3M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	502.12	+0.072%	$59K	$227K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.43	+0.134%	$2.2M	$752K	10x	as long as short
Bybit MSFTUSDT	+0.0028%	8h	502.34	+0.116%	$7.4M	$1.7M	100x	as long as short
Lighter RH MSFT	+0.0032%	1h	502.15	+0.078%	$638K	$2.1M	20x	as long as short
Hotstuff MSFT-PERP	+0.0040%	1h	501.87	+0.022%	$32K	$8K	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	502.13	+0.074%	—	$1K	25x	as long as short
QFEX MSFT-USD	+0.0049%	1h	502.19	+0.086%	$1.1M	$5.8M	10x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.87	+0.022%	$22.3M	$9.6M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.80	+0.008%	$303K	$678K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	502.20	+0.088%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.76	0.000%	$529K	$494K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0054%	8h	502.20	+0.088%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.96	+0.040%	$11K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.75	−0.002%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.73	−0.006%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	502.19	+0.086%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	502.23	+0.094%	$55	—	10x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0109%	1h	502.10	+0.068%	$27K	$101K	10x	as long as short
Lighter MSFT	+0.0160%	1h	502.36	+0.120%	$1.1M	$585K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.57	+0.161%	$115K	$45K	30x	as long as short
Arcus MSFT-USD	+0.0286%	1h	502.17	+0.082%	$97K	$109K	10x	as long as short
edgeX MSFTUSDC	+0.0785%	4h	502.22	+0.091%	$102K	$243K	10x	as long as short