Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0813%/8h= +89.1% APRpaid last 24h −0.053%

Price spread now: edgeX against Coinbase International−0.011%77s7-day average +0.109% · you buy dearer than you sell

Net, funding: paid 7d − costs−$30as 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−$360.359% of the position

Long on Coinbase International Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.059%+$6 on $10k

Price spread, last 4 days (all we have)+0.049%+$5 · spread now −0.011%, 7d avg +0.109%

Together, before fees+0.108%+ Points / potential airdropedgeX: Active · farm board+$11 on $10k · with fees, hour by hour

Funding pays, the price is against you. edgeX is 0.120% cheaper against Coinbase International than usual: you would sell low and buy high (spread −0.011% now, against its 7-day average of +0.109%). If the spread goes back, that is −$12 on $10k: about 12 hours of funding at the current rate (+$24 a day). At the pace of the last 7 days (+0.059% in total) that is about 14 days. The two prices were read 77 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.059% in total (about 3.1% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International MSFT-PERP-INTX	503.66	−0.0048	get 0.0006% / 1h	20m 13s	$682K	$500K	10x
Short	edgeX MSFTUSDC	503.60	0.0765	get 0.0383% / 4h	1h 20m	$102K	$243K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.011%Rate

Funding earned: $170.83
Price spread: −0.011% → +0.109%: −$12.04
Slippage, 4 orders: −$16.93
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: $122.85
Costs to cover: 0.359%
Break-even: 2.0 days

Slippage from Coinbase International: live order book, 23 min ago; edgeX: live order book, 22 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, 23 min ago	2.48 bp	7.8 bp −$8	10.2 bp −$102	doesn't fit	doesn't fit
Sell edgeX live order book, 22 min ago	5.26 bp	9.9 bp −$10	12.3 bp −$123	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	−0.0048%	1h	503.66	long leg	$682K	$500K	10x
BloFin MSFT-USDT	−0.0020%	8h	503.83	+0.034%	$191K	$206K	20x	as long as short
Hotstuff MSFT-PERP	−0.0008%	1h	503.29	−0.073%	$32K	$8K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.42	−0.048%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.54	−0.024%	$338K	$1.2M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	503.66	0.000%	$15.8M	$19.7M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.46	−0.040%	$7.3M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	503.79	+0.026%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.48	−0.036%	$3.1M	$1.8M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	503.76	+0.020%	$3.8M	$3.0M	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	503.75	+0.017%	$1.3M	$499K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	503.76	+0.020%	$19K	$328K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	504.43	+0.153%	$6K	$3.9M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.44	−0.044%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	503.77	+0.022%	$2.2M	$822K	10x	as long as short
Nado MSFT-PERP	+0.0031%	1h	503.35	−0.061%	$414K	$67K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.44	−0.044%	$700K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0039%	1h	503.69	+0.006%	$1.2M	$4.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.49	−0.034%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.72	+0.012%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	503.31	−0.069%	$22.4M	$9.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.32	−0.068%	$303K	$718K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.50	−0.032%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.36	−0.060%	$522K	$476K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0059%	8h	503.62	−0.008%	$222	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	503.38	−0.056%	$11K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.10	−0.111%	$1.6M	$60K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.39	−0.054%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.52	−0.028%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.56	−0.020%	$55	—	10x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0167%	1h	503.49	−0.034%	$27K	$44K	10x	as long as short
Lighter MSFT	+0.0168%	1h	503.74	+0.016%	$1.2M	$517K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	504.04	+0.075%	$115K	$45K	30x	as long as short
edgeX MSFTUSDCshort	+0.0765%	4h	503.60	−0.011%	$102K	$243K	10x