Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0164%/8h= +18.0% APRpaid last 24h +0.037%

Price spread now: Orderly against Coinbase International+0.040%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Coinbase International Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Orderly is 0.040% dearer against Coinbase International than usual: you sell high and buy low: +$4 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International MSFT-PERP-INTX	502.41	−0.0064	get 0.0008% / 1h	50m 01s	$684K	$454K	10x
Short	Orderly PERP_MSFT_USDC_mythos	502.61	0.0100	get 0.0100% / 8h	2h 50m	$8K	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.040%Rate

Funding earned: $34.44
Price spread: +0.040% → 0.000%: $3.98
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: $22.42
Costs to cover: 0.160%
Break-even: 2.4 days

Slippage unknown: Coinbase International: live order book, 63 min ago; Orderly: no order-book sample. Net counts fees only.

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, 63 min ago	1.70 bp	7.4 bp −$7	11.1 bp −$111	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0922%	4h	503.11	+0.140%	$102K	$243K	10x	as long as short
Coinbase International MSFT-PERP-INTXlong	−0.0064%	1h	502.41	long leg	$684K	$454K	10x
BloFin MSFT-USDT	−0.0007%	8h	502.85	+0.088%	$190K	$205K	20x	as long as short
Nado MSFT-PERP	−0.0006%	1h	502.56	+0.029%	$412K	$66K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	502.59	+0.036%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	502.56	+0.029%	$341K	$1.2M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	502.75	+0.068%	$15.8M	$19.3M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	502.54	+0.026%	$7.2M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	503.08	+0.133%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	502.50	+0.018%	$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	502.79	+0.076%	$4.4M	$2.6M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	502.78	+0.073%	$1.3M	$493K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	503.09	+0.135%	$19K	$310K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	503.53	+0.223%	$6K	$4.0M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	502.37	−0.008%	$27K	$42K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	502.60	+0.038%	$58K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	503.28	+0.173%	$2.2M	$791K	10x	as long as short
Phoenix MSFT	+0.0016%	1h	502.98	+0.113%	$11K	$15K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	502.52	+0.022%	$678K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0036%	1h	502.73	+0.064%	$1.1M	$4.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	502.78	+0.074%	$96K	$111K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	502.72	+0.062%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	502.33	−0.016%	$22.2M	$8.9M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	502.39	−0.004%	$303K	$713K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	502.53	+0.024%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	502.40	−0.002%	$512K	$463K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0052%	8h	502.62	+0.043%	$221	—	5x	as long as short
Hotstuff MSFT-PERP	+0.0080%	1h	502.50	+0.018%	$32K	$8K	20x	as long as short
Lighter MSFT	+0.0096%	1h	502.80	+0.078%	$1.2M	$495K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	502.53	+0.024%	$1.6M	$57K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	502.59	+0.036%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythosshort	+0.0100%	8h	502.61	+0.040%	$8K	—	10x
Aevo MSFT-PERP	+0.0104%	1h	502.62	+0.041%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	503.24	+0.165%	$115K	$45K	30x	as long as short