Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0922%/8h= +101.0% APRpaid last 24h +0.066%

Price spread now: Extended against edgeX−0.110%73s7-day average −0.016% · you buy dearer than you sell

Net, funding: paid 7d − costs−$32as 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−$300.300% of the position

Long on edgeX Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days−0.016%−$2 on $10k

Price spread, last 4 days (all we have)+0.105%+$10 · spread now −0.110%, 7d avg −0.016%

Together, before fees+0.089%+ Points / potential airdropedgeX: Active · Extended: Active · farm board+$9 on $10k · with fees, hour by hour

Funding pays, the price is against you. Extended is 0.094% cheaper against edgeX than usual: you would sell low and buy high (spread −0.110% now, against its 7-day average of −0.016%). If the spread goes back, that is −$9 on $10k: about 8 hours of funding at the current rate (+$28 a day). The two prices were read 73 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 -0.016% in total (about -0.8% 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	edgeX MSFTUSDC	503.11	−0.0922	get 0.0461% / 4h	2h 50m	$102K	$243K	10x
Short	Extended MSFT_24_5-USD	502.56	0	get 0.0000% / 1h	50m 12s	$341K	$1.2M	17x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against edgeX. 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 edgeXbpFee ExtendedbpOrdersPrice spread, now −0.110%Rate

Funding earned: $193.72
Price spread: −0.110% → −0.016%: −$9.43
Slippage, 4 orders: −$16.04
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Extended: 2.5 bp × 2 orders: −$5
Net: $154.25
Costs to cover: 0.300%
Break-even: 1.4 days

Slippage from edgeX: live order book, 62 min ago; Extended: live order book, 3 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 edgeX live order book, 62 min ago	5.19 bp	9.8 bp −$10	12.1 bp −$121	doesn't fit	doesn't fit
Sell Extended live order book, 3 min ago	0.10 bp	5.2 bp −$5	26.5 bp −$265	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 MSFTUSDClong	−0.0922%	4h	503.11	long leg	$102K	$243K	10x
Coinbase International MSFT-PERP-INTX	−0.0064%	1h	502.41	−0.139%	$684K	$454K	10x	as long as short
BloFin MSFT-USDT	−0.0007%	8h	502.85	−0.052%	$190K	$205K	20x	as long as short
Nado MSFT-PERP	−0.0006%	1h	502.56	−0.110%	$412K	$66K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	502.59	−0.104%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USDshort	0.0000%	1h	502.56	−0.110%	$341K	$1.2M	17x
Binance MSFTUSDT	0.0000%	8h	502.68	−0.086%	$15.8M	$19.3M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	502.52	−0.117%	$7.2M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	503.08	−0.006%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	502.50	−0.121%	$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	−0.064%	$4.4M	$2.6M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	502.78	−0.066%	$1.3M	$493K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	503.09	−0.005%	$19K	$310K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	503.53	+0.083%	$6K	$4.0M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	502.37	−0.147%	$27K	$42K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	502.60	−0.102%	$58K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	503.28	+0.034%	$2.2M	$791K	10x	as long as short
Phoenix MSFT	+0.0016%	1h	502.98	−0.026%	$11K	$15K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	502.52	−0.117%	$678K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0036%	1h	502.73	−0.076%	$1.1M	$4.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	502.78	−0.066%	$96K	$111K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	502.72	−0.078%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	502.35	−0.151%	$22.2M	$8.9M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	502.39	−0.143%	$303K	$713K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	502.53	−0.115%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	502.40	−0.141%	$512K	$463K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0052%	8h	502.62	−0.097%	$221	—	5x	as long as short
Hotstuff MSFT-PERP	+0.0080%	1h	502.50	−0.121%	$32K	$8K	20x	as long as short
Lighter MSFT	+0.0096%	1h	502.80	−0.062%	$1.2M	$495K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	502.65	−0.092%	$1.6M	$57K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	502.59	−0.104%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	502.61	−0.100%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	502.62	−0.098%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	503.24	+0.026%	$115K	$45K	30x	as long as short