Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0660%/8h= −72.2% APRpaid last 24h −0.005%

Price spread now: SunX against edgeX+0.123%74s7-day average +0.167% · you sell dearer than you buy

Net, funding: paid 7d − costs−$246as 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−$2372.367% of the position

Long on edgeX Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.093%−$9 on $10k

Price spread, last 4 days (all we have)+0.197%+$20 · spread now +0.123%, 7d avg +0.167%

Together, before fees+0.104%+ Points / potential airdropedgeX: Active · farm board+$10 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$20 a day on $10k at the current rate, and SunX is 0.044% cheaper against edgeX than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.167%). Swap the legs. The two prices were read 74 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 -0.093% in total (about -4.9% 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	501.74	0.0660	pay 0.0330% / 4h	1h 25m	$102K	$244K	10x
Short	SunX MSFT-USDT	502.36	0	get 0.0000% / 8h	5h 25m	$6K	$4.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.123%Rate

Funding earned: −$138.52
Price spread: +0.123% → +0.167%: −$4.41
Slippage, 4 orders: −$219.66
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee SunX: 4 bp × 2 orders: −$8
Net: −$379.59
Costs to cover: 2.367%
Break-even: never at this rate

Slippage from edgeX: live order book, 36 min ago; SunX: live order book, 12 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, 36 min ago	5.68 bp	10.3 bp −$10	12.8 bp −$128	doesn't fit	doesn't fit
Sell SunX live order book, 12 min ago	29.15 bp	104.6 bp −$105	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-INTX	−0.0064%	1h	501.24	−0.100%	$679K	$456K	10x	as long as short
Nado MSFT-PERP	−0.0031%	1h	501.37	−0.075%	$414K	$64K	20x	as long as short
BloFin MSFT-USDT	−0.0021%	8h	501.70	−0.008%	$189K	$204K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.68	−0.012%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.42	−0.065%	$337K	$892K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.55	−0.038%	$15.7M	$18.9M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.41	−0.066%	$7.4M	$1.7M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.78	+0.008%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.36	−0.076%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.60	−0.028%	$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	501.44	−0.060%	$1.3M	$650K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.69	−0.011%	$19K	$296K	10x	as long as short
SunX MSFT-USDTshort	0.0000%	8h	502.36	+0.123%	$6K	$4.1M	20x
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.26	−0.096%	$27K	$41K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.36	−0.076%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.46	−0.056%	$2.2M	$767K	10x	as long as short
QFEX MSFT-USD	+0.0030%	1h	501.40	−0.068%	$1.1M	$5.6M	10x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.33	−0.082%	$685K	$2.0M	20x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.45	−0.058%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.52	−0.044%	—	$1K	25x	as long as short
Hotstuff MSFT-PERP	+0.0048%	1h	501.21	−0.106%	$32K	$8K	20x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.17	−0.114%	$22.1M	$9.1M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.20	−0.108%	$302K	$648K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.40	−0.068%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.39	−0.070%	$524K	$487K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0061%	8h	501.51	−0.047%	$221	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	501.44	−0.060%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.43	−0.062%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.49	−0.050%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.44	−0.060%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.45	−0.058%	$55	—	10x	as long as short
Lighter MSFT	+0.0184%	1h	501.66	−0.016%	$1.1M	$459K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	503.24	+0.299%	$115K	$45K	30x	as long as short
edgeX MSFTUSDClong	+0.0660%	4h	501.74	long leg	$102K	$244K	10x