Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0953%/8h= +104.3% APRpaid last 24h +0.074%

Price spread now: tradeXYZ against edgeX−0.104%86s7-day average −0.097% · you buy dearer than you sell

Net, funding: paid 7d − costs−$35as 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−$390.393% of the position

Long on edgeX Short on tradeXYZ

What this pair did over the last

the charts below follow

Funding, last 7 days+0.040%+$4 on $10k

Price spread, last 4 days (all we have)+0.003%$0 · spread now −0.104%, 7d avg −0.097%

Together, before fees+0.043%+ Points / potential airdropedgeX: Active · tradeXYZ: Active · farm board+$4 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.097%, so right now this pair is about funding alone: +$29 a day on $10k at the current rate. The two prices were read 86 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 0.040% in total (about 2.1% 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	edgeX MSFTUSDC	504.37	−0.0903	get 0.0451% / 4h	2h 08m	$103K	$242K	10x
Short	tradeXYZ xyz:MSFT	503.84	0.0050	get 0.0006% / 1h	8m 09s	$22.4M	$9.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

tradeXYZ 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 tradeXYZbpOrdersPrice spread, now −0.104%Rate

Funding earned: $200.07
Price spread: −0.104% → −0.097%: −$0.72
Slippage, 4 orders: −$12.31
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee tradeXYZ: 9 bp × 2 orders: −$18
Net: $160.04
Costs to cover: 0.393%
Break-even: 1.4 days

Slippage from edgeX: live order book, 39 min ago; tradeXYZ: live order book, 11 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, 39 min ago	5.17 bp	9.8 bp −$10	12.2 bp −$122	doesn't fit	doesn't fit
Sell tradeXYZ live order book, 11 min ago	0.50 bp	9.8 bp −$10	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
edgeX MSFTUSDClong	−0.0903%	4h	504.37	long leg	$103K	$242K	10x
Coinbase International MSFT-PERP-INTX	−0.0064%	1h	503.76	−0.120%	$684K	$493K	10x	as long as short
Nado MSFT-PERP	−0.0020%	1h	503.95	−0.083%	$415K	$68K	20x	as long as short
Hotstuff MSFT-PERP	−0.0008%	1h	503.84	−0.104%	$33K	$8K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.95	−0.083%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	504.12	−0.048%	$338K	$1.2M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	504.28	−0.017%	$15.9M	$19.6M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.97	−0.079%	$7.2M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	504.29	−0.015%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	504.08	−0.057%	$3.1M	$1.8M	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	504.24	−0.025%	$3.8M	$3.0M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	504.20	−0.034%	$1.3M	$499K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	504.28	−0.017%	$19K	$323K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	505.02	+0.129%	$6K	$3.9M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	504.17	−0.039%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	504.46	+0.018%	$2.2M	$814K	10x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0008%	1h	504.03	−0.067%	$27K	$43K	10x	as long as short
BloFin MSFT-USDT	+0.0013%	8h	504.31	−0.011%	$189K	$207K	20x	as long as short
Phoenix MSFT	+0.0016%	1h	503.87	−0.099%	$11K	$15K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	504.04	−0.065%	$710K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0036%	1h	504.16	−0.041%	$1.1M	$4.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.99	−0.075%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	504.14	−0.045%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFTshort	+0.0050%	1h	503.84	−0.104%	$22.4M	$9.0M	20x
Polymarket Perps MSFT-USD	+0.0050%	1h	503.90	−0.093%	$303K	$717K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	504.09	−0.055%	$61K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.97	−0.079%	$522K	$476K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0058%	8h	504.13	−0.047%	$222	—	5x	as long as short
Lighter MSFT	+0.0080%	1h	504.25	−0.023%	$1.2M	$516K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.65	−0.142%	$1.6M	$57K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.79	−0.114%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	504.10	−0.053%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	504.14	−0.044%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	504.42	+0.011%	$115K	$45K	30x	as long as short