Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h −0.006%

Price spread now: Coinbase International against Gate−0.091%50s7-day average −0.077% · you buy dearer than you sell

Net, funding: paid 7d − costs−$48as 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−$430.429% of the position

Long on Gate Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.055%−$5 on $10k

Price spread, last 4 days (all we have)+0.079%+$8 · spread now −0.091%, 7d avg −0.077%

Together, before fees+0.025%+$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.077%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate. The two prices were read 50 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate MSFT_USDT	502.92	0	get 0.0000% / 8h	3h 22m	$3.1M	$1.7M	100x
Short	Coinbase International MSFT-PERP-INTX	502.46	−0.0032	pay 0.0004% / 1h	22m 24s	$680K	$448K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Gate. 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 GatebpFee Coinbase InternationalbpOrdersPrice spread, now −0.091%Rate

Funding earned: −$6.72
Price spread: −0.091% → −0.077%: −$1.43
Slippage, 4 orders: −$17.9
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$51.05
Costs to cover: 0.429%
Break-even: never at this rate

Slippage from Gate: live order book, 6 min ago; Coinbase International: live order book, 31 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 Gate live order book, 6 min ago	5.28 bp	15.7 bp −$16	36.1 bp −$361	doesn't fit	doesn't fit
Sell Coinbase International live order book, 31 min ago	1.70 bp	6.8 bp −$7	9.5 bp −$95	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
Nado MSFT-PERP	−0.0103%	1h	503.03	+0.022%	$415K	$64K	20x	as long as short
Coinbase International MSFT-PERP-INTXshort	−0.0032%	1h	502.46	−0.091%	$680K	$448K	10x
tradeXYZ xyz:MSFT	−0.0009%	1h	502.70	−0.044%	$22.2M	$8.8M	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.10	+0.036%	$162K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.02	+0.020%	$339K	$884K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	503.12	+0.040%	$15.8M	$19.2M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	502.95	+0.006%	$7.2M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	503.13	+0.042%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDTlong	0.0000%	8h	502.92	long leg	$3.1M	$1.7M	100x
Bitget MSFTUSDT	0.0000%	8h	503.00	+0.016%	$4.4M	$2.6M	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	502.37	−0.109%	$1.3M	$607K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	502.63	−0.057%	$19K	$299K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	503.96	+0.207%	$6K	$4.0M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	502.87	−0.010%	$27K	$42K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.00	+0.016%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	503.10	+0.036%	$2.2M	$782K	10x	as long as short
BloFin MSFT-USDT	+0.0020%	8h	503.13	+0.042%	$189K	$204K	20x	as long as short
Lighter MSFT	+0.0032%	1h	503.19	+0.054%	$1.1M	$503K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	502.94	+0.004%	$681K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0035%	1h	502.95	+0.006%	$1.1M	$4.9M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	502.52	−0.080%	$96K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.13	+0.042%	—	$1K	25x	as long as short
Phoenix MSFT	+0.0048%	1h	502.52	−0.080%	$11K	$15K	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	502.76	−0.032%	$304K	$705K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.00	+0.016%	$60K	$3K	10x	as long as short
Paradex MSFT-USD-PERP	+0.0050%	8h	503.06	+0.028%	$221	—	5x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	502.53	−0.078%	$511K	$461K	15x	as long as short
Hotstuff MSFT-PERP	+0.0080%	1h	502.74	−0.036%	$32K	$8K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	502.50	−0.084%	$1.6M	$55K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	502.18	−0.147%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.12	+0.040%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.05	+0.027%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.14	−0.155%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0614%	4h	502.32	−0.120%	$102K	$242K	10x	as long as short