Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0016%/8h= −1.8% APRpaid last 24h 0.000%

Price spread now: Coinbase International against HTX−0.028%7-day average −0.105% · you buy dearer than you sell

Net, funding: paid 7d − costs−$39as in the Funding arb table

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$360.364% of the position

Long on HTX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.031%−$3 on $10k

Price spread, last 3 days (all we have)−0.027%−$3 · spread now −0.028%, 7d avg −0.105%

Together, before fees−0.057%−$6 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Coinbase International is 0.077% dearer against HTX than usual: you sell high and buy low (spread −0.028% now, against its 7-day average of −0.105%): +$8 on $10k if it goes back. Holding the pair costs $0 a day in funding at the current rate, which eats that in about 16 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX MSFT-USDT	501.90	0	get 0.0000% / 8h	19m 01s	$59K	$227K	20x
Short	Coinbase International MSFT-PERP-INTX	501.76	−0.0016	pay 0.0002% / 1h	19m 01s	$687K	$449K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against HTX. 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 HTXbpFee Coinbase InternationalbpOrdersPrice spread, now −0.028%Rate

Funding earned: −$3.36
Price spread: −0.028% → −0.105%: $7.74
Slippage, 4 orders: −$14.38
Fee HTX: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$32
Costs to cover: 0.364%
Break-even: never at this rate

Slippage from HTX: live order book, 57 min ago; Coinbase International: live order book, 59 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 HTX live order book, 57 min ago	2.89 bp	9.1 bp −$9	17.4 bp −$174	doesn't fit	doesn't fit
Sell Coinbase International live order book, 59 min ago	3.69 bp	8.7 bp −$9	11.3 bp −$113	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 MSFTUSDC	−0.0223%	4h	502.05	+0.030%	$102K	$243K	10x	as long as short
Nado MSFT-PERP	−0.0021%	1h	501.84	−0.013%	$414K	$64K	20x	as long as short
BloFin MSFT-USDT	−0.0018%	8h	502.00	+0.020%	$188K	$209K	20x	as long as short
Coinbase International MSFT-PERP-INTXshort	−0.0016%	1h	501.76	−0.028%	$687K	$449K	10x
Aster MSFTUSDT	0.0000%	8h	502.17	+0.054%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.90	0.000%	$337K	$392K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	502.02	+0.024%	$15.7M	$19.1M	20x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	502.14	+0.048%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.75	−0.030%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	502.02	+0.024%	$3.8M	$2.3M	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	502.00	+0.019%	$1.3M	$692K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	502.05	+0.030%	$19K	$298K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.79	+0.177%	$6K	$4.3M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.76	−0.028%	$27K	$101K	10x	as long as short
HTX MSFT-USDTlong	0.0000%	8h	501.90	long leg	$59K	$227K	20x
Phemex MSFTUSDT	0.0000%	8h	502.27	+0.074%	$2.2M	$748K	10x	as long as short
Bybit MSFTUSDT	+0.0031%	8h	502.07	+0.034%	$7.4M	$1.7M	100x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.93	+0.006%	$619K	$2.1M	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.96	+0.012%	—	$1K	25x	as long as short
QFEX MSFT-USD	+0.0049%	1h	501.90	0.000%	$1.2M	$5.9M	10x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.62	−0.056%	$22.3M	$9.4M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.62	−0.056%	$303K	$678K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.93	+0.006%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.67	−0.046%	$529K	$493K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0052%	8h	501.96	+0.013%	$221	—	5x	as long as short
Hotstuff MSFT-PERP	+0.0072%	1h	501.75	−0.030%	$32K	$8K	20x	as long as short
Phoenix MSFT	+0.0080%	1h	501.79	−0.022%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.49	−0.082%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.77	−0.026%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.93	+0.006%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.98	+0.016%	$55	—	10x	as long as short
Lighter MSFT	+0.0160%	1h	502.13	+0.046%	$1.1M	$585K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.46	+0.112%	$115K	$45K	30x	as long as short
Arcus MSFT-USD	+0.0286%	1h	501.94	+0.008%	$97K	$109K	10x	as long as short