Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0019%/8h= +2.0% APRpaid last 24h +0.014%

Price spread now: Binance against Nado+0.071%48s7-day average +0.038% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$420.421% of the position

Long on Nado Short on Binance

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.061%+$6 on $10k

Price spread, last 4 days (all we have)−0.076%−$8 · spread now +0.071%, 7d avg +0.038%

Together, before fees−0.015%+ Points / potential airdropNado: Active · farm board−$1 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Binance is 0.032% dearer against Nado than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.038%. The two prices were read 48 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	Nado MSFT-PERP	503.93	−0.0019	get 0.0002% / 1h	6m 41s	$415K	$68K	20x
Short	Binance MSFTUSDT	504.29	0	get 0.0000% / 8h	2h 06m	$15.8M	$19.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Nado. 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 NadobpFee BinancebpOrdersPrice spread, now +0.071%Rate

Funding earned: $3.92
Price spread: +0.071% → +0.038%: $3.24
Slippage, 4 orders: −$25.06
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$34.91
Costs to cover: 0.421%
Break-even: 69.3 days

Slippage from Nado: live order book, 41 min ago; Binance: live order book, 4 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 Nado live order book, 41 min ago	0.80 bp	13.7 bp −$14	25.9 bp −$259	doesn't fit	doesn't fit
Sell Binance live order book, 4 min ago	0.10 bp	7.3 bp −$7	11.9 bp −$119	43.2 bp −$4,324	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	−0.0903%	4h	504.37	+0.086%	$103K	$242K	10x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0064%	1h	503.76	−0.034%	$684K	$493K	10x	as long as short
Nado MSFT-PERPlong	−0.0019%	1h	503.93	long leg	$415K	$68K	20x
Hotstuff MSFT-PERP	−0.0008%	1h	503.81	−0.025%	$33K	$8K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.92	−0.002%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	504.15	+0.042%	$338K	$1.2M	17x	as long as short
Binance MSFTUSDTshort	0.0000%	8h	504.29	+0.071%	$15.8M	$19.6M	20x
Bybit MSFTUSDT	0.0000%	8h	503.99	+0.011%	$7.2M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	504.29	+0.071%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.98	+0.009%	$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	504.23	+0.059%	$3.8M	$3.0M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	504.20	+0.052%	$1.3M	$499K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	504.28	+0.069%	$19K	$323K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	505.02	+0.216%	$6K	$3.9M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	504.16	+0.045%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	504.46	+0.104%	$2.2M	$814K	10x	as long as short
Phoenix MSFT	+0.0016%	1h	503.87	−0.013%	$11K	$15K	20x	as long as short
BloFin MSFT-USDT	+0.0021%	8h	504.36	+0.085%	$189K	$207K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	504.05	+0.023%	$712K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0036%	1h	504.18	+0.049%	$1.1M	$4.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.99	+0.011%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	504.13	+0.039%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	503.83	−0.021%	$22.4M	$9.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.90	−0.007%	$303K	$717K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	504.11	+0.035%	$61K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.83	−0.021%	$522K	$476K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0059%	8h	504.06	+0.026%	$222	—	5x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0087%	1h	504.02	+0.017%	$27K	$43K	10x	as long as short
Lighter MSFT	+0.0088%	1h	504.24	+0.061%	$1.2M	$516K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.65	−0.056%	$1.6M	$57K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.79	−0.028%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	504.10	+0.033%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	504.15	+0.043%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	504.48	+0.108%	$116K	$45K	30x	as long as short