Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0008%/8h= −0.9% APRpaid last 24h −0.003%

Price spread now: Coinbase International against SunX−0.316%7-day average −0.280% · you buy dearer than you sell

Net, funding: paid 7d − costs−$237as in the Funding arb table

Net, price: spread back to 7d avg − costs−$238as in the Price arb table

costs, in and out, $10k−$2342.343% of the position

Long on SunX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.029%−$3 on $10k

Price spread, last 3 days (all we have)+0.084%+$8 · spread now −0.316%, 7d avg −0.280%

Together, before fees+0.055%+$6 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Coinbase International is 0.036% cheaper against SunX than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of −0.280%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX MSFT-USDT	502.72	0	get 0.0000% / 8h	7h 25m	$6K	$4.1M	20x
Short	Coinbase International MSFT-PERP-INTX	501.13	−0.0008	pay 0.0001% / 1h	25m 23s	$679K	$447K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against SunX. 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 SunXbpFee Coinbase InternationalbpOrdersPrice spread, now −0.316%Rate

Funding earned: −$1.68
Price spread: −0.316% → −0.280%: −$3.63
Slippage, 4 orders: −$216.28
Fee SunX: 4 bp × 2 orders: −$8
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$239.59
Costs to cover: 2.343%
Break-even: never at this rate

Slippage from SunX: live order book, 3 min ago; Coinbase International: live order book, 48 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 SunX live order book, 3 min ago	29.13 bp	111.7 bp −$112	doesn't fit	doesn't fit	doesn't fit
Sell Coinbase International live order book, 48 min ago	1.99 bp	9.0 bp −$9	11.6 bp −$116	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	−0.0298%	4h	502.10	−0.124%	$102K	$242K	10x	as long as short
Coinbase International MSFT-PERP-INTXshort	−0.0008%	1h	501.13	−0.316%	$679K	$447K	10x
Aster MSFTUSDT	0.0000%	8h	501.94	−0.155%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.88	−0.167%	$337K	$1.0M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	502.00	−0.143%	$15.7M	$18.7M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.76	−0.191%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	502.08	−0.127%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.68	−0.207%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.87	−0.169%	$3.8M	$2.1M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.86	−0.171%	$1.3M	$690K	—	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT MSFT_USDT_Perp	0.0000%	8h	502.02	−0.139%	$18K	$289K	10x	as long as short
SunX MSFT-USDTlong	0.0000%	8h	502.72	long leg	$6K	$4.1M	20x
HTX MSFT-USDT	0.0000%	8h	501.82	−0.179%	$58K	$227K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.00	−0.143%	$2.2M	$757K	10x	as long as short
Nado MSFT-PERP	+0.0004%	1h	501.66	−0.211%	$414K	$64K	20x	as long as short
BloFin MSFT-USDT	+0.0008%	8h	501.96	−0.151%	$187K	$205K	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0009%	1h	501.73	−0.197%	$27K	$41K	10x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.78	−0.187%	$619K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0044%	1h	501.94	−0.155%	$1.1M	$5.8M	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.90	−0.163%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.63	−0.217%	$22.3M	$9.1M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.63	−0.217%	$303K	$672K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.84	−0.175%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.49	−0.245%	$528K	$489K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0051%	8h	501.87	−0.170%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.70	−0.203%	$10K	$15K	20x	as long as short
Hotstuff MSFT-PERP	+0.0080%	1h	501.55	−0.233%	$32K	$8K	20x	as long as short
Lighter MSFT	+0.0096%	1h	502.02	−0.139%	$1.1M	$486K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.80	−0.183%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.56	−0.231%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.85	−0.173%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.82	−0.178%	$55	—	10x	as long as short
Arcus MSFT-USD	+0.0212%	1h	501.83	−0.177%	$97K	$109K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.00	−0.143%	$115K	$45K	30x	as long as short