Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0922%/8h= −101.0% APRpaid last 24h −0.061%

Price spread now: edgeX against SunX−0.083%74s7-day average −0.167% · you buy dearer than you sell

Net, funding: paid 7d − costs−$230as 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−$2332.326% of the position

Long on SunX Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.030%+$3 on $10k

Price spread, last 4 days (all we have)−0.129%−$13 · spread now −0.083%, 7d avg −0.167%

Together, before fees−0.098%+ Points / potential airdropedgeX: Active · farm board−$10 on $10k · with fees, hour by hour

The price spread pays, funding is against you. edgeX is 0.084% dearer against SunX than usual: you sell high and buy low (spread −0.083% now, against its 7-day average of −0.167%): +$8 on $10k if it goes back. Holding the pair costs −$28 a day in funding at the current rate, which eats that in about 7 hours. The two prices were read 74 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 0.030% in total (about 1.6% 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	SunX MSFT-USDT	503.53	0	get 0.0000% / 8h	2h 49m	$6K	$4.0M	20x
Short	edgeX MSFTUSDC	503.11	−0.0922	pay 0.0461% / 4h	2h 49m	$102K	$243K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.083%Rate

Funding earned: −$193.72
Price spread: −0.083% → −0.167%: $8.39
Slippage, 4 orders: −$215.62
Fee SunX: 4 bp × 2 orders: −$8
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$417.96
Costs to cover: 2.326%
Break-even: never at this rate

Slippage from SunX: live order book, 9 min ago; edgeX: live order book, 62 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, 9 min ago	29.23 bp	110.1 bp −$110	doesn't fit	doesn't fit	doesn't fit
Sell edgeX live order book, 62 min ago	5.19 bp	9.8 bp −$10	12.2 bp −$122	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 MSFTUSDCshort	−0.0922%	4h	503.11	−0.083%	$102K	$243K	10x
Coinbase International MSFT-PERP-INTX	−0.0064%	1h	502.41	−0.222%	$684K	$454K	10x	as long as short
BloFin MSFT-USDT	−0.0007%	8h	502.85	−0.135%	$190K	$205K	20x	as long as short
Nado MSFT-PERP	−0.0006%	1h	502.56	−0.193%	$412K	$66K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	502.59	−0.187%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	502.61	−0.182%	$341K	$1.2M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	502.76	−0.152%	$15.8M	$19.2M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	502.53	−0.199%	$7.2M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	503.08	−0.089%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	502.50	−0.205%	$3.1M	$1.7M	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	502.79	−0.147%	$4.4M	$2.6M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	502.78	−0.150%	$1.3M	$493K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	503.09	−0.088%	$19K	$310K	10x	as long as short
SunX MSFT-USDTlong	0.0000%	8h	503.53	long leg	$6K	$4.0M	20x
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	502.37	−0.230%	$27K	$42K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	502.60	−0.185%	$58K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	503.28	−0.050%	$2.2M	$791K	10x	as long as short
Phoenix MSFT	+0.0016%	1h	502.98	−0.109%	$11K	$15K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	502.53	−0.199%	$678K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0036%	1h	502.73	−0.159%	$1.1M	$4.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	502.68	−0.169%	$96K	$111K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	502.72	−0.161%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	502.33	−0.238%	$22.2M	$8.9M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	502.39	−0.226%	$303K	$713K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	502.53	−0.199%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	502.40	−0.224%	$512K	$463K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0052%	8h	502.58	−0.188%	$221	—	5x	as long as short
Hotstuff MSFT-PERP	+0.0080%	1h	502.50	−0.205%	$32K	$8K	20x	as long as short
Lighter MSFT	+0.0096%	1h	502.80	−0.145%	$1.2M	$495K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	502.52	−0.201%	$1.6M	$57K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	502.59	−0.187%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	502.61	−0.183%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	502.62	−0.181%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	503.24	−0.058%	$115K	$45K	30x	as long as short