Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.003%

Price spread now: Extended against SunX−0.163%7-day average −0.183% · you buy dearer than you sell

Net, funding: paid 7d − costs−$225as in the Funding arb table

Net, price: spread back to 7d avg − costs−$225as in the Price arb table

costs, in and out, $10k−$2272.267% of the position

Long on SunX Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.015%+$1 on $10k

Price spread, last 4 days (all we have)−0.044%−$4 · spread now −0.163%, 7d avg −0.183%

Together, before fees−0.029%+ Points / potential airdropExtended: Active · farm board−$3 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: Extended is 0.021% dearer against SunX than usual: you sell high and buy low, +$2 on $10k if it goes back to its 7-day average of −0.183%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX MSFT-USDT	504.35	0	get 0.0000% / 8h	16m 56s	$6K	$3.8M	20x
Short	Extended MSFT_24_5-USD	503.53	0	get 0.0000% / 1h	16m 56s	$339K	$1.9M	17x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.163%Rate

Funding earned: $0
Price spread: −0.163% → −0.183%: $2.06
Slippage, 4 orders: −$213.7
Fee SunX: 4 bp × 2 orders: −$8
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$224.64
Costs to cover: 2.267%
Break-even: never at this rate

Slippage from SunX: live order book, 11 min ago; Extended: live order book, 2 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, 11 min ago	29.14 bp	111.9 bp −$112	doesn't fit	doesn't fit	doesn't fit
Sell Extended live order book, 2 min ago	0.50 bp	5.6 bp −$6	33.5 bp −$335	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	−0.0046%	1h	503.39	−0.190%	$414K	$67K	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	−0.0028%	1h	503.35	−0.198%	$27K	$44K	10x	as long as short
BloFin MSFT-USDT	−0.0023%	8h	503.65	−0.139%	$191K	$206K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.78	−0.113%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USDshort	0.0000%	1h	503.53	−0.163%	$339K	$1.9M	17x
Binance MSFTUSDT	0.0000%	8h	503.66	−0.137%	$15.8M	$19.1M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.36	−0.196%	$7.2M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	503.67	−0.135%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.44	−0.180%	$3.1M	$1.9M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	503.63	−0.143%	$3.8M	$2.9M	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	503.52	−0.165%	$1.3M	$404K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	503.58	−0.152%	$19K	$322K	10x	as long as short
SunX MSFT-USDTlong	0.0000%	8h	504.35	long leg	$6K	$3.8M	20x
Coinbase International MSFT-PERP-INTX	0.0000%	1h	503.16	−0.236%	$681K	$447K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.45	−0.178%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	503.79	−0.111%	$2.2M	$817K	10x	as long as short
tradeXYZ xyz:MSFT	+0.0002%	1h	503.24	−0.220%	$22.4M	$8.9M	20x	as long as short
Lighter MSFT	+0.0032%	1h	503.62	−0.145%	$1.2M	$532K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.49	−0.171%	$708K	$1.9M	20x	as long as short
QFEX MSFT-USD	+0.0037%	1h	503.48	−0.172%	$1.1M	$4.6M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.33	−0.202%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.74	−0.121%	—	$1K	25x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.19	−0.230%	$303K	$717K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.35	−0.198%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.24	−0.220%	$512K	$429K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0052%	8h	503.47	−0.175%	$222	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	503.38	−0.192%	$11K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	502.95	−0.278%	$1.6M	$69K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.26	−0.216%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.52	−0.165%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.53	−0.163%	$55	—	10x	as long as short
Hotstuff MSFT-PERP	+0.0112%	1h	503.16	−0.236%	$32K	$8K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	504.86	+0.101%	$116K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0999%	4h	503.56	−0.156%	$102K	$244K	10x	as long as short