Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h +0.013%

Price spread now: tradeXYZ against SunX−0.255%7-day average −0.266% · 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−$235as in the Price arb table

costs, in and out, $10k−$2362.365% of the position

Long on SunX Short on tradeXYZ

What this pair did over the last

the charts below follow

Funding, last 7 days+0.069%+$7 on $10k

Price spread, last 4 days (all we have)−0.121%−$12 · spread now −0.255%, 7d avg −0.266%

Together, before fees−0.052%+ Points / potential airdroptradeXYZ: Active · farm board−$5 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.266%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX MSFT-USDT	502.09	0	get 0.0000% / 8h	4h 11m	$6K	$4.0M	20x
Short	tradeXYZ xyz:MSFT	500.81	0.0050	get 0.0006% / 1h	11m 48s	$22.0M	$8.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

tradeXYZ 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 tradeXYZbpOrdersPrice spread, now −0.255%Rate

Funding earned: $10.5
Price spread: −0.255% → −0.266%: $1.07
Slippage, 4 orders: −$210.46
Fee SunX: 4 bp × 2 orders: −$8
Fee tradeXYZ: 9 bp × 2 orders: −$18
Net: −$224.89
Costs to cover: 2.365%
Break-even: 156.9 days

Slippage from SunX: live order book, 6 min ago; tradeXYZ: live order book, 6 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, 6 min ago	29.16 bp	111.4 bp −$111	doesn't fit	doesn't fit	doesn't fit
Sell tradeXYZ live order book, 6 min ago	0.50 bp	10.4 bp −$10	doesn't fit	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	−0.0330%	4h	501.40	−0.138%	$102K	$244K	10x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0040%	1h	500.97	−0.223%	$677K	$457K	10x	as long as short
Nado MSFT-PERP	−0.0014%	1h	501.12	−0.194%	$414K	$64K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.20	−0.178%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.20	−0.177%	$337K	$890K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.34	−0.149%	$15.8M	$19.0M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	500.99	−0.219%	$7.2M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.43	−0.131%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.13	−0.191%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.26	−0.165%	$4.5M	$2.5M	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	501.46	−0.125%	$1.3M	$615K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.48	−0.121%	$19K	$302K	10x	as long as short
SunX MSFT-USDTlong	0.0000%	8h	502.09	long leg	$6K	$4.0M	20x
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.04	−0.209%	$27K	$41K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.12	−0.193%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.58	−0.102%	$2.2M	$770K	10x	as long as short
BloFin MSFT-USDT	+0.0019%	8h	501.31	−0.155%	$189K	$204K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.07	−0.203%	$675K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0036%	1h	501.20	−0.177%	$1.2M	$5.1M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.13	−0.191%	$96K	$111K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.33	−0.151%	—	$1K	25x	as long as short
Phoenix MSFT	+0.0048%	1h	501.13	−0.191%	$10K	$15K	20x	as long as short
tradeXYZ xyz:MSFTshort	+0.0050%	1h	500.81	−0.255%	$22.0M	$8.7M	20x
Polymarket Perps MSFT-USD	+0.0050%	1h	500.96	−0.225%	$302K	$722K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.12	−0.193%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.84	−0.249%	$528K	$443K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0056%	8h	501.18	−0.182%	$221	—	5x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.00	−0.217%	$1.5M	$20K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.20	−0.177%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.26	−0.165%	$8K	—	10x	as long as short
Lighter MSFT	+0.0104%	1h	501.31	−0.155%	$1.1M	$499K	20x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.19	−0.180%	$55	—	10x	as long as short
Hotstuff MSFT-PERP	+0.0176%	1h	500.83	−0.251%	$32K	$8K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.76	−0.066%	$115K	$45K	30x	as long as short