Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0356%/8h= −39.0% APRpaid last 24h −0.008%

Price spread now: edgeX against tradeXYZ+0.078%66s7-day average +0.098% · you sell dearer than you buy

Net, funding: paid 7d − costs−$37as 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−$400.397% of the position

Long on tradeXYZ Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.025%+$2 on $10k

Price spread, last 4 days (all we have)+0.034%+$3 · spread now +0.078%, 7d avg +0.098%

Together, before fees+0.058%+ Points / potential airdroptradeXYZ: Active · edgeX: Active · farm board+$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and edgeX is 0.020% cheaper against tradeXYZ than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of +0.098%). Swap the legs. The two prices were read 66 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 0.025% in total (about 1.3% 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	tradeXYZ xyz:MSFT	500.89	0.0050	pay 0.0006% / 1h	34m 16s	$22.1M	$8.7M	20x
Short	edgeX MSFTUSDC	501.28	−0.0306	pay 0.0153% / 4h	34m 16s	$102K	$243K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against tradeXYZ. 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 tradeXYZbpFee edgeXbpOrdersPrice spread, now +0.078%Rate

Funding earned: −$74.85
Price spread: +0.078% → +0.098%: −$2.03
Slippage, 4 orders: −$12.71
Fee tradeXYZ: 9 bp × 2 orders: −$18
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$116.59
Costs to cover: 0.397%
Break-even: never at this rate

Slippage from tradeXYZ: live order book, 5 min ago; edgeX: live order book, 23 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 tradeXYZ live order book, 5 min ago	0.20 bp	10.0 bp −$10	13.1 bp −$131	doesn't fit	doesn't fit
Sell edgeX live order book, 23 min ago	5.59 bp	10.2 bp −$10	12.4 bp −$124	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	−0.0306%	4h	501.28	+0.078%	$102K	$243K	10x
Hotstuff MSFT-PERP	−0.0064%	1h	500.91	+0.004%	$32K	$8K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0040%	1h	500.97	+0.016%	$678K	$456K	10x	as long as short
BloFin MSFT-USDT	−0.0022%	8h	501.40	+0.102%	$189K	$204K	20x	as long as short
Nado MSFT-PERP	−0.0019%	1h	501.04	+0.029%	$414K	$64K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.07	+0.035%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.29	+0.079%	$341K	$893K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.41	+0.104%	$15.8M	$19.1M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.05	+0.032%	$7.2M	$2.1M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.46	+0.114%	$3.0M	$2.3M	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate MSFT_USDT	0.0000%	8h	501.20	+0.062%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.34	+0.090%	$4.5M	$2.5M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.34	+0.089%	$1.3M	$618K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.38	+0.097%	$19K	$302K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.21	+0.264%	$6K	$4.0M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.00	+0.022%	$27K	$41K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.30	+0.082%	$58K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.50	+0.122%	$2.2M	$779K	10x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.14	+0.050%	$674K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0036%	1h	501.24	+0.070%	$1.2M	$5.5M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.09	+0.040%	$96K	$111K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.17	+0.056%	—	$1K	25x	as long as short
Phoenix MSFT	+0.0048%	1h	501.07	+0.036%	$10K	$15K	20x	as long as short
tradeXYZ xyz:MSFTlong	+0.0050%	1h	500.89	long leg	$22.1M	$8.7M	20x
Polymarket Perps MSFT-USD	+0.0050%	1h	500.92	+0.006%	$318K	$697K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.21	+0.064%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.88	−0.002%	$527K	$456K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0058%	8h	501.21	+0.064%	$221	—	5x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	500.92	+0.006%	$1.5M	$20K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	500.96	+0.014%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.28	+0.078%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.26	+0.075%	$55	—	10x	as long as short
Lighter MSFT	+0.0128%	1h	501.41	+0.104%	$1.1M	$489K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.66	+0.154%	$115K	$45K	30x	as long as short