Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h +0.017%

Price spread now: Orderly against tradeXYZ+0.099%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on tradeXYZ Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdroptradeXYZ: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Orderly is 0.099% dearer against tradeXYZ than usual: you sell high and buy low: +$10 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	tradeXYZ xyz:MSFT	503.38	0.0050	pay 0.0006% / 1h	19m 53s	$22.4M	$8.9M	20x
Short	Orderly PERP_MSFT_USDC_mythos	503.88	0.0100	get 0.0100% / 8h	7h 19m	$8K	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.099%Rate

Funding earned: $10.5
Price spread: +0.099% → 0.000%: $9.93
Slippage, 4 orders: no order book: not counted
Fee tradeXYZ: 9 bp × 2 orders: −$18
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$3.57
Costs to cover: 0.240%
Break-even: 9.4 days

Slippage unknown: tradeXYZ: live order book, 9 min ago; Orderly: no order-book sample. Net counts fees only.

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, 9 min ago	0.10 bp	10.6 bp −$11	12.4 bp −$124	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Coinbase International MSFT-PERP-INTX	−0.0056%	1h	503.55	+0.034%	$686K	$451K	10x	as long as short
Nado MSFT-PERP	−0.0010%	1h	503.49	+0.023%	$414K	$67K	20x	as long as short
BloFin MSFT-USDT	−0.0007%	8h	503.98	+0.119%	$192K	$203K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	504.30	+0.183%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.90	+0.104%	$335K	$1.9M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	504.18	+0.159%	$16.4M	$19.4M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.66	+0.056%	$7.2M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	504.09	+0.141%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.66	+0.056%	$3.1M	$1.9M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	504.03	+0.129%	$3.9M	$2.8M	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	503.92	+0.108%	$1.3M	$387K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	503.92	+0.107%	$19K	$316K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	504.75	+0.272%	$6K	$3.5M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.88	+0.099%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	504.22	+0.167%	$2.2M	$845K	10x	as long as short
Phoenix MSFT	+0.0016%	1h	503.53	+0.030%	$11K	$15K	20x	as long as short
QFEX MSFT-USD	+0.0023%	1h	503.90	+0.103%	$1.2M	$4.6M	10x	as long as short
Lighter MSFT	+0.0032%	1h	503.71	+0.066%	$1.2M	$519K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.72	+0.068%	$700K	$1.9M	20x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.72	+0.068%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.78	+0.079%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFTlong	+0.0050%	1h	503.38	long leg	$22.4M	$8.9M	20x
Polymarket Perps MSFT-USD	+0.0050%	1h	503.49	+0.022%	$303K	$650K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.74	+0.072%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.39	+0.002%	$534K	$390K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0056%	8h	503.77	+0.078%	$222	—	5x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.51	+0.026%	$1.6M	$121K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.42	+0.008%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythosshort	+0.0100%	8h	503.88	+0.099%	$8K	—	10x
Aevo MSFT-PERP	+0.0104%	1h	503.87	+0.098%	$55	—	10x	as long as short
Hotstuff MSFT-PERP	+0.0136%	1h	503.43	+0.010%	$32K	$8K	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0167%	1h	503.68	+0.060%	$27K	$45K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	505.30	+0.381%	$116K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0766%	4h	503.86	+0.096%	$102K	$243K	10x	as long as short