Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0104%/8h= −11.4% APRpaid last 24h −0.031%

Price spread now: Phemex against Aevo+0.070%7-day average — · you sell dearer than you buy

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

Long on Aevo Short on Phemex

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—needs both histories

The price spread pays, funding is against you. Phemex is 0.070% dearer against Aevo than usual: you sell high and buy low (spread +0.070% now, against zero (this spread has no 7-day history yet)): +$7 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 2.3 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aevo MSFT-PERP	504.40	0.0104	pay 0.0013% / 1h	48m 38s	$55	—	10x
Short	Phemex MSFTUSDT	504.75	0	get 0.0000% / 8h	7h 48m	$2.2M	$827K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Aevo. 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 AevobpFee PhemexbpOrdersPrice spread, now +0.070%Rate

Funding earned: −$21.84
Price spread: +0.070% → 0.000%: $7.03
Slippage, 4 orders: no order book: not counted
Fee Aevo: 8 bp × 2 orders: −$16
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$42.81
Costs to cover: 0.280%
Break-even: never at this rate

Slippage unknown: Aevo: no order-book sample; Phemex: live order book, 5 min ago. 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 Aevo no order-book sample	—	—	—	—	—
Sell Phemex live order book, 5 min ago	0.30 bp	34.7 bp −$35	doesn't fit	doesn't fit	doesn't fit

Aevo: 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
edgeX MSFTUSDC	−0.0822%	4h	504.78	+0.076%	$103K	$243K	10x	as long as short
Nado MSFT-PERP	−0.0080%	1h	504.23	−0.033%	$415K	$67K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0056%	1h	503.91	−0.096%	$684K	$490K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	504.63	+0.046%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	504.42	+0.006%	$338K	$1.9M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	504.47	+0.015%	$15.9M	$19.1M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	504.18	−0.043%	$7.2M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	504.65	+0.050%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	504.36	−0.007%	$3.1M	$1.8M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	504.47	+0.015%	$3.9M	$3.0M	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	504.39	−0.001%	$1.3M	$401K	—	as long as short
SunX MSFT-USDT	0.0000%	8h	505.32	+0.183%	$6K	$3.7M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	504.08	−0.063%	$27K	$44K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	504.35	−0.009%	$59K	$224K	20x	as long as short
Phemex MSFTUSDTshort	0.0000%	8h	504.75	+0.070%	$2.2M	$827K	10x
BloFin MSFT-USDT	+0.0002%	8h	504.46	+0.013%	$191K	$206K	20x	as long as short
Phoenix MSFT	+0.0016%	1h	504.07	−0.065%	$11K	$15K	20x	as long as short
QFEX MSFT-USD	+0.0023%	1h	504.48	+0.017%	$1.1M	$4.6M	10x	as long as short
Lighter MSFT	+0.0032%	1h	504.30	−0.019%	$1.2M	$510K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	504.33	−0.013%	$706K	$1.8M	20x	as long as short
Arcus MSFT-USD	+0.0040%	1h	504.21	−0.037%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	504.49	+0.019%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	504.09	−0.061%	$22.5M	$8.9M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	504.06	−0.067%	$304K	$679K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	504.27	−0.025%	$61K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.99	−0.080%	$514K	$412K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0052%	8h	504.36	−0.006%	$222	—	5x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	504.08	−0.063%	$1.6M	$94K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	504.31	−0.017%	$161K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	504.43	+0.007%	$8K	—	10x	as long as short
Aevo MSFT-PERPlong	+0.0104%	1h	504.40	long leg	$55	—	10x
Hotstuff MSFT-PERP	+0.0176%	1h	504.13	−0.053%	$33K	$8K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	503.87	−0.104%	$115K	$45K	30x	as long as short
GRVT MSFT_USDT_Perp	+0.0322%	8h	504.74	+0.069%	$19K	$319K	10x	as long as short