Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0040%/8h= −4.4% APRpaid last 24h −0.081%

Price spread now: Phemex against Arcus+0.089%7-day average +0.073% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$84as in the Price arb table

costs, in and out, $10k−$850.852% of the position

Long on Arcus Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.153%−$15 on $10k

Price spread, last 4 days (all we have)−0.038%−$4 · spread now +0.089%, 7d avg +0.073%

Together, before fees−0.191%−$19 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.073%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Arcus MSFT-USD	503.11	0.0040	pay 0.0005% / 1h	53m 53s	$97K	$110K	10x
Short	Phemex MSFTUSDT	503.56	0	get 0.0000% / 8h	2h 53m	$2.2M	$791K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Arcus. 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 ArcusbpFee PhemexbpOrdersPrice spread, now +0.089%Rate

Funding earned: −$8.46
Price spread: +0.089% → +0.073%: $1.66
Slippage, 4 orders: −$68.67
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$91.97
Costs to cover: 0.852%
Break-even: never at this rate

Slippage from Arcus: live order book, 59 min ago; Phemex: live order book, 5 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 Arcus live order book, 59 min ago	4.09 bp	9.3 bp −$9	13.9 bp −$139	doesn't fit	doesn't fit
Sell Phemex live order book, 5 min ago	0.20 bp	33.2 bp −$33	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
Coinbase International MSFT-PERP-INTX	−0.0064%	1h	503.29	+0.036%	$685K	$461K	10x	as long as short
Nado MSFT-PERP	−0.0049%	1h	502.90	−0.041%	$412K	$66K	20x	as long as short
BloFin MSFT-USDT	−0.0008%	8h	503.14	+0.006%	$190K	$205K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	502.88	−0.046%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.08	−0.006%	$341K	$1.2M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	503.13	+0.005%	$15.8M	$19.3M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	502.94	−0.034%	$7.2M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	503.35	+0.048%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	502.98	−0.026%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	503.14	+0.006%	$4.4M	$2.6M	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	503.19	+0.015%	$1.3M	$493K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	503.45	+0.069%	$19K	$307K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	503.97	+0.171%	$6K	$4.0M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	502.84	−0.054%	$27K	$42K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.10	−0.002%	$59K	$225K	20x	as long as short
Phemex MSFTUSDTshort	0.0000%	8h	503.56	+0.089%	$2.2M	$791K	10x
Hotstuff MSFT-PERP	+0.0024%	1h	502.80	−0.062%	$32K	$8K	20x	as long as short
Lighter MSFT	+0.0032%	1h	503.23	+0.024%	$1.2M	$495K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	502.96	−0.030%	$679K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0036%	1h	503.16	+0.010%	$1.1M	$4.8M	10x	as long as short
Arcus MSFT-USDlong	+0.0040%	1h	503.11	long leg	$97K	$110K	10x
Vest MSFT-USD-PERP	+0.0046%	1h	503.15	+0.008%	—	$1K	25x	as long as short
Phoenix MSFT	+0.0048%	1h	503.13	+0.004%	$11K	$15K	20x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	502.66	−0.089%	$22.2M	$8.9M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	502.84	−0.054%	$303K	$713K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	502.95	−0.032%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	502.83	−0.056%	$513K	$463K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0052%	8h	503.04	−0.014%	$221	—	5x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	502.89	−0.044%	$1.6M	$57K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.22	+0.022%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.01	−0.020%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.07	−0.008%	$55	—	10x	as long as short
edgeX MSFTUSDC	+0.0118%	4h	503.66	+0.109%	$102K	$242K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	503.24	+0.026%	$115K	$45K	30x	as long as short