Funding you earn now, next payment 08:00 UTC−0.0024%/8h= −2.7% APRnext payment −$0.03 per $10,000 · paid last 24h −0.065%
Price spread now: Phoenix against Arcus−0.020%109s7-day average — · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 4 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 sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$1 a day on $10k at the current rate. The two prices were read 109 seconds apart, so part of this spread may be the market moving, not a spread.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Arcus MSFT-USD | 503.83 | 0.0040 | pay 0.0005% / 1h | 15m 33s | $97K | $110K | 10x |
| Short | Phoenix MSFT | 503.73 | 0.0016 | get 0.0002% / 1h | 15m 33s | $11K | $15K | 20x |
Arcus MSFT-USD
Phoenix MSFTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Arcus. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$5.12
- Price spread: −0.020% → 0.000%
- −$1.98
- Slippage, 4 orders
- no order book: not counted
- Fee Arcus: 2.25 bp × 2 orders
- −$4.5
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$18.61
- Costs to cover
- 0.115%
- Break-even
- never at this rate
Slippage unknown: Arcus: live order book, 17 min ago; Phoenix: 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 Arcus live order book, 17 min ago | 3.27 bp | 6.0 bp −$6 | 8.3 bp −$83 | 19.6 bp −$1,955 | doesn't fit |
| Sell Phoenix no order-book sample | — | — | — | — | — |
Phoenix: 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 | −0.0868% | 4h | 504.05 | +0.044% | $103K | $244K | 10x | as long as short |
| Coinbase International MSFT-PERP-INTX | −0.0056% | 1h | 503.64 | −0.038% | $685K | $451K | 10x | as long as short |
| Hotstuff MSFT-PERP | −0.0024% | 1h | 503.57 | −0.052% | $32K | $8K | 20x | as long as short |
| Nado MSFT-PERP | −0.0011% | 1h | 503.78 | −0.010% | $415K | $67K | 20x | as long as short |
| Aster MSFTUSDT | 0.0000% | 8h | 504.15 | +0.063% | $162K | $114K | 20x | as long as short |
| Extended MSFT_24_5-USD | 0.0000% | 1h | 504.00 | +0.034% | $335K | $1.9M | 17x | as long as short |
| Binance MSFTUSDT | 0.0000% | 8h | 504.12 | +0.057% | $16.3M | $19.4M | 20x | as long as short |
| Bybit MSFTUSDT | 0.0000% | 8h | 503.84 | +0.002% | $7.2M | $2.3M | 100x | as long as short |
| OKX MSFT-USDT-SWAP | 0.0000% | 8h | 504.16 | +0.065% | $3.0M | $2.4M | 20x | as long as short |
| Gate MSFT_USDT | 0.0000% | 8h | 503.78 | −0.010% | $3.1M | $1.9M | 100x | as long as short |
edgeX MSFTUSDC
Coinbase International MSFT-PERP-INTX
Hotstuff MSFT-PERP
Nado MSFT-PERP
Aster MSFTUSDT
Extended MSFT_24_5-USD
Binance MSFTUSDT
Bybit MSFTUSDT
OKX MSFT-USDT-SWAP
Gate MSFT_USDTShow all 34 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Bitget MSFTUSDT | 0.0000% | 8h | 503.95 | +0.024% | $3.9M | $2.8M | 100x | as long as short |
| Variational Omni MSFT | 0.0000% | 8h | 504.13 | +0.060% | $1.3M | $392K | — | as long as short |
| GRVT MSFT_USDT_Perp | 0.0000% | 8h | 504.09 | +0.053% | $19K | $316K | 10x | as long as short |
| SunX MSFT-USDT | 0.0000% | 8h | 504.91 | +0.214% | $6K | $3.5M | 20x | as long as short |
| Deribit MSFT_USDC-PERPETUAL | 0.0000% | 1h | 503.83 | 0.000% | $27K | $45K | 10x | as long as short |
| HTX MSFT-USDT | 0.0000% | 8h | 503.99 | +0.032% | $58K | $225K | 20x | as long as short |
| Phemex MSFTUSDT | 0.0000% | 8h | 504.47 | +0.127% | $2.2M | $849K | 10x | as long as short |
| BloFin MSFT-USDT | +0.0002% | 8h | 504.07 | +0.048% | $192K | $204K | 20x | as long as short |
| Phoenix MSFTshort | +0.0016% | 1h | 503.73 | −0.020% | $11K | $15K | 20x | |
| QFEX MSFT-USD | +0.0023% | 1h | 503.97 | +0.028% | $1.2M | $4.6M | 10x | as long as short |
| Lighter MSFT | +0.0032% | 1h | 503.88 | +0.010% | $1.2M | $523K | 20x | as long as short |
| Lighter RH MSFT | +0.0032% | 1h | 503.87 | +0.008% | $704K | $1.9M | 20x | as long as short |
| Arcus MSFT-USDlong | +0.0040% | 1h | 503.83 | long leg | $97K | $110K | 10x | |
| Vest MSFT-USD-PERP | +0.0046% | 1h | 504.12 | +0.058% | — | $1K | 25x | as long as short |
| tradeXYZ xyz:MSFT | +0.0050% | 1h | 503.53 | −0.060% | $22.4M | $8.9M | 20x | as long as short |
| Polymarket Perps MSFT-USD | +0.0050% | 1h | 503.84 | +0.002% | $303K | $650K | 10x | as long as short |
| SoDEX MSFT-USD | +0.0050% | 1h | 503.91 | +0.016% | $61K | $3K | 10x | as long as short |
| Ondo Perps MSFT-USD.P | +0.0050% | 1h | 503.65 | −0.036% | $536K | $392K | 15x | as long as short |
| Paradex MSFT-USD-PERP | +0.0056% | 8h | 503.91 | +0.015% | $222 | — | 5x | as long as short |
| KuCoin MSFTUSDTM | +0.0100% | 8h | 503.65 | −0.036% | $1.6M | $126K | 20x | as long as short |
| ApeX Omni MSFTUSDT | +0.0100% | 1h | 503.72 | −0.022% | $160K | $7K | 50x | as long as short |
| Orderly PERP_MSFT_USDC_mythos | +0.0100% | 8h | 504.05 | +0.044% | $8K | — | 10x | as long as short |
| Aevo MSFT-PERP | +0.0104% | 1h | 504.05 | +0.044% | $55 | — | 10x | as long as short |
| Injective MSFT/USDC PERP | +0.0220% | 1h | 505.30 | +0.292% | $116K | $45K | 30x | as long as short |
Bitget MSFTUSDT
Variational Omni MSFT
GRVT MSFT_USDT_Perp
SunX MSFT-USDT
Deribit MSFT_USDC-PERPETUAL
HTX MSFT-USDT
Phemex MSFTUSDT
BloFin MSFT-USDT
QFEX MSFT-USD
Lighter MSFT
Lighter RH MSFT
Vest MSFT-USD-PERP
tradeXYZ xyz:MSFT
Polymarket Perps MSFT-USD
SoDEX MSFT-USD
Ondo Perps MSFT-USD.P
Paradex MSFT-USD-PERP
KuCoin MSFTUSDTM
ApeX Omni MSFTUSDT
Orderly PERP_MSFT_USDC_mythos
Aevo MSFT-PERP
Injective MSFT/USDC PERP