Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0048%/8h= +5.2% APRpaid last 24h +0.015%

Price spread now: Phoenix against Aster−0.009%65s7-day average — · you buy dearer than you sell

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

Long on Aster Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.039%+$4 on $10k

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

Together, before fees—+ Points / potential airdropAster: Stage 5 · farm boardneeds 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 65 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	Aster MSFTUSDT	502.93	0	get 0.0000% / 8h	3h 12m	$161K	$116K	20x
Short	Phoenix MSFT	502.88	0.0048	get 0.0006% / 1h	12m 22s	$11K	$15K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Aster. 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 AsterbpFee PhoenixbpOrdersPrice spread, now −0.009%Rate

Funding earned: $10.06
Price spread: −0.009% → 0.000%: −$0.91
Slippage, 4 orders: no order book: not counted
Fee Aster: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$5.85
Costs to cover: 0.150%
Break-even: 11.1 days

Slippage unknown: Aster: live order book, 39 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 Aster live order book, 39 min ago	13.65 bp	21.0 bp −$21	doesn't fit	doesn't fit	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
Nado MSFT-PERP	−0.0107%	1h	502.95	+0.006%	$415K	$64K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0032%	1h	502.66	−0.053%	$680K	$451K	10x	as long as short
BloFin MSFT-USDT	−0.0004%	8h	503.14	+0.043%	$190K	$205K	20x	as long as short
tradeXYZ xyz:MSFT	−0.0001%	1h	502.69	−0.047%	$22.2M	$8.8M	20x	as long as short
Aster MSFTUSDTlong	0.0000%	8h	502.93	long leg	$161K	$116K	20x
Extended MSFT_24_5-USD	0.0000%	1h	502.95	+0.005%	$339K	$884K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	503.00	+0.016%	$15.8M	$19.1M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	502.83	−0.019%	$7.2M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	503.07	+0.029%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	502.93	+0.001%	$3.1M	$1.8M	100x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MSFTUSDT	0.0000%	8h	503.09	+0.033%	$4.4M	$2.6M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	503.14	+0.042%	$1.3M	$606K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	503.14	+0.043%	$19K	$301K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	503.92	+0.198%	$6K	$4.0M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	502.80	−0.025%	$27K	$42K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	502.93	+0.001%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	503.13	+0.041%	$2.2M	$784K	10x	as long as short
Hotstuff MSFT-PERP	+0.0008%	1h	502.75	−0.035%	$32K	$8K	20x	as long as short
Lighter MSFT	+0.0032%	1h	503.16	+0.047%	$1.1M	$504K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	502.89	−0.007%	$679K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0035%	1h	502.95	+0.005%	$1.1M	$4.9M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	502.85	−0.015%	$96K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.09	+0.033%	—	$1K	25x	as long as short
Phoenix MSFTshort	+0.0048%	1h	502.88	−0.009%	$11K	$15K	20x
Polymarket Perps MSFT-USD	+0.0050%	1h	502.71	−0.043%	$303K	$705K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	502.96	+0.007%	$60K	$3K	10x	as long as short
Paradex MSFT-USD-PERP	+0.0050%	8h	502.96	+0.007%	$221	—	5x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	502.69	−0.047%	$512K	$462K	15x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	502.83	−0.019%	$1.6M	$55K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	502.84	−0.017%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	502.95	+0.005%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.04	+0.023%	$55	—	10x	as long as short
edgeX MSFTUSDC	+0.0171%	4h	503.13	+0.041%	$102K	$244K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	503.08	+0.031%	$115K	$45K	30x	as long as short