Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0080%/8h= +8.7% APRpaid last 24h +0.003%

Price spread now: Phoenix against Binance−0.038%95s7-day average — · you buy dearer than you sell

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

Long on Binance Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.033%+$3 on $10k

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

Together, before fees—needs both histories

Funding pays, the price is against you. Phoenix is 0.038% cheaper against Binance than usual: you would sell low and buy high (spread −0.038% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 38 hours of funding at the current rate (+$2 a day). At the pace of the last 7 days (+0.033% in total) that is about 8.1 days. The two prices were read 95 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	Binance MSFTUSDT	501.43	0	get 0.0000% / 8h	7h 11m	$15.7M	$18.7M	20x
Short	Phoenix MSFT	501.24	0.0080	get 0.0010% / 1h	11m 54s	$10K	$15K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Binance. 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 BinancebpFee PhoenixbpOrdersPrice spread, now −0.038%Rate

Funding earned: $16.74
Price spread: −0.038% → 0.000%: −$3.79
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$4.05
Costs to cover: 0.170%
Break-even: 8.7 days

Slippage unknown: Binance: live order book, 14 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 Binance live order book, 14 min ago	0.10 bp	6.3 bp −$6	12.1 bp −$121	46.9 bp −$4,693	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	−0.0508%	4h	501.42	−0.002%	$102K	$244K	10x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0008%	1h	501.24	−0.038%	$685K	$453K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.59	+0.032%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.32	−0.022%	$337K	$900K	17x	as long as short
Binance MSFTUSDTlong	0.0000%	8h	501.43	long leg	$15.7M	$18.7M	20x
Bybit MSFTUSDT	0.0000%	8h	501.32	−0.022%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.38	−0.010%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.27	−0.032%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.44	+0.002%	$3.8M	$2.1M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.45	+0.003%	$1.3M	$690K	—	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT MSFT_USDT_Perp	0.0000%	8h	501.51	+0.016%	$19K	$293K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.25	+0.164%	$6K	$4.1M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.10	−0.066%	$27K	$41K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.36	−0.014%	$58K	$227K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.02	+0.118%	$2.2M	$760K	10x	as long as short
BloFin MSFT-USDT	+0.0007%	8h	501.51	+0.016%	$188K	$205K	20x	as long as short
Nado MSFT-PERP	+0.0019%	1h	501.12	−0.062%	$414K	$64K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.25	−0.036%	$619K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0044%	1h	501.46	+0.006%	$1.1M	$5.8M	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.34	−0.018%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.12	−0.062%	$22.1M	$9.2M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.13	−0.060%	$303K	$672K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.35	−0.016%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.05	−0.076%	$514K	$503K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0051%	8h	501.38	−0.009%	$221	—	5x	as long as short
Phoenix MSFTshort	+0.0080%	1h	501.24	−0.038%	$10K	$15K	20x
KuCoin MSFTUSDTM	+0.0100%	8h	501.36	−0.014%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.13	−0.060%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.41	−0.004%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.35	−0.015%	$55	—	10x	as long as short
Lighter MSFT	+0.0120%	1h	501.52	+0.018%	$1.1M	$486K	20x	as long as short
Hotstuff MSFT-PERP	+0.0168%	1h	501.20	−0.046%	$32K	$8K	20x	as long as short
Arcus MSFT-USD	+0.0212%	1h	501.32	−0.022%	$97K	$109K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.82	+0.078%	$115K	$45K	30x	as long as short