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 +0.013%

Price spread now: Phoenix against Bitget−0.088%7-day average — · you buy dearer than you sell

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

Long on Bitget Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.046%+$5 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 0.088% cheaper against Bitget than usual: you would sell low and buy high (spread −0.088% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$9 on $10k: about 3.7 days of funding at the current rate (+$2 a day). At the pace of the last 7 days (+0.046% in total) that is about 13 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget MSFTUSDT	501.55	0	get 0.0000% / 8h	7h 16m	$3.8M	$2.1M	100x
Short	Phoenix MSFT	501.11	0.0080	get 0.0010% / 1h	16m 49s	$10K	$15K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Bitget. 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 BitgetbpFee PhoenixbpOrdersPrice spread, now −0.088%Rate

Funding earned: $16.74
Price spread: −0.088% → 0.000%: −$8.77
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$11.03
Costs to cover: 0.190%
Break-even: 11.6 days

Slippage unknown: Bitget: live order book, 1 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 Bitget live order book, 1 min ago	1.70 bp	9.7 bp −$10	12.1 bp −$121	44.0 bp −$4,403	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	−0.0969%	4h	501.47	−0.016%	$102K	$243K	10x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0008%	1h	501.24	−0.062%	$685K	$453K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.50	−0.010%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.43	−0.025%	$337K	$900K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.52	−0.006%	$15.7M	$18.7M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.27	−0.056%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.44	−0.022%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.32	−0.046%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDTlong	0.0000%	8h	501.55	long leg	$3.8M	$2.1M	100x
Variational Omni MSFT	0.0000%	8h	501.48	−0.014%	$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	501.52	−0.006%	$19K	$290K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.23	+0.136%	$6K	$4.1M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.15	−0.080%	$27K	$41K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.37	−0.036%	$58K	$227K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.92	+0.074%	$2.2M	$761K	10x	as long as short
BloFin MSFT-USDT	+0.0011%	8h	501.48	−0.014%	$188K	$205K	20x	as long as short
Nado MSFT-PERP	+0.0013%	1h	501.09	−0.093%	$414K	$64K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.35	−0.040%	$619K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0044%	1h	501.39	−0.032%	$1.1M	$5.8M	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.29	−0.052%	—	$1K	25x	as long as short
Hotstuff MSFT-PERP	+0.0048%	1h	501.19	−0.072%	$32K	$8K	20x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.08	−0.094%	$22.2M	$9.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.16	−0.078%	$303K	$672K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.35	−0.040%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.99	−0.112%	$514K	$503K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0051%	8h	501.34	−0.042%	$221	—	5x	as long as short
Phoenix MSFTshort	+0.0080%	1h	501.11	−0.088%	$10K	$15K	20x
KuCoin MSFTUSDTM	+0.0100%	8h	501.32	−0.046%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	500.95	−0.120%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.31	−0.048%	$8K	—	10x	as long as short
Lighter MSFT	+0.0104%	1h	501.50	−0.010%	$1.1M	$486K	20x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.27	−0.056%	$55	—	10x	as long as short
Arcus MSFT-USD	+0.0212%	1h	501.34	−0.042%	$97K	$109K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.82	+0.054%	$115K	$45K	30x	as long as short