Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment −$0.00 per $10,000 · paid last 24h −0.012%

Price spread now: Phemex against BloFin+0.036%7-day average +0.028% · you sell dearer than you buy

Net, funding: paid 7d − costs−$82as in the Funding arb table

Net, price: spread back to 7d avg − costs−$78as in the Price arb table

costs, in and out, $10k−$780.784% of the position

Long on BloFin Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.035%−$4 on $10k

Price spread, last 3 days (all we have)−0.031%−$3 · spread now +0.036%, 7d avg +0.028%

Together, before fees−0.067%−$7 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin MSFT-USDT	502.14	0.0000	pay 0.0000% / 8h	24m 57s	$189K	$209K	20x
Short	Phemex MSFTUSDT	502.32	0	get 0.0000% / 8h	24m 57s	$2.2M	$748K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against BloFin. 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 BloFinbpFee PhemexbpOrdersPrice spread, now +0.036%Rate

Funding earned: −$0.09
Price spread: +0.036% → +0.028%: $0.74
Slippage, 4 orders: −$54.42
Fee BloFin: 6 bp × 2 orders: −$12
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$77.77
Costs to cover: 0.784%
Break-even: never at this rate

Slippage from BloFin: live order book, 45 min ago; Phemex: live order book, 3 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 BloFin live order book, 45 min ago	0.50 bp	7.2 bp −$7	10.5 bp −$105	24.0 bp −$2,399	doesn't fit
Sell Phemex live order book, 3 min ago	0.50 bp	31.3 bp −$31	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
edgeX MSFTUSDC	−0.0779%	4h	501.96	−0.037%	$102K	$242K	10x	as long as short
Nado MSFT-PERP	−0.0021%	1h	501.83	−0.062%	$414K	$64K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0016%	1h	501.76	−0.076%	$687K	$449K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	502.19	+0.009%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.99	−0.030%	$337K	$392K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	502.09	−0.010%	$15.7M	$19.1M	20x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	502.21	+0.014%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.78	−0.072%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	502.13	−0.002%	$3.8M	$2.3M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.99	−0.030%	$1.3M	$692K	—	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	502.03	−0.021%	$19K	$298K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.84	+0.139%	$6K	$4.3M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.89	−0.050%	$27K	$101K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.94	−0.040%	$59K	$227K	20x	as long as short
Phemex MSFTUSDTshort	0.0000%	8h	502.32	+0.036%	$2.2M	$748K	10x
BloFin MSFT-USDTlong	0.0000%	8h	502.14	long leg	$189K	$209K	20x
Bybit MSFTUSDT	+0.0031%	8h	502.11	−0.006%	$7.4M	$1.7M	100x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.98	−0.032%	$619K	$2.1M	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.95	−0.038%	—	$1K	25x	as long as short
QFEX MSFT-USD	+0.0049%	1h	501.97	−0.034%	$1.2M	$5.8M	10x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.74	−0.080%	$22.3M	$9.4M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.62	−0.104%	$303K	$678K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	502.03	−0.022%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.65	−0.098%	$529K	$493K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0053%	8h	501.99	−0.029%	$221	—	5x	as long as short
Hotstuff MSFT-PERP	+0.0064%	1h	501.73	−0.082%	$32K	$8K	20x	as long as short
Phoenix MSFT	+0.0080%	1h	501.71	−0.086%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.63	−0.102%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.63	−0.102%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.89	−0.050%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.99	−0.030%	$55	—	10x	as long as short
Lighter MSFT	+0.0160%	1h	502.24	+0.020%	$1.1M	$585K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.37	+0.046%	$115K	$45K	30x	as long as short
Arcus MSFT-USD	+0.0286%	1h	501.95	−0.038%	$97K	$109K	10x	as long as short