Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0016%/8h= +1.8% APRpaid last 24h 0.000%

Price spread now: Phemex against Coinbase International+0.114%7-day average +0.161% · you sell dearer than you buy

Net, funding: paid 7d − costs−$76as in the Funding arb table

Net, price: spread back to 7d avg − costs−$83as in the Price arb table

costs, in and out, $10k−$790.787% of the position

Long on Coinbase International Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.031%+$3 on $10k

Price spread, last 3 days (all we have)−0.025%−$2 · spread now +0.114%, 7d avg +0.161%

Together, before fees+0.006%+$1 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phemex is 0.047% cheaper against Coinbase International than usual: you would sell low and buy high (spread +0.114% now, against its 7-day average of +0.161%). If the spread goes back, that is −$5 on $10k: about 9.8 days of funding at the current rate ($0 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International MSFT-PERP-INTX	501.76	−0.0016	get 0.0002% / 1h	47m 20s	$687K	$450K	10x
Short	Phemex MSFTUSDT	502.33	0	get 0.0000% / 8h	47m 20s	$2.2M	$753K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Coinbase International. 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 Coinbase InternationalbpFee PhemexbpOrdersPrice spread, now +0.114%Rate

Funding earned: $3.36
Price spread: +0.114% → +0.161%: −$4.72
Slippage, 4 orders: −$56.74
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$80.1
Costs to cover: 0.787%
Break-even: 173.9 days

Slippage from Coinbase International: live order book, 31 min ago; Phemex: live order book, 1 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 Coinbase International live order book, 31 min ago	3.69 bp	9.7 bp −$10	11.5 bp −$115	doesn't fit	doesn't fit
Sell Phemex live order book, 1 min ago	1.20 bp	31.1 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
Nado MSFT-PERP	−0.0026%	1h	501.96	+0.039%	$414K	$64K	20x	as long as short
Coinbase International MSFT-PERP-INTXlong	−0.0016%	1h	501.76	long leg	$687K	$450K	10x
Aster MSFTUSDT	0.0000%	8h	502.18	+0.084%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	502.13	+0.074%	$337K	$392K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	502.20	+0.088%	$15.7M	$19.1M	20x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	502.31	+0.110%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.97	+0.042%	$3.2M	$1.6M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	502.26	+0.100%	$3.8M	$2.3M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	502.26	+0.099%	$1.3M	$702K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	502.15	+0.079%	$18K	$308K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX MSFT-USDT	0.0000%	8h	502.98	+0.243%	$6K	$4.3M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	502.01	+0.050%	$59K	$227K	20x	as long as short
Phemex MSFTUSDTshort	0.0000%	8h	502.33	+0.114%	$2.2M	$753K	10x
BloFin MSFT-USDT	+0.0001%	8h	502.29	+0.106%	$188K	$209K	20x	as long as short
Bybit MSFTUSDT	+0.0026%	8h	502.37	+0.122%	$7.4M	$1.7M	100x	as long as short
Lighter RH MSFT	+0.0032%	1h	502.14	+0.076%	$640K	$2.1M	20x	as long as short
Hotstuff MSFT-PERP	+0.0040%	1h	501.85	+0.018%	$32K	$8K	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	502.11	+0.070%	—	$1K	25x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0049%	1h	502.07	+0.062%	$27K	$101K	10x	as long as short
QFEX MSFT-USD	+0.0049%	1h	502.09	+0.066%	$1.1M	$5.8M	10x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.85	+0.018%	$22.3M	$9.6M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.76	0.000%	$303K	$678K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	502.18	+0.084%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.76	0.000%	$529K	$494K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0054%	8h	502.18	+0.085%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	502.03	+0.054%	$11K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.69	−0.014%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.91	+0.030%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	502.12	+0.072%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	502.15	+0.078%	$55	—	10x	as long as short
Lighter MSFT	+0.0160%	1h	502.33	+0.114%	$1.1M	$585K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.36	+0.120%	$115K	$45K	30x	as long as short
Arcus MSFT-USD	+0.0286%	1h	502.12	+0.072%	$97K	$109K	10x	as long as short
edgeX MSFTUSDC	+0.0785%	4h	502.22	+0.091%	$102K	$243K	10x	as long as short