Funding you earn now, next payment 04:00 UTC+0.0112%/8h= +12.3% APRnext payment +$0.14 per $10,000 · paid last 24h +0.022%
Price spread now: Phoenix against Coinbase International+0.034%72s7-day average — · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 7 days+0.093%+$9 on $10k
+Price spread, last 7 days—no price history on both exchanges yet
=Together, before fees—needs both histories
Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Phoenix is 0.034% dearer against Coinbase International than usual: you sell high and buy low: +$3 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 72 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 | Coinbase International MSFT-PERP-INTX | 503.29 | −0.0064 | get 0.0008% / 1h | 56m 04s | $685K | $461K | 10x |
| Short | Phoenix MSFT | 503.46 | 0.0048 | get 0.0006% / 1h | 56m 04s | $11K | $15K | 20x |
Coinbase International MSFT-PERP-INTX
Phoenix MSFTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix 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 itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $23.5
- Price spread: +0.034% → 0.000%
- $3.38
- Slippage, 4 orders
- no order book: not counted
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- $9.88
- Costs to cover
- 0.170%
- Break-even
- 4.1 days
Slippage unknown: Coinbase International: live order book, 57 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 Coinbase International live order book, 57 min ago | 1.70 bp | 7.4 bp −$7 | 11.1 bp −$111 | 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 | |
|---|---|---|---|---|---|---|---|---|
| edgeX MSFTUSDC | −0.0658% | 4h | 503.77 | +0.096% | $102K | $244K | 10x | as long as short |
| Nado MSFT-PERP | −0.0068% | 1h | 503.04 | −0.049% | $412K | $66K | 20x | as long as short |
| Coinbase International MSFT-PERP-INTXlong | −0.0064% | 1h | 503.29 | long leg | $685K | $461K | 10x | |
| Aster MSFTUSDT | 0.0000% | 8h | 502.96 | −0.066% | $161K | $116K | 20x | as long as short |
| Extended MSFT_24_5-USD | 0.0000% | 1h | 503.07 | −0.043% | $341K | $1.2M | 17x | as long as short |
| Binance MSFTUSDT | 0.0000% | 8h | 503.20 | −0.018% | $15.8M | $19.3M | 20x | as long as short |
| Bybit MSFTUSDT | 0.0000% | 8h | 502.99 | −0.060% | $7.2M | $2.2M | 100x | as long as short |
| OKX MSFT-USDT-SWAP | 0.0000% | 8h | 503.23 | −0.012% | $3.0M | $2.3M | 20x | as long as short |
| Gate MSFT_USDT | 0.0000% | 8h | 502.80 | −0.097% | $3.1M | $1.7M | 100x | as long as short |
| Bitget MSFTUSDT | 0.0000% | 8h | 503.14 | −0.030% | $4.4M | $2.6M | 100x | as long as short |
edgeX MSFTUSDC
Nado MSFT-PERP
Aster MSFTUSDT
Extended MSFT_24_5-USD
Binance MSFTUSDT
Bybit MSFTUSDT
OKX MSFT-USDT-SWAP
Gate MSFT_USDT
Bitget MSFTUSDTShow all 34 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Variational Omni MSFT | 0.0000% | 8h | 503.19 | −0.020% | $1.3M | $493K | — | as long as short |
| GRVT MSFT_USDT_Perp | 0.0000% | 8h | 503.80 | +0.102% | $19K | $305K | 10x | as long as short |
| SunX MSFT-USDT | 0.0000% | 8h | 504.03 | +0.147% | $6K | $4.0M | 20x | as long as short |
| Deribit MSFT_USDC-PERPETUAL | 0.0000% | 1h | 502.94 | −0.070% | $27K | $42K | 10x | as long as short |
| HTX MSFT-USDT | 0.0000% | 8h | 503.14 | −0.030% | $59K | $225K | 20x | as long as short |
| Phemex MSFTUSDT | 0.0000% | 8h | 503.63 | +0.068% | $2.2M | $789K | 10x | as long as short |
| BloFin MSFT-USDT | +0.0009% | 8h | 503.51 | +0.044% | $190K | $205K | 20x | as long as short |
| Lighter MSFT | +0.0032% | 1h | 503.25 | −0.008% | $1.2M | $495K | 20x | as long as short |
| Lighter RH MSFT | +0.0032% | 1h | 502.99 | −0.060% | $679K | $2.0M | 20x | as long as short |
| QFEX MSFT-USD | +0.0036% | 1h | 503.22 | −0.014% | $1.1M | $4.8M | 10x | as long as short |
| Arcus MSFT-USD | +0.0040% | 1h | 503.37 | +0.016% | $97K | $110K | 10x | as long as short |
| Vest MSFT-USD-PERP | +0.0046% | 1h | 503.30 | +0.002% | — | $1K | 25x | as long as short |
| Phoenix MSFTshort | +0.0048% | 1h | 503.46 | +0.034% | $11K | $15K | 20x | |
| tradeXYZ xyz:MSFT | +0.0050% | 1h | 502.79 | −0.099% | $22.2M | $8.9M | 20x | as long as short |
| Polymarket Perps MSFT-USD | +0.0050% | 1h | 502.92 | −0.074% | $303K | $713K | 10x | as long as short |
| SoDEX MSFT-USD | +0.0050% | 1h | 503.10 | −0.038% | $60K | $3K | 10x | as long as short |
| Ondo Perps MSFT-USD.P | +0.0050% | 1h | 502.83 | −0.091% | $513K | $463K | 15x | as long as short |
| Paradex MSFT-USD-PERP | +0.0052% | 8h | 503.08 | −0.041% | $221 | — | 5x | as long as short |
| Hotstuff MSFT-PERP | +0.0056% | 1h | 503.27 | −0.004% | $32K | $8K | 20x | as long as short |
| KuCoin MSFTUSDTM | +0.0100% | 8h | 502.90 | −0.077% | $1.6M | $56K | 20x | as long as short |
| ApeX Omni MSFTUSDT | +0.0100% | 1h | 503.36 | +0.014% | $160K | $7K | 50x | as long as short |
| Orderly PERP_MSFT_USDC_mythos | +0.0100% | 8h | 503.07 | −0.044% | $8K | — | 10x | as long as short |
| Aevo MSFT-PERP | +0.0104% | 1h | 503.16 | −0.027% | $55 | — | 10x | as long as short |
| Injective MSFT/USDC PERP | +0.0220% | 1h | 503.84 | +0.109% | $115K | $45K | 30x | as long as short |
Variational Omni MSFT
GRVT MSFT_USDT_Perp
SunX MSFT-USDT
Deribit MSFT_USDC-PERPETUAL
HTX MSFT-USDT
Phemex MSFTUSDT
BloFin MSFT-USDT
Lighter MSFT
Lighter RH MSFT
QFEX MSFT-USD
Arcus MSFT-USD
Vest MSFT-USD-PERP
tradeXYZ xyz:MSFT
Polymarket Perps MSFT-USD
SoDEX MSFT-USD
Ondo Perps MSFT-USD.P
Paradex MSFT-USD-PERP
Hotstuff MSFT-PERP
KuCoin MSFTUSDTM
ApeX Omni MSFTUSDT
Orderly PERP_MSFT_USDC_mythos
Aevo MSFT-PERP
Injective MSFT/USDC PERP