Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0286%/8h= −31.3% APRpaid last 24h −0.007%

Price spread now: Phemex against Deribit+0.107%7-day average — · you sell dearer than you buy

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

Long on Deribit Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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

Together, before fees—needs both histories

The price spread pays, funding is against you. Phemex is 0.107% dearer against Deribit than usual: you sell high and buy low (spread +0.107% now, against zero (this spread has no 7-day history yet)): +$11 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 30 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit MSFT_USDC-PERPETUAL	504.28	0.0286	pay 0.0036% / 1h	12m 09s	$27K	$43K	10x
Short	Phemex MSFTUSDT	504.82	0	get 0.0000% / 8h	2h 12m	$2.2M	$814K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Deribit. 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 DeribitbpFee PhemexbpOrdersPrice spread, now +0.107%Rate

Funding earned: −$60
Price spread: +0.107% → 0.000%: $10.71
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$68.29
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Deribit: no order-book sample; Phemex: live order book, 1 min ago. 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 Deribit no order-book sample	—	—	—	—	—
Sell Phemex live order book, 1 min ago	0.40 bp	32.4 bp −$32	doesn't fit	doesn't fit	doesn't fit

Deribit: 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
Hotstuff MSFT-PERP	−0.0096%	1h	503.91	−0.073%	$33K	$8K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0064%	1h	503.76	−0.103%	$684K	$493K	10x	as long as short
Nado MSFT-PERP	−0.0023%	1h	504.09	−0.038%	$415K	$68K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	504.07	−0.043%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	504.34	+0.011%	$338K	$1.2M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	504.48	+0.039%	$15.9M	$19.6M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	504.19	−0.018%	$7.2M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	504.47	+0.038%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	504.26	−0.004%	$3.1M	$1.8M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	504.39	+0.022%	$3.8M	$3.0M	100x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni MSFT	0.0000%	8h	504.27	−0.002%	$1.3M	$477K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	504.36	+0.016%	$18K	$323K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	505.26	+0.194%	$6K	$3.9M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	504.32	+0.008%	$59K	$226K	20x	as long as short
Phemex MSFTUSDTshort	0.0000%	8h	504.82	+0.107%	$2.2M	$814K	10x
Phoenix MSFT	+0.0016%	1h	504.07	−0.042%	$11K	$15K	20x	as long as short
BloFin MSFT-USDT	+0.0030%	8h	504.34	+0.012%	$189K	$206K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	504.19	−0.018%	$690K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0036%	1h	504.30	+0.004%	$1.1M	$4.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	504.07	−0.042%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	504.30	+0.004%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	504.00	−0.056%	$22.4M	$9.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	504.07	−0.042%	$304K	$718K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	504.35	+0.014%	$61K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.75	−0.105%	$518K	$471K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0057%	8h	504.28	+0.001%	$222	—	5x	as long as short
Lighter MSFT	+0.0088%	1h	504.41	+0.026%	$1.2M	$516K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.74	−0.107%	$1.6M	$57K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.96	−0.063%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	504.25	−0.006%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	504.33	+0.011%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	504.42	+0.028%	$115K	$45K	30x	as long as short
Deribit MSFT_USDC-PERPETUALlong	+0.0286%	1h	504.28	long leg	$27K	$43K	10x
edgeX MSFTUSDC	+0.0633%	4h	504.28	0.000%	$103K	$244K	10x	as long as short