Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC+0.0549%/8hpaid last 24h +0.027%

Price spread now: Phemex against edgeX+0.185%7-day average +0.047% · you sell dearer than you buy

Net, funding: paid 7d − costs−$89as in the Funding arb table

Net, price: spread back to 7d avg − costs−$64as in the Price arb table

costs, in and out, $10k−$780.778% of the position

Long on edgeX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.109%−$11 on $10k

Price spread, last 3 days (all we have)−0.126%−$13 · spread now +0.185%, 7d avg +0.047%

Together, before fees−0.235%+ Points / potential airdropedgeX: Active · farm board−$24 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$16 a day on $10k at the current rate, and Phemex is 0.137% dearer against edgeX than usual: you sell high and buy low: +$14 more if the spread goes back to its 7-day average of +0.047%. Mind the row above: over the last 7 days funding on this pair cost −0.109%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.109% in total (about -5.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX MSFTUSDC	500.58	−0.0549	get 0.0274% / 4h	6m 44s	$102K	$243K	10x
Short	Phemex MSFTUSDT	501.51	0	get 0.0000% / 8h	4h 06m	$2.2M	$729K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against edgeX. 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 edgeXbpFee PhemexbpOrdersPrice spread, now +0.185%Rate

Funding earned: $115.27
Price spread: +0.185% → +0.047%: $13.74
Slippage, 4 orders: −$56.84
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Phemex: 6 bp × 2 orders: −$12
Net: $51.17
Costs to cover: 0.778%
Break-even: 3.9 days

Slippage from edgeX: live order book, 25 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 edgeX live order book, 25 min ago	5.20 bp	9.8 bp −$10	12.1 bp −$121	doesn't fit	doesn't fit
Sell Phemex live order book, 1 min ago	1.30 bp	30.5 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 MSFTUSDClong	−0.0549%	4h	500.58	long leg	$102K	$243K	10x
Nado MSFT-PERP	−0.0029%	1h	500.83	+0.050%	$449K	$44K	20x	as long as short
BloFin MSFT-USDT	−0.0029%	8h	501.04	+0.091%	$191K	$205K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0016%	1h	499.93	−0.131%	$692K	$403K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.09	+0.101%	$156K	$107K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	500.89	+0.061%	$371K	$401K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	500.93	+0.069%	$15.6M	$18.4M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.01	+0.085%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.00	+0.083%	$3.1M	$2.2M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	500.72	+0.027%	$3.1M	$1.5M	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	500.84	+0.051%	$1.3M	$739K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	500.89	+0.060%	$18K	$339K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	501.99	+0.281%	$6K	$4.4M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.07	+0.097%	$58K	$231K	20x	as long as short
Phemex MSFTUSDTshort	0.0000%	8h	501.51	+0.185%	$2.2M	$729K	10x
Bitget MSFTUSDT	+0.0009%	8h	500.86	+0.055%	$3.9M	$2.0M	100x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0010%	1h	501.04	+0.091%	$27K	$115K	10x	as long as short
Hotstuff MSFT-PERP	+0.0024%	1h	500.55	−0.007%	$32K	—	20x	as long as short
Lighter MSFT	+0.0032%	1h	501.00	+0.083%	$1.1M	$635K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	500.82	+0.047%	$666K	$2.3M	20x	as long as short
QFEX MSFT-USD	+0.0045%	1h	501.13	+0.109%	$1.1M	$5.4M	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	500.99	+0.081%	—	—	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	500.57	−0.003%	$22.1M	$9.6M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	500.73	+0.029%	$319K	$645K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.13	+0.109%	$60K	$3K	10x	as long as short
Paradex MSFT-USD-PERP	+0.0050%	8h	500.87	+0.056%	$220	—	5x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.77	+0.037%	$514K	$474K	15x	as long as short
Phoenix MSFT	+0.0080%	1h	500.53	−0.011%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	500.50	−0.017%	$1.5M	$11K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	500.09	−0.099%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	500.93	+0.069%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	499.76	−0.165%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	500.34	−0.049%	$115K	$45K	30x	as long as short
Arcus MSFT-USD	+0.0553%	1h	500.84	+0.051%	$111K	$76K	10x	as long as short