Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0080%/8h= +8.7% APRpaid last 24h +0.013%

Price spread now: Phoenix against Gate−0.040%7-day average — · you buy dearer than you sell

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

Long on Gate Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.034%+$3 on $10k

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

Together, before fees—needs both histories

Funding pays, the price is against you. Phoenix is 0.040% cheaper against Gate than usual: you would sell low and buy high (spread −0.040% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 40 hours of funding at the current rate (+$2 a day). At the pace of the last 7 days (+0.034% in total) that is about 8.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate MSFT_USDT	501.31	0	get 0.0000% / 8h	7h 15m	$3.1M	$1.7M	100x
Short	Phoenix MSFT	501.11	0.0080	get 0.0010% / 1h	15m 34s	$10K	$15K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Gate. 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 GatebpFee PhoenixbpOrdersPrice spread, now −0.040%Rate

Funding earned: $16.74
Price spread: −0.040% → 0.000%: −$3.99
Slippage, 4 orders: no order book: not counted
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$9.25
Costs to cover: 0.220%
Break-even: 10.9 days

Slippage unknown: Gate: live order book, 2 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 Gate live order book, 2 min ago	2.39 bp	12.0 bp −$12	46.8 bp −$468	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
Coinbase International MSFT-PERP-INTX	−0.0008%	1h	501.24	−0.014%	$685K	$453K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.44	+0.026%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.38	+0.014%	$337K	$900K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.50	+0.038%	$15.7M	$18.7M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.31	0.000%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.44	+0.026%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDTlong	0.0000%	8h	501.31	long leg	$3.1M	$1.7M	100x
Bitget MSFTUSDT	0.0000%	8h	501.55	+0.048%	$3.8M	$2.1M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.45	+0.027%	$1.3M	$690K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.51	+0.040%	$18K	$293K	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	502.30	+0.197%	$6K	$4.1M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.12	−0.038%	$27K	$41K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.45	+0.028%	$58K	$227K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.09	+0.156%	$2.2M	$761K	10x	as long as short
BloFin MSFT-USDT	+0.0011%	8h	501.48	+0.034%	$188K	$205K	20x	as long as short
Nado MSFT-PERP	+0.0015%	1h	501.10	−0.042%	$414K	$64K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.28	−0.006%	$619K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0044%	1h	501.41	+0.020%	$1.1M	$5.8M	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.31	0.000%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.20	−0.022%	$22.2M	$9.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	500.98	−0.066%	$303K	$672K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.35	+0.008%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.99	−0.064%	$514K	$503K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0051%	8h	501.36	+0.011%	$221	—	5x	as long as short
Phoenix MSFTshort	+0.0080%	1h	501.11	−0.040%	$10K	$15K	20x
KuCoin MSFTUSDTM	+0.0100%	8h	501.25	−0.012%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.02	−0.058%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.35	+0.008%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.37	+0.012%	$55	—	10x	as long as short
Lighter MSFT	+0.0112%	1h	501.50	+0.038%	$1.1M	$486K	20x	as long as short
Hotstuff MSFT-PERP	+0.0152%	1h	501.22	−0.018%	$32K	$8K	20x	as long as short
Arcus MSFT-USD	+0.0212%	1h	501.33	+0.004%	$97K	$109K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.82	+0.102%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0600%	4h	501.39	+0.016%	$102K	$244K	10x	as long as short