Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Phemex against GRVT+0.058%77s7-day average +0.037% · you sell dearer than you buy

Net, funding: paid 7d − costs−$85as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$850.847% of the position

Long on GRVT Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.003%$0 on $10k

Price spread, last 4 days (all we have)−0.003%$0 · spread now +0.058%, 7d avg +0.037%

Together, before fees−0.006%+ Points / potential airdropGRVT: Active · farm board−$1 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.021% dearer against GRVT than usual: you sell high and buy low, +$2 on $10k if it goes back to its 7-day average of +0.037%. The two prices were read 77 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	GRVT MSFT_USDT_Perp	503.62	0	get 0.0000% / 8h	39m 55s	$19K	$326K	10x
Short	Phemex MSFTUSDT	503.91	0	get 0.0000% / 8h	39m 55s	$2.2M	$820K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against GRVT. 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 GRVTbpFee PhemexbpOrdersPrice spread, now +0.058%Rate

Funding earned: $0
Price spread: +0.058% → +0.037%: $2.09
Slippage, 4 orders: −$63.72
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$82.63
Costs to cover: 0.847%
Break-even: never at this rate

Slippage from GRVT: live order book, 63 min ago; Phemex: live order book, 4 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 GRVT live order book, 63 min ago	1.39 bp	8.1 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	1.19 bp	29.7 bp −$30	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	−0.0030%	1h	503.43	−0.039%	$414K	$67K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.55	−0.013%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.69	+0.014%	$338K	$1.9M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	503.81	+0.038%	$15.8M	$19.1M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.54	−0.016%	$7.3M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	503.80	+0.036%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.46	−0.032%	$3.1M	$1.8M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	503.64	+0.004%	$3.8M	$2.9M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	503.60	−0.005%	$1.3M	$414K	—	as long as short
GRVT MSFT_USDT_Perplong	0.0000%	8h	503.62	long leg	$19K	$326K	10x

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX MSFT-USDT	0.0000%	8h	504.49	+0.173%	$6K	$3.8M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	503.52	−0.020%	$27K	$44K	10x	as long as short
Coinbase International MSFT-PERP-INTX	0.0000%	1h	502.97	−0.129%	$682K	$454K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.56	−0.012%	$59K	$226K	20x	as long as short
Phemex MSFTUSDTshort	0.0000%	8h	503.91	+0.058%	$2.2M	$820K	10x
BloFin MSFT-USDT	+0.0007%	8h	503.72	+0.020%	$190K	$206K	20x	as long as short
Lighter MSFT	+0.0032%	1h	503.71	+0.018%	$1.2M	$532K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.59	−0.006%	$707K	$1.9M	20x	as long as short
QFEX MSFT-USD	+0.0037%	1h	503.54	−0.016%	$1.2M	$4.7M	10x	as long as short
Hotstuff MSFT-PERP	+0.0040%	1h	503.21	−0.081%	$32K	$8K	20x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.36	−0.052%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.68	+0.012%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	503.32	−0.060%	$22.4M	$8.8M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.37	−0.050%	$303K	$717K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.56	−0.012%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.20	−0.083%	$512K	$428K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0054%	8h	503.57	−0.010%	$222	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	503.31	−0.062%	$11K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.19	−0.085%	$1.6M	$62K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.27	−0.069%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.58	−0.008%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.65	+0.007%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	504.82	+0.238%	$116K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0347%	4h	503.57	−0.009%	$102K	$242K	10x	as long as short