Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0016%/8h= +1.7% APRpaid last 24h +0.016%

Price spread now: Phoenix against GRVT−0.072%115s7-day average — · you buy dearer than you sell

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

Long on GRVT Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.064%+$6 on $10k

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

Together, before fees—+ Points / potential airdropGRVT: Active · farm boardneeds both histories

Funding pays, the price is against you. Phoenix is 0.072% cheaper against GRVT than usual: you would sell low and buy high (spread −0.072% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$7 on $10k: about 15 days of funding at the current rate ($0 a day). The two prices were read 115 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	504.09	0	get 0.0000% / 8h	7h 15m	$19K	$316K	10x
Short	Phoenix MSFT	503.73	0.0016	get 0.0002% / 1h	15m 31s	$11K	$15K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.072%Rate

Funding earned: $3.34
Price spread: −0.072% → 0.000%: −$7.23
Slippage, 4 orders: no order book: not counted
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$19.89
Costs to cover: 0.160%
Break-even: 48.7 days

Slippage unknown: GRVT: live order book, 17 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 GRVT live order book, 17 min ago	1.29 bp	6.9 bp −$7	15.3 bp −$153	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	−0.0868%	4h	504.05	−0.009%	$103K	$244K	10x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0056%	1h	503.64	−0.090%	$685K	$451K	10x	as long as short
Hotstuff MSFT-PERP	−0.0024%	1h	503.57	−0.104%	$32K	$8K	20x	as long as short
Nado MSFT-PERP	−0.0011%	1h	503.78	−0.062%	$415K	$67K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	504.15	+0.010%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	504.00	−0.018%	$335K	$1.9M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	504.12	+0.004%	$16.3M	$19.4M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.84	−0.050%	$7.2M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	504.16	+0.013%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.78	−0.062%	$3.1M	$1.9M	100x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MSFTUSDT	0.0000%	8h	503.95	−0.029%	$3.9M	$2.8M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	504.13	+0.007%	$1.3M	$392K	—	as long as short
GRVT MSFT_USDT_Perplong	0.0000%	8h	504.09	long leg	$19K	$316K	10x
SunX MSFT-USDT	0.0000%	8h	504.91	+0.162%	$6K	$3.5M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	503.83	−0.052%	$27K	$45K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.99	−0.021%	$58K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	504.47	+0.074%	$2.2M	$849K	10x	as long as short
BloFin MSFT-USDT	+0.0002%	8h	504.07	−0.005%	$192K	$204K	20x	as long as short
Phoenix MSFTshort	+0.0016%	1h	503.73	−0.072%	$11K	$15K	20x
QFEX MSFT-USD	+0.0023%	1h	503.97	−0.025%	$1.2M	$4.6M	10x	as long as short
Lighter MSFT	+0.0032%	1h	503.88	−0.043%	$1.2M	$523K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.87	−0.045%	$704K	$1.9M	20x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.83	−0.052%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	504.12	+0.005%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	503.53	−0.112%	$22.4M	$8.9M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.84	−0.050%	$303K	$650K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.91	−0.037%	$61K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.65	−0.088%	$536K	$392K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0056%	8h	503.91	−0.037%	$222	—	5x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.65	−0.088%	$1.6M	$126K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.72	−0.074%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	504.05	−0.009%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	504.05	−0.009%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	505.30	+0.239%	$116K	$45K	30x	as long as short