Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0036%/8h= −4.0% APRpaid last 24h −0.015%

Price spread now: Phoenix against KuCoin−0.030%48s7-day average — · you buy dearer than you sell

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

Long on KuCoin Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.122%−$12 on $10k

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

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Phoenix is 0.030% cheaper against KuCoin than usual: you would sell low and buy high (−$3 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 48 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	KuCoin MSFTUSDTM	501.06	0.0100	pay 0.0100% / 8h	5h 10m	$1.5M	$19K	20x
Short	Phoenix MSFT	500.91	0.0064	get 0.0008% / 1h	10m 36s	$10K	$15K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against KuCoin. 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 KuCoinbpFee PhoenixbpOrdersPrice spread, now −0.030%Rate

Funding earned: −$7.6
Price spread: −0.030% → 0.000%: −$2.99
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$29.59
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: KuCoin: live order book, 5 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 KuCoin live order book, 5 min ago	10.08 bp	97.4 bp −$97	doesn't fit	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	−0.0064%	1h	500.97	−0.018%	$678K	$458K	10x	as long as short
Nado MSFT-PERP	−0.0032%	1h	500.94	−0.024%	$414K	$64K	20x	as long as short
BloFin MSFT-USDT	−0.0010%	8h	501.18	+0.024%	$190K	$203K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.30	+0.048%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.10	+0.008%	$337K	$892K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.23	+0.034%	$15.7M	$19.0M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	500.90	−0.032%	$7.2M	$2.1M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.42	+0.072%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.11	+0.010%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.23	+0.034%	$4.5M	$2.5M	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	501.10	+0.007%	$1.3M	$647K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.23	+0.034%	$19K	$299K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	501.95	+0.178%	$6K	$4.1M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	500.87	−0.038%	$27K	$41K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.18	+0.024%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.76	+0.140%	$2.2M	$772K	10x	as long as short
QFEX MSFT-USD	+0.0030%	1h	501.10	+0.008%	$1.2M	$5.6M	10x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.01	−0.010%	$683K	$2.0M	20x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.02	−0.008%	$96K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.10	+0.008%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	500.81	−0.050%	$22.1M	$8.9M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	500.78	−0.056%	$301K	$648K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.07	+0.002%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.83	−0.046%	$516K	$494K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0057%	8h	501.07	+0.001%	$220	—	5x	as long as short
Phoenix MSFTshort	+0.0064%	1h	500.91	−0.030%	$10K	$15K	20x
KuCoin MSFTUSDTMlong	+0.0100%	8h	501.06	long leg	$1.5M	$19K	20x
ApeX Omni MSFTUSDT	+0.0100%	1h	500.78	−0.056%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.07	+0.002%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.08	+0.004%	$55	—	10x	as long as short
Hotstuff MSFT-PERP	+0.0168%	1h	500.79	−0.054%	$32K	$8K	20x	as long as short
Lighter MSFT	+0.0176%	1h	501.24	+0.036%	$1.1M	$479K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.73	+0.134%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0680%	4h	501.28	+0.043%	$102K	$242K	10x	as long as short