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 OKX+0.050%7-day average +0.047% · you sell dearer than you buy

Net, funding: paid 7d − costs−$82as in the Funding arb table

Net, price: spread back to 7d avg − costs−$81as in the Price arb table

costs, in and out, $10k−$810.811% of the position

Long on OKX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.014%−$1 on $10k

Price spread, last 3 days (all we have)−0.012%−$1 · spread now +0.050%, 7d avg +0.047%

Together, before fees−0.026%−$3 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX MSFT-USDT-SWAP	501.70	0	get 0.0000% / 8h	7h 35m	$3.0M	$2.3M	20x
Short	Phemex MSFTUSDT	501.95	0	get 0.0000% / 8h	7h 35m	$2.2M	$758K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against OKX. 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 OKXbpFee PhemexbpOrdersPrice spread, now +0.050%Rate

Funding earned: $0
Price spread: +0.050% → +0.047%: $0.29
Slippage, 4 orders: −$59.14
Fee OKX: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$80.85
Costs to cover: 0.811%
Break-even: never at this rate

Slippage from OKX: live order book, 2 min ago; Phemex: live order book, 3 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 OKX live order book, 2 min ago	0.10 bp	6.7 bp −$7	17.0 bp −$170	doesn't fit	doesn't fit
Sell Phemex live order book, 3 min ago	0.20 bp	31.5 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 MSFTUSDC	−0.0276%	4h	501.71	+0.002%	$102K	$242K	10x	as long as short
BloFin MSFT-USDT	−0.0020%	8h	501.57	−0.026%	$188K	$206K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0008%	1h	501.13	−0.114%	$680K	$456K	10x	as long as short
Nado MSFT-PERP	−0.0002%	1h	501.42	−0.057%	$414K	$64K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.53	−0.034%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.47	−0.046%	$340K	$949K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.57	−0.026%	$15.7M	$18.7M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.58	−0.024%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAPlong	0.0000%	8h	501.70	long leg	$3.0M	$2.3M	20x
Gate MSFT_USDT	0.0000%	8h	501.31	−0.078%	$3.1M	$1.6M	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	501.59	−0.022%	$3.8M	$2.2M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.74	+0.008%	$1.3M	$690K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.86	+0.032%	$19K	$295K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.32	+0.124%	$6K	$4.2M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.25	−0.090%	$27K	$41K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.39	−0.062%	$58K	$227K	20x	as long as short
Phemex MSFTUSDTshort	0.0000%	8h	501.95	+0.050%	$2.2M	$758K	10x
Lighter RH MSFT	+0.0032%	1h	501.39	−0.062%	$619K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0044%	1h	501.55	−0.030%	$1.1M	$5.9M	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.48	−0.044%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.15	−0.110%	$22.2M	$9.1M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.20	−0.100%	$303K	$674K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.45	−0.050%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.39	−0.062%	$527K	$488K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0051%	8h	501.54	−0.032%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.66	−0.008%	$10K	$15K	20x	as long as short
Lighter MSFT	+0.0080%	1h	501.60	−0.020%	$1.1M	$486K	20x	as long as short
Hotstuff MSFT-PERP	+0.0080%	1h	501.46	−0.048%	$32K	$8K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.45	−0.050%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.19	−0.102%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.50	−0.040%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.45	−0.050%	$55	—	10x	as long as short
Arcus MSFT-USD	+0.0212%	1h	501.60	−0.020%	$97K	$109K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.00	+0.060%	$115K	$45K	30x	as long as short