Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0096%/8h= +10.5% APRpaid last 24h +0.014%

Price spread now: Phoenix against OKX−0.050%7-day average — · you buy dearer than you sell

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

Long on OKX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.044%+$4 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 0.050% cheaper against OKX than usual: you would sell low and buy high (spread −0.050% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$5 on $10k: about 42 hours of funding at the current rate (+$3 a day). At the pace of the last 7 days (+0.044% in total) that is about 8.0 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX MSFT-USDT-SWAP	501.81	0	get 0.0000% / 8h	2h 21m	$3.0M	$2.3M	20x
Short	Phoenix MSFT	501.56	0.0096	get 0.0012% / 1h	21m 18s	$10K	$15K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.050%Rate

Funding earned: $20.1
Price spread: −0.050% → 0.000%: −$4.98
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$1.88
Costs to cover: 0.170%
Break-even: 7.7 days

Slippage unknown: OKX: live order book, 1 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 OKX live order book, 1 min ago	1.20 bp	9.6 bp −$10	18.4 bp −$184	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	−0.0470%	4h	501.67	−0.029%	$102K	$243K	10x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0040%	1h	501.47	−0.068%	$690K	$434K	10x	as long as short
Nado MSFT-PERP	−0.0023%	1h	501.47	−0.067%	$414K	$64K	20x	as long as short
BloFin MSFT-USDT	0.0000%	8h	501.67	−0.028%	$189K	$209K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.86	+0.011%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.66	−0.030%	$372K	$369K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.73	−0.016%	$15.7M	$19.3M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.80	−0.002%	$7.4M	$1.7M	100x	as long as short
OKX MSFT-USDT-SWAPlong	0.0000%	8h	501.81	long leg	$3.0M	$2.3M	20x
Gate MSFT_USDT	0.0000%	8h	501.54	−0.054%	$3.1M	$1.5M	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	501.75	−0.012%	$3.8M	$2.2M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.67	−0.028%	$1.3M	$726K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.73	−0.015%	$18K	$330K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.50	+0.138%	$6K	$4.4M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.68	−0.026%	$27K	$104K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.59	−0.044%	$59K	$230K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.87	+0.012%	$2.2M	$765K	10x	as long as short
Hotstuff MSFT-PERP	+0.0024%	1h	501.40	−0.082%	$32K	$8K	20x	as long as short
Lighter MSFT	+0.0032%	1h	501.69	−0.024%	$1.1M	$653K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.60	−0.042%	$652K	$2.2M	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.70	−0.022%	—	—	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.38	−0.086%	$22.2M	$10.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.30	−0.102%	$309K	$683K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.66	−0.030%	$60K	$3K	10x	as long as short
Paradex MSFT-USD-PERP	+0.0050%	8h	501.62	−0.038%	$221	—	5x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.24	−0.114%	$521K	$485K	15x	as long as short
QFEX MSFT-USD	+0.0050%	1h	501.69	−0.024%	$1.2M	$5.7M	10x	as long as short
Phoenix MSFTshort	+0.0096%	1h	501.56	−0.050%	$10K	$15K	20x
KuCoin MSFTUSDTM	+0.0100%	8h	501.21	−0.120%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.55	−0.052%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.58	−0.046%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.63	−0.037%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.03	+0.044%	$115K	$45K	30x	as long as short
Arcus MSFT-USD	+0.0531%	1h	501.55	−0.052%	$109K	$90K	10x	as long as short