Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.015%

Price spread now: Phemex against Ondo Perps+0.112%7-day average +0.136% · you sell dearer than you buy

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

Long on Ondo Perps Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.115%−$12 on $10k

Price spread, last 3 days (all we have)+0.025%+$2 · spread now +0.112%, 7d avg +0.136%

Together, before fees−0.090%+ Points / potential airdropOndo Perps: Active · farm board−$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Phemex is 0.024% cheaper against Ondo Perps than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of +0.136%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps MSFT-USD.P	500.95	0.0050	pay 0.0006% / 1h	47m 01s	$514K	$502K	15x
Short	Phemex MSFTUSDT	501.51	0	get 0.0000% / 8h	6h 47m	$2.2M	$758K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Ondo Perps. 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 Ondo PerpsbpFee PhemexbpOrdersPrice spread, now +0.112%Rate

Funding earned: −$10.58
Price spread: +0.112% → +0.136%: −$2.4
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$29.98
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Ondo Perps: no order-book sample; Phemex: live order book, 1 min ago. 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 Ondo Perps no order-book sample	—	—	—	—	—
Sell Phemex live order book, 1 min ago	0.50 bp	32.2 bp −$32	doesn't fit	doesn't fit	doesn't fit

Ondo Perps: 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	−0.0949%	4h	501.27	+0.064%	$102K	$243K	10x	as long as short
Hotstuff MSFT-PERP	−0.0080%	1h	500.80	−0.030%	$32K	$8K	20x	as long as short
Nado MSFT-PERP	−0.0036%	1h	501.01	+0.012%	$414K	$64K	20x	as long as short
BloFin MSFT-USDT	−0.0028%	8h	501.33	+0.076%	$189K	$204K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0016%	1h	500.76	−0.038%	$684K	$449K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.25	+0.060%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.13	+0.036%	$342K	$898K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.29	+0.068%	$15.6M	$18.7M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.16	+0.042%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.42	+0.094%	$3.0M	$2.3M	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate MSFT_USDT	0.0000%	8h	500.99	+0.008%	$3.1M	$1.6M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.28	+0.066%	$4.3M	$2.4M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.30	+0.069%	$1.3M	$688K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.31	+0.071%	$19K	$293K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.08	+0.226%	$6K	$4.1M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.13	+0.036%	$58K	$227K	20x	as long as short
Phemex MSFTUSDTshort	0.0000%	8h	501.51	+0.112%	$2.2M	$758K	10x
Lighter RH MSFT	+0.0032%	1h	501.01	+0.012%	$620K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0038%	1h	501.18	+0.046%	$1.1M	$5.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.11	+0.032%	$97K	$109K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.03	+0.016%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	500.86	−0.018%	$22.1M	$9.2M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	500.86	−0.018%	$303K	$672K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.18	+0.046%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.Plong	+0.0050%	1h	500.95	long leg	$514K	$502K	15x
Paradex MSFT-USD-PERP	+0.0050%	8h	501.07	+0.024%	$220	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	500.97	+0.004%	$10K	$15K	20x	as long as short
Lighter MSFT	+0.0080%	1h	501.25	+0.060%	$1.1M	$487K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	500.76	−0.038%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	500.80	−0.030%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.13	+0.036%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.10	+0.029%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.56	+0.122%	$115K	$45K	30x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0389%	1h	501.16	+0.042%	$27K	$41K	10x	as long as short