Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0104%/8h= +11.4% APRpaid last 24h +0.031%

Price spread now: Aevo against Phemex−0.084%7-day average — · you buy dearer than you sell

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

Long on Phemex Short on Aevo

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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. Aevo is 0.084% cheaper against Phemex than usual: you would sell low and buy high (spread −0.084% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$8 on $10k: about 2.7 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex MSFTUSDT	504.71	0	get 0.0000% / 8h	2h 13m	$2.2M	$812K	10x
Short	Aevo MSFT-PERP	504.29	0.0104	get 0.0013% / 1h	13m 58s	$55	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aevo against Phemex. 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 PhemexbpFee AevobpOrdersPrice spread, now −0.084%Rate

Funding earned: $21.84
Price spread: −0.084% → 0.000%: −$8.36
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Aevo: 8 bp × 2 orders: −$16
Net: −$14.52
Costs to cover: 0.280%
Break-even: 11.7 days

Slippage unknown: Phemex: live order book, 4 min ago; Aevo: 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 Phemex live order book, 4 min ago	0.40 bp	32.8 bp −$33	doesn't fit	doesn't fit	doesn't fit
Sell Aevo no order-book sample	—	—	—	—	—

Aevo: 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	−0.0899%	4h	504.23	−0.096%	$103K	$244K	10x	as long as short
Hotstuff MSFT-PERP	−0.0144%	1h	503.88	−0.164%	$33K	$8K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0064%	1h	503.76	−0.188%	$684K	$493K	10x	as long as short
Nado MSFT-PERP	−0.0027%	1h	504.04	−0.133%	$415K	$68K	20x	as long as short
BloFin MSFT-USDT	−0.0021%	8h	504.40	−0.061%	$190K	$206K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	504.00	−0.140%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	504.29	−0.084%	$338K	$1.2M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	504.43	−0.056%	$15.8M	$19.5M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	504.10	−0.121%	$7.2M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	504.44	−0.053%	$3.0M	$2.4M	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	504.18	−0.105%	$3.1M	$1.8M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	504.44	−0.053%	$3.8M	$3.0M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	504.27	−0.087%	$1.3M	$477K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	504.23	−0.094%	$18K	$323K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	505.21	+0.099%	$6K	$3.9M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	504.30	−0.081%	$59K	$226K	20x	as long as short
Phemex MSFTUSDTlong	0.0000%	8h	504.71	long leg	$2.2M	$812K	10x
Phoenix MSFT	+0.0016%	1h	503.99	−0.143%	$11K	$15K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	504.14	−0.113%	$692K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0036%	1h	504.31	−0.079%	$1.2M	$4.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	504.05	−0.131%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	504.26	−0.089%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	503.90	−0.160%	$22.4M	$9.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.96	−0.149%	$303K	$719K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	504.24	−0.093%	$61K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.75	−0.190%	$518K	$471K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0055%	8h	504.29	−0.084%	$222	—	5x	as long as short
Lighter MSFT	+0.0080%	1h	504.36	−0.069%	$1.2M	$516K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.66	−0.208%	$1.6M	$57K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.83	−0.174%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	504.23	−0.095%	$8K	—	10x	as long as short
Aevo MSFT-PERPshort	+0.0104%	1h	504.29	−0.084%	$55	—	10x
Deribit MSFT_USDC-PERPETUAL	+0.0187%	1h	504.18	−0.105%	$27K	$43K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	504.42	−0.057%	$115K	$45K	30x	as long as short