Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0040%/8h= +4.4% APRpaid last 24h +0.081%

Price spread now: Arcus against Phemex−0.111%7-day average −0.073% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$82as in the Price arb table

costs, in and out, $10k−$790.786% of the position

Long on Phemex Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.155%+$15 on $10k

Price spread, last 4 days (all we have)+0.054%+$5 · spread now −0.111%, 7d avg −0.073%

Together, before fees+0.209%+$21 on $10k · with fees, hour by hour

Funding pays, the price is against you. Arcus is 0.038% cheaper against Phemex than usual: you would sell low and buy high (spread −0.111% now, against its 7-day average of −0.073%). If the spread goes back, that is −$4 on $10k: about 3.2 days of funding at the current rate (+$1 a day). At the pace of the last 4 days (+0.155% in total) that is about 22 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex MSFTUSDT	505.06	0	get 0.0000% / 8h	7h 03m	$2.2M	$861K	10x
Short	Arcus MSFT-USD	504.50	0.0040	get 0.0005% / 1h	3m 11s	$97K	$110K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus 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 ArcusbpOrdersPrice spread, now −0.111%Rate

Funding earned: $8.46
Price spread: −0.111% → −0.073%: −$3.83
Slippage, 4 orders: −$62.12
Fee Phemex: 6 bp × 2 orders: −$12
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: −$73.99
Costs to cover: 0.786%
Break-even: 68.2 days

Slippage from Phemex: live order book, 5 min ago; Arcus: live order book, 30 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 Phemex live order book, 5 min ago	3.47 bp	31.9 bp −$32	doesn't fit	doesn't fit	doesn't fit
Sell Arcus live order book, 30 min ago	3.27 bp	8.1 bp −$8	8.5 bp −$85	17.4 bp −$1,745	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	−0.0838%	4h	504.53	−0.105%	$103K	$244K	10x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0056%	1h	504.35	−0.141%	$693K	$455K	10x	as long as short
BloFin MSFT-USDT	−0.0011%	8h	504.92	−0.028%	$191K	$206K	20x	as long as short
Nado MSFT-PERP	−0.0007%	1h	504.43	−0.125%	$415K	$67K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	504.56	−0.099%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	504.71	−0.070%	$336K	$1.9M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	504.84	−0.044%	$16.3M	$19.6M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	504.52	−0.107%	$7.2M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	504.87	−0.038%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	504.55	−0.101%	$3.1M	$1.9M	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	504.81	−0.049%	$3.9M	$2.8M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	504.53	−0.105%	$1.3M	$394K	—	as long as short
SunX MSFT-USDT	0.0000%	8h	505.63	+0.113%	$6K	$3.5M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	504.45	−0.121%	$27K	$45K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	504.57	−0.097%	$59K	$225K	20x	as long as short
Phemex MSFTUSDTlong	0.0000%	8h	505.06	long leg	$2.2M	$861K	10x
Phoenix MSFT	+0.0016%	1h	504.31	−0.148%	$11K	$15K	20x	as long as short
QFEX MSFT-USD	+0.0023%	1h	504.69	−0.073%	$1.1M	$4.6M	10x	as long as short
Lighter MSFT	+0.0032%	1h	504.59	−0.093%	$1.2M	$534K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	504.63	−0.085%	$698K	$1.9M	20x	as long as short
Arcus MSFT-USDshort	+0.0040%	1h	504.50	−0.111%	$97K	$110K	10x
Vest MSFT-USD-PERP	+0.0046%	1h	504.62	−0.087%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	504.32	−0.147%	$22.4M	$8.9M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	504.44	−0.123%	$304K	$650K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	504.56	−0.099%	$61K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	504.35	−0.141%	$536K	$387K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0062%	8h	504.60	−0.091%	$222	—	5x	as long as short
Hotstuff MSFT-PERP	+0.0072%	1h	504.29	−0.152%	$33K	$8K	20x	as long as short
GRVT MSFT_USDT_Perp	+0.0072%	8h	504.59	−0.093%	$19K	$312K	10x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	504.01	−0.208%	$1.6M	$138K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	504.14	−0.182%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	504.67	−0.077%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	504.65	−0.081%	$56	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	504.07	−0.196%	$115K	$45K	30x	as long as short