Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 16:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.001%

Price spread now: Binance against Phemex+0.013%7-day average −0.031% · you sell dearer than you buy

Net, funding: paid 7d − costs−$74as in the Funding arb table

Net, price: spread back to 7d avg − costs−$72as in the Price arb table

costs, in and out, $10k−$770.766% of the position

Long on Phemex Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.028%+$3 on $10k

Price spread, last 4 days (all we have)+0.090%+$9 · spread now +0.013%, 7d avg −0.031%

Together, before fees+0.118%+$12 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Binance is 0.045% dearer against Phemex than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of −0.031%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex MSFTUSDT	504.64	0	get 0.0000% / 8h	7h 03m	$2.2M	$860K	10x
Short	Binance MSFTUSDT	504.71	0	get 0.0000% / 8h	7h 03m	$16.3M	$19.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now +0.013%Rate

Funding earned: $0
Price spread: +0.013% → −0.031%: $4.48
Slippage, 4 orders: −$54.65
Fee Phemex: 6 bp × 2 orders: −$12
Fee Binance: 5 bp × 2 orders: −$10
Net: −$72.17
Costs to cover: 0.766%
Break-even: never at this rate

Slippage from Phemex: live order book, 4 min ago; Binance: live order book, 7 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, 4 min ago	3.47 bp	31.9 bp −$32	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 7 min ago	0.10 bp	6.3 bp −$6	10.8 bp −$108	52.3 bp −$5,235	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	−0.0815%	4h	504.52	−0.023%	$103K	$243K	10x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0056%	1h	504.11	−0.105%	$685K	$442K	10x	as long as short
BloFin MSFT-USDT	−0.0024%	8h	504.65	+0.002%	$191K	$205K	20x	as long as short
Nado MSFT-PERP	−0.0006%	1h	504.26	−0.076%	$415K	$67K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	504.47	−0.034%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	504.62	−0.003%	$336K	$1.9M	17x	as long as short
Binance MSFTUSDTshort	0.0000%	8h	504.71	+0.013%	$16.3M	$19.6M	20x
Bybit MSFTUSDT	0.0000%	8h	504.42	−0.044%	$7.2M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	504.94	+0.059%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	504.29	−0.069%	$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	504.75	+0.022%	$3.9M	$2.8M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	504.53	−0.021%	$1.3M	$394K	—	as long as short
SunX MSFT-USDT	0.0000%	8h	505.36	+0.143%	$6K	$3.5M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	504.23	−0.081%	$27K	$45K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	504.48	−0.032%	$59K	$225K	20x	as long as short
Phemex MSFTUSDTlong	0.0000%	8h	504.64	long leg	$2.2M	$860K	10x
Phoenix MSFT	+0.0016%	1h	503.86	−0.155%	$11K	$15K	20x	as long as short
QFEX MSFT-USD	+0.0023%	1h	504.47	−0.034%	$1.1M	$4.6M	10x	as long as short
Lighter MSFT	+0.0032%	1h	504.43	−0.042%	$1.2M	$534K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	504.34	−0.059%	$701K	$1.9M	20x	as long as short
GRVT MSFT_USDT_Perp	+0.0040%	8h	504.54	−0.020%	$18K	$311K	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	504.30	−0.067%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	504.42	−0.044%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	504.13	−0.101%	$22.4M	$8.9M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	504.19	−0.089%	$304K	$650K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	504.33	−0.061%	$61K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.92	−0.143%	$536K	$386K	15x	as long as short
Hotstuff MSFT-PERP	+0.0056%	1h	504.09	−0.109%	$33K	$8K	20x	as long as short
Paradex MSFT-USD-PERP	+0.0062%	8h	504.38	−0.051%	$222	—	5x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.75	−0.176%	$1.6M	$137K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.92	−0.143%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	504.52	−0.024%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	504.52	−0.024%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	504.07	−0.113%	$115K	$45K	30x	as long as short