Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.005%

Price spread now: Bybit against Phemex0.000%7-day average −0.058% · you sell dearer than you buy

Net, funding: paid 7d − costs−$90as in the Funding arb table

Net, price: spread back to 7d avg − costs−$85as in the Price arb table

costs, in and out, $10k−$910.906% of the position

Long on Phemex Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.005%+$1 on $10k

Price spread, last 3 days (all we have)−0.071%−$7 · spread now 0.000%, 7d avg −0.058%

Together, before fees−0.065%−$7 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: Bybit is 0.058% dearer against Phemex than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of −0.058%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex MSFTUSDT	501.82	0	get 0.0000% / 8h	2h 24m	$2.2M	$762K	10x
Short	Bybit MSFTUSDT	501.82	0	get 0.0000% / 8h	2h 24m	$7.4M	$1.7M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now 0.000%Rate

Funding earned: $0
Price spread: 0.000% → −0.058%: $5.77
Slippage, 4 orders: −$67.59
Fee Phemex: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$84.82
Costs to cover: 0.906%
Break-even: never at this rate

Slippage from Phemex: live order book, 4 min ago; Bybit: live order book, 3 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	4.78 bp	27.0 bp −$27	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	0.80 bp	11.0 bp −$11	17.3 bp −$173	doesn't fit	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
Coinbase International MSFT-PERP-INTX	−0.0040%	1h	501.53	−0.058%	$689K	$433K	10x	as long as short
Nado MSFT-PERP	−0.0024%	1h	501.49	−0.066%	$414K	$64K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.82	+0.001%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.64	−0.035%	$372K	$369K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.69	−0.026%	$15.7M	$19.3M	20x	as long as short
Bybit MSFTUSDTshort	0.0000%	8h	501.82	0.000%	$7.4M	$1.7M	100x
OKX MSFT-USDT-SWAP	0.0000%	8h	501.83	+0.002%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.53	−0.058%	$3.1M	$1.5M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.71	−0.022%	$3.8M	$2.2M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.67	−0.030%	$1.3M	$726K	—	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT MSFT_USDT_Perp	0.0000%	8h	501.75	−0.014%	$18K	$330K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.43	+0.122%	$6K	$4.4M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.57	−0.050%	$27K	$104K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.48	−0.068%	$59K	$230K	20x	as long as short
Phemex MSFTUSDTlong	0.0000%	8h	501.82	long leg	$2.2M	$762K	10x
BloFin MSFT-USDT	+0.0006%	8h	501.65	−0.034%	$189K	$209K	20x	as long as short
Hotstuff MSFT-PERP	+0.0024%	1h	501.40	−0.084%	$32K	$8K	20x	as long as short
Lighter MSFT	+0.0032%	1h	501.69	−0.026%	$1.1M	$653K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.59	−0.046%	$652K	$2.2M	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.70	−0.024%	—	—	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.40	−0.084%	$22.2M	$10.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.28	−0.108%	$309K	$683K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.61	−0.042%	$60K	$3K	10x	as long as short
Paradex MSFT-USD-PERP	+0.0050%	8h	501.69	−0.026%	$221	—	5x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.25	−0.114%	$521K	$485K	15x	as long as short
QFEX MSFT-USD	+0.0050%	1h	501.69	−0.026%	$1.1M	$5.7M	10x	as long as short
Phoenix MSFT	+0.0096%	1h	501.57	−0.050%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.26	−0.112%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.53	−0.058%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.57	−0.050%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.65	−0.033%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.03	+0.042%	$115K	$45K	30x	as long as short
Arcus MSFT-USD	+0.0531%	1h	501.53	−0.058%	$109K	$90K	10x	as long as short
edgeX MSFTUSDC	+0.0989%	4h	501.68	−0.027%	$102K	$242K	10x	as long as short