Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0048%/8h= −5.3% APRpaid last 24h −0.008%

Price spread now: Coinbase International against Phemex−0.060%7-day average −0.155% · you buy dearer than you sell

Net, funding: paid 7d − costs−$87as in the Funding arb table

Net, price: spread back to 7d avg − costs−$75as in the Price arb table

costs, in and out, $10k−$850.846% of the position

Long on Phemex Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.029%−$3 on $10k

Price spread, last 4 days (all we have)−0.036%−$4 · spread now −0.060%, 7d avg −0.155%

Together, before fees−0.064%−$6 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Coinbase International is 0.096% dearer against Phemex than usual: you sell high and buy low (spread −0.060% now, against its 7-day average of −0.155%): +$10 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 6.6 days. At the pace of the last 7 days (−0.029% in total) that is about 23 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex MSFTUSDT	503.96	0	get 0.0000% / 8h	1h 30m	$2.2M	$821K	10x
Short	Coinbase International MSFT-PERP-INTX	503.66	−0.0048	pay 0.0006% / 1h	30m 44s	$682K	$500K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now −0.060%Rate

Funding earned: −$10.08
Price spread: −0.060% → −0.155%: $9.57
Slippage, 4 orders: −$62.58
Fee Phemex: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$85.09
Costs to cover: 0.846%
Break-even: never at this rate

Slippage from Phemex: live order book, 3 min ago; Coinbase International: live order book, 13 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, 3 min ago	2.38 bp	37.4 bp −$37	doesn't fit	doesn't fit	doesn't fit
Sell Coinbase International live order book, 13 min ago	2.48 bp	8.3 bp −$8	10.5 bp −$105	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
edgeX MSFTUSDC	−0.0721%	4h	503.94	−0.004%	$103K	$244K	10x	as long as short
Coinbase International MSFT-PERP-INTXshort	−0.0048%	1h	503.66	−0.060%	$682K	$500K	10x
BloFin MSFT-USDT	−0.0027%	8h	504.03	+0.014%	$191K	$206K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.75	−0.042%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.89	−0.013%	$338K	$1.2M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	504.01	+0.009%	$15.8M	$19.6M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.73	−0.046%	$7.3M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	503.97	+0.002%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.83	−0.026%	$3.1M	$1.8M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	503.97	+0.002%	$3.8M	$3.0M	100x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni MSFT	0.0000%	8h	503.94	−0.004%	$1.3M	$499K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	504.03	+0.014%	$18K	$327K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	504.77	+0.161%	$6K	$3.9M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	503.75	−0.042%	$27K	$43K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.84	−0.024%	$59K	$225K	20x	as long as short
Phemex MSFTUSDTlong	0.0000%	8h	503.96	long leg	$2.2M	$821K	10x
Nado MSFT-PERP	+0.0012%	1h	503.72	−0.047%	$415K	$67K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.77	−0.038%	$701K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0039%	1h	503.93	−0.006%	$1.1M	$4.8M	10x	as long as short
Hotstuff MSFT-PERP	+0.0040%	1h	503.52	−0.087%	$32K	$8K	20x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.71	−0.050%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.91	−0.010%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	503.53	−0.085%	$22.4M	$9.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.70	−0.052%	$303K	$718K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.83	−0.026%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.54	−0.083%	$522K	$476K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0056%	8h	503.84	−0.024%	$222	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	503.69	−0.054%	$11K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.51	−0.089%	$1.6M	$60K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.48	−0.095%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.91	−0.010%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.95	−0.003%	$55	—	10x	as long as short
Lighter MSFT	+0.0136%	1h	504.02	+0.012%	$1.2M	$514K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	504.21	+0.050%	$115K	$45K	30x	as long as short