Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.006%

Price spread now: Deribit against Phemex−0.089%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 Deribit

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 between these two exchanges is close to zero, so right now this pair is about the price spread alone: Deribit is 0.089% cheaper against Phemex than usual: you would sell low and buy high, −$9 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex MSFTUSDT	503.99	0	get 0.0000% / 8h	38m 39s	$2.2M	$820K	10x
Short	Deribit MSFT_USDC-PERPETUAL	503.54	0	get 0.0000% / 1h	38m 39s	$27K	$44K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.089%Rate

Funding earned: $0
Price spread: −0.089% → 0.000%: −$8.93
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$27.93
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 5 min ago; Deribit: 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, 5 min ago	1.19 bp	37.3 bp −$37	doesn't fit	doesn't fit	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

Deribit: 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
Nado MSFT-PERP	−0.0029%	1h	503.51	−0.096%	$414K	$67K	20x	as long as short
BloFin MSFT-USDT	−0.0004%	8h	503.82	−0.034%	$190K	$206K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.67	−0.064%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.62	−0.074%	$338K	$1.9M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	503.73	−0.051%	$15.8M	$19.1M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.48	−0.101%	$7.3M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	503.80	−0.038%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.53	−0.091%	$3.1M	$1.8M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	503.64	−0.069%	$3.8M	$2.9M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	503.60	−0.078%	$1.3M	$414K	—	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	503.63	−0.072%	$19K	$323K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	504.57	+0.115%	$6K	$3.8M	20x	as long as short
Deribit MSFT_USDC-PERPETUALshort	0.0000%	1h	503.54	−0.089%	$27K	$44K	10x
Coinbase International MSFT-PERP-INTX	0.0000%	1h	502.97	−0.202%	$682K	$454K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.62	−0.073%	$59K	$226K	20x	as long as short
Phemex MSFTUSDTlong	0.0000%	8h	503.99	long leg	$2.2M	$820K	10x
Lighter MSFT	+0.0032%	1h	503.59	−0.079%	$1.2M	$532K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.47	−0.103%	$707K	$1.9M	20x	as long as short
QFEX MSFT-USD	+0.0037%	1h	503.65	−0.067%	$1.2M	$4.7M	10x	as long as short
Hotstuff MSFT-PERP	+0.0040%	1h	503.32	−0.133%	$32K	$8K	20x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.44	−0.109%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.75	−0.048%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	503.25	−0.147%	$22.4M	$8.8M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.40	−0.117%	$303K	$717K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.57	−0.083%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.20	−0.157%	$512K	$428K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0054%	8h	503.56	−0.086%	$222	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	503.41	−0.115%	$11K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.08	−0.181%	$1.6M	$63K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.18	−0.161%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.67	−0.063%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.68	−0.062%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	504.82	+0.165%	$116K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0729%	4h	503.60	−0.078%	$102K	$243K	10x	as long as short