Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0696%/8h= −76.2% APRpaid last 24h +0.070%

Price spread now: edgeX against Phemex−0.051%7-day average −0.047% · you buy dearer than you sell

Net, funding: paid 7d − costs−$67as in the Funding arb table

Net, price: spread back to 7d avg − costs−$81as in the Price arb table

costs, in and out, $10k−$800.804% of the position

Long on Phemex Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.130%+$13 on $10k

Price spread, last 3 days (all we have)−0.018%−$2 · spread now −0.051%, 7d avg −0.047%

Together, before fees+0.112%+ Points / potential airdropedgeX: Active · farm board+$11 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.047%, so right now this pair is about funding alone: −$21 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.130%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.130% in total (about 6.8% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex MSFTUSDT	502.34	0	get 0.0000% / 8h	1h 18m	$2.2M	$757K	10x
Short	edgeX MSFTUSDC	502.08	−0.0696	pay 0.0348% / 4h	1h 18m	$102K	$243K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.051%Rate

Funding earned: −$146.23
Price spread: −0.051% → −0.047%: −$0.36
Slippage, 4 orders: −$59.37
Fee Phemex: 6 bp × 2 orders: −$12
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$226.96
Costs to cover: 0.804%
Break-even: never at this rate

Slippage from Phemex: live order book, 4 min ago; edgeX: live order book, 63 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	0.20 bp	28.0 bp −$28	doesn't fit	doesn't fit	doesn't fit
Sell edgeX live order book, 63 min ago	5.28 bp	10.0 bp −$10	12.4 bp −$124	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 MSFTUSDCshort	−0.0696%	4h	502.08	−0.051%	$102K	$243K	10x
Aster MSFTUSDT	0.0000%	8h	502.16	−0.035%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	502.10	−0.047%	$337K	$392K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	502.20	−0.027%	$15.7M	$19.2M	20x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	502.21	−0.026%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.93	−0.082%	$3.1M	$1.6M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	502.21	−0.026%	$3.8M	$2.2M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	502.09	−0.050%	$1.3M	$702K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	502.09	−0.050%	$19K	$312K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.94	+0.119%	$6K	$4.3M	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.75	−0.117%	$27K	$100K	10x	as long as short
Coinbase International MSFT-PERP-INTX	0.0000%	1h	501.58	−0.151%	$688K	$449K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	502.10	−0.048%	$58K	$228K	20x	as long as short
Phemex MSFTUSDTlong	0.0000%	8h	502.34	long leg	$2.2M	$757K	10x
Nado MSFT-PERP	+0.0011%	1h	501.92	−0.084%	$414K	$64K	20x	as long as short
Bybit MSFTUSDT	+0.0018%	8h	502.24	−0.020%	$7.4M	$1.7M	100x	as long as short
BloFin MSFT-USDT	+0.0025%	8h	502.17	−0.034%	$188K	$210K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	502.05	−0.058%	$652K	$2.1M	20x	as long as short
QFEX MSFT-USD	+0.0040%	1h	502.05	−0.058%	$1.1M	$5.8M	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.92	−0.084%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.78	−0.111%	$22.3M	$9.7M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.64	−0.139%	$305K	$675K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	502.09	−0.050%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.79	−0.109%	$529K	$493K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0059%	8h	502.04	−0.060%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.89	−0.090%	$11K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.58	−0.151%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.77	−0.113%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	502.03	−0.062%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	502.09	−0.050%	$55	—	10x	as long as short
Hotstuff MSFT-PERP	+0.0112%	1h	501.80	−0.107%	$32K	$8K	20x	as long as short
Lighter MSFT	+0.0136%	1h	502.22	−0.024%	$1.1M	$590K	20x	as long as short
Arcus MSFT-USD	+0.0200%	1h	502.02	−0.064%	$98K	$109K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.30	−0.008%	$115K	$45K	30x	as long as short