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 0.000%

Price spread now: Gate against Phemex−0.052%7-day average −0.080% · you buy dearer than you sell

Net, funding: paid 7d − costs−$95as in the Funding arb table

Net, price: spread back to 7d avg − costs−$95as in the Price arb table

costs, in and out, $10k−$980.975% of the position

Long on Phemex Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.027%+$3 on $10k

Price spread, last 3 days (all we have)−0.044%−$4 · spread now −0.052%, 7d avg −0.080%

Together, before fees−0.017%−$2 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: Gate is 0.028% dearer against Phemex than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of −0.080%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex MSFTUSDT	501.80	0	get 0.0000% / 8h	2h 26m	$2.2M	$762K	10x
Short	Gate MSFT_USDT	501.54	0	get 0.0000% / 8h	2h 26m	$3.1M	$1.5M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.052%Rate

Funding earned: $0
Price spread: −0.052% → −0.080%: $2.85
Slippage, 4 orders: −$70.53
Fee Phemex: 6 bp × 2 orders: −$12
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$94.69
Costs to cover: 0.975%
Break-even: never at this rate

Slippage from Phemex: live order book, 2 min ago; Gate: live order book, 1 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, 2 min ago	4.78 bp	27.0 bp −$27	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 1 min ago	4.29 bp	14.4 bp −$14	52.5 bp −$525	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	−0.054%	$689K	$433K	10x	as long as short
Hotstuff MSFT-PERP	−0.0032%	1h	501.37	−0.086%	$32K	$8K	20x	as long as short
Nado MSFT-PERP	−0.0024%	1h	501.48	−0.063%	$414K	$64K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	502.01	+0.041%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.64	−0.031%	$372K	$369K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.70	−0.020%	$15.7M	$19.2M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.83	+0.006%	$7.4M	$1.7M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.69	−0.022%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDTshort	0.0000%	8h	501.54	−0.052%	$3.1M	$1.5M	100x
Bitget MSFTUSDT	0.0000%	8h	501.71	−0.018%	$3.8M	$2.2M	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	501.82	+0.004%	$1.3M	$726K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.67	−0.025%	$18K	$330K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.43	+0.126%	$6K	$4.4M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.62	−0.036%	$27K	$104K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.57	−0.046%	$58K	$230K	20x	as long as short
Phemex MSFTUSDTlong	0.0000%	8h	501.80	long leg	$2.2M	$762K	10x
BloFin MSFT-USDT	+0.0029%	8h	501.70	−0.020%	$189K	$209K	20x	as long as short
Lighter MSFT	+0.0032%	1h	501.69	−0.022%	$1.1M	$653K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.58	−0.044%	$663K	$2.2M	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.69	−0.022%	—	—	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.42	−0.076%	$22.2M	$10.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.35	−0.090%	$309K	$683K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.63	−0.034%	$60K	$3K	10x	as long as short
Paradex MSFT-USD-PERP	+0.0050%	8h	501.70	−0.020%	$221	—	5x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.25	−0.110%	$515K	$485K	15x	as long as short
QFEX MSFT-USD	+0.0050%	1h	501.69	−0.022%	$1.2M	$5.7M	10x	as long as short
Phoenix MSFT	+0.0096%	1h	501.57	−0.046%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.24	−0.112%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.29	−0.102%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.60	−0.040%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.63	−0.033%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.03	+0.046%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0333%	4h	501.77	−0.006%	$102K	$244K	10x	as long as short
Arcus MSFT-USD	+0.0531%	1h	501.58	−0.044%	$109K	$90K	10x	as long as short