Funding arb · Price arb /

MSFT

RWAall MSFT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h +0.015%

Price spread now: Ondo Perps against Phemex−0.072%7-day average −0.136% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Phemex Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.115%+$12 on $10k

Price spread, last 3 days (all we have)−0.065%−$6 · spread now −0.072%, 7d avg −0.136%

Together, before fees+0.050%+ Points / potential airdropOndo Perps: Active · farm board+$5 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Ondo Perps is 0.064% dearer against Phemex than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of −0.136%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex MSFTUSDT	501.31	0	get 0.0000% / 8h	6h 47m	$2.2M	$758K	10x
Short	Ondo Perps MSFT-USD.P	500.95	0.0050	get 0.0006% / 1h	47m 55s	$514K	$502K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps 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 Ondo PerpsbpOrdersPrice spread, now −0.072%Rate

Funding earned: $10.58
Price spread: −0.072% → −0.136%: $6.4
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$0.02
Costs to cover: 0.170%
Break-even: 7.0 days

Slippage unknown: Phemex: live order book, 5 min ago; Ondo Perps: 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	0.20 bp	31.1 bp −$31	doesn't fit	doesn't fit	doesn't fit
Sell Ondo Perps no order-book sample	—	—	—	—	—

Ondo Perps: 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
edgeX MSFTUSDC	−0.0590%	4h	501.27	−0.008%	$102K	$242K	10x	as long as short
Nado MSFT-PERP	−0.0039%	1h	501.00	−0.061%	$414K	$64K	20x	as long as short
BloFin MSFT-USDT	−0.0028%	8h	501.33	+0.004%	$189K	$204K	20x	as long as short
Hotstuff MSFT-PERP	−0.0024%	1h	500.88	−0.086%	$32K	$8K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0016%	1h	500.76	−0.110%	$684K	$449K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.29	−0.003%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.17	−0.027%	$342K	$898K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.30	−0.002%	$15.6M	$18.7M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.14	−0.034%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.42	+0.022%	$3.0M	$2.3M	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate MSFT_USDT	0.0000%	8h	501.18	−0.026%	$3.1M	$1.6M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.29	−0.004%	$4.3M	$2.4M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.30	−0.003%	$1.3M	$688K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.28	−0.006%	$18K	$292K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.07	+0.152%	$7K	$4.1M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.16	−0.030%	$58K	$227K	20x	as long as short
Phemex MSFTUSDTlong	0.0000%	8h	501.31	long leg	$2.2M	$758K	10x
Lighter RH MSFT	+0.0032%	1h	501.08	−0.046%	$620K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0038%	1h	501.18	−0.026%	$1.1M	$5.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.13	−0.036%	$97K	$109K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.05	−0.052%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	500.84	−0.094%	$22.1M	$9.2M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	500.89	−0.084%	$303K	$672K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.19	−0.024%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.Pshort	+0.0050%	1h	500.95	−0.072%	$514K	$502K	15x
Paradex MSFT-USD-PERP	+0.0050%	8h	501.14	−0.034%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.01	−0.060%	$10K	$15K	20x	as long as short
Lighter MSFT	+0.0080%	1h	501.31	0.000%	$1.1M	$487K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	500.80	−0.102%	$1.5M	$20K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	500.77	−0.108%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.16	−0.030%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.14	−0.034%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.54	+0.046%	$115K	$45K	30x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0269%	1h	501.19	−0.024%	$27K	$41K	10x	as long as short