Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0048%/8h= +5.2% APRpaid last 24h +0.016%

Price spread now: Phoenix against Phemex−0.195%73s7-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 Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.068%+$7 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Phoenix is 0.195% cheaper against Phemex than usual: you would sell low and buy high (spread −0.195% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$20 on $10k: about 14 days of funding at the current rate (+$1 a day). The two prices were read 73 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex MSFTUSDT	506.68	0	get 0.0000% / 8h	4h 09m	$2.3M	$972K	10x
Short	Phoenix MSFT	505.69	0.0048	get 0.0006% / 1h	9m 46s	$11K	$16K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.195%Rate

Funding earned: $9.99
Price spread: −0.195% → 0.000%: −$19.54
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$28.55
Costs to cover: 0.190%
Break-even: 27.0 days

Slippage unknown: Phemex: live order book, 2 min ago; Phoenix: 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, 2 min ago	0.59 bp	28.3 bp −$28	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix no order-book sample	—	—	—	—	—

Phoenix: 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 exchanges

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
Hotstuff MSFT-PERP	−0.1600%	1h	505.80	−0.174%	$33K	$8K	20x	as long as short
edgeX MSFTUSDC	−0.0564%	4h	506.05	−0.124%	$103K	$242K	10x	as long as short
Nado MSFT-PERP	−0.0024%	1h	505.98	−0.138%	$413K	$72K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0008%	1h	506.00	−0.134%	$703K	$742K	10x	as long as short
BloFin MSFT-USDT	−0.0004%	8h	506.32	−0.071%	$203K	$227K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	506.03	−0.129%	$166K	$117K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	506.26	−0.084%	$326K	$2.3M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	506.38	−0.059%	$16.3M	$22.3M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	506.18	−0.099%	$7.4M	$2.6M	100x	as long as short
Gate MSFT_USDT	0.0000%	8h	506.10	−0.114%	$3.2M	$2.0M	100x	as long as short

Show all 34 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MSFTUSDT	0.0000%	8h	506.40	−0.055%	$4.0M	$3.2M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	506.18	−0.100%	$1.3M	$438K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	506.00	−0.134%	$19K	$330K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	507.22	+0.107%	$6K	$3.3M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	506.44	−0.047%	$49K	$248K	20x	as long as short
Phemex MSFTUSDTlong	0.0000%	8h	506.68	long leg	$2.3M	$972K	10x
Lighter MSFT	+0.0032%	1h	506.14	−0.107%	$1.2M	$519K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	506.09	−0.116%	$723K	$1.9M	20x	as long as short
QFEX MSFT-USD	+0.0038%	1h	506.13	−0.109%	$1.2M	$4.6M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	506.15	−0.105%	$94K	$83K	10x	as long as short
tradeXYZ xyz:MSFT	+0.0041%	1h	505.80	−0.174%	$21.7M	$10.1M	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	506.30	−0.075%	—	$1K	25x	as long as short
Phoenix MSFTshort	+0.0048%	1h	505.69	−0.195%	$11K	$16K	20x
Polymarket Perps MSFT-USD	+0.0050%	1h	506.05	−0.124%	$320K	$672K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	506.27	−0.081%	$61K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	505.85	−0.164%	$516K	$431K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0053%	8h	506.10	−0.115%	$223	—	5x	as long as short
OKX MSFT-USDT-SWAP	+0.0054%	8h	506.52	−0.032%	$3.2M	$2.9M	20x	as long as short
KuCoin MSFTUSDTM	+0.0055%	8h	505.57	−0.219%	$1.6M	$332K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	505.47	−0.239%	$161K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	506.26	−0.083%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	505.26	−0.280%	$56	—	10x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0165%	1h	506.11	−0.112%	$30K	$45K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	506.07	−0.120%	$116K	$45K	30x	as long as short