Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h +0.015%

Price spread now: Polymarket Perps against Phemex−0.149%7-day average −0.121% · you buy dearer than you sell

Net, funding: paid 7d − costs−$65as in the Funding arb table

Net, price: spread back to 7d avg − costs−$79as in the Price arb table

costs, in and out, $10k−$760.760% of the position

Long on Phemex Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.111%+$11 on $10k

Price spread, last 4 days (all we have)+0.027%+$3 · spread now −0.149%, 7d avg −0.121%

Together, before fees+0.138%+$14 on $10k · with fees, hour by hour

Funding pays, the price is against you. Polymarket Perps is 0.028% cheaper against Phemex than usual: you would sell low and buy high (spread −0.149% now, against its 7-day average of −0.121%). If the spread goes back, that is −$3 on $10k: about 45 hours of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex MSFTUSDT	504.70	0	get 0.0000% / 8h	2h 13m	$2.2M	$812K	10x
Short	Polymarket Perps MSFT-USD	503.95	0.0050	get 0.0006% / 1h	13m 12s	$303K	$718K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket 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 Polymarket PerpsbpOrdersPrice spread, now −0.149%Rate

Funding earned: $10.5
Price spread: −0.149% → −0.121%: −$2.79
Slippage, 4 orders: −$55.99
Fee Phemex: 6 bp × 2 orders: −$12
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$68.28
Costs to cover: 0.760%
Break-even: 52.5 days

Slippage from Phemex: live order book, 5 min ago; Polymarket Perps: live order book, 35 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, 5 min ago	0.40 bp	32.8 bp −$33	doesn't fit	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 35 min ago	1.19 bp	6.9 bp −$7	8.0 bp −$80	8.6 bp −$863	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
Hotstuff MSFT-PERP	−0.0096%	1h	503.91	−0.157%	$33K	$8K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0064%	1h	503.76	−0.186%	$684K	$493K	10x	as long as short
Nado MSFT-PERP	−0.0024%	1h	503.99	−0.141%	$415K	$68K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.99	−0.142%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	504.23	−0.093%	$338K	$1.2M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	504.37	−0.065%	$15.8M	$19.5M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	504.10	−0.119%	$7.2M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	504.49	−0.042%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	504.17	−0.105%	$3.1M	$1.8M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	504.37	−0.065%	$3.8M	$3.0M	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	504.27	−0.085%	$1.3M	$477K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	504.36	−0.068%	$18K	$323K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	505.12	+0.083%	$6K	$3.9M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	504.21	−0.097%	$59K	$226K	20x	as long as short
Phemex MSFTUSDTlong	0.0000%	8h	504.70	long leg	$2.2M	$812K	10x
Phoenix MSFT	+0.0016%	1h	504.07	−0.125%	$11K	$15K	20x	as long as short
BloFin MSFT-USDT	+0.0030%	8h	504.34	−0.071%	$189K	$206K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	504.09	−0.121%	$691K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0036%	1h	504.26	−0.087%	$1.2M	$4.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	504.07	−0.125%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	504.23	−0.093%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	503.89	−0.160%	$22.4M	$9.0M	20x	as long as short
Polymarket Perps MSFT-USDshort	+0.0050%	1h	503.95	−0.149%	$303K	$718K	10x
SoDEX MSFT-USD	+0.0050%	1h	504.20	−0.099%	$61K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.75	−0.188%	$518K	$471K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0056%	8h	504.24	−0.092%	$222	—	5x	as long as short
Lighter MSFT	+0.0088%	1h	504.32	−0.075%	$1.2M	$516K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.64	−0.210%	$1.6M	$57K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.96	−0.147%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	504.19	−0.101%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	504.25	−0.089%	$55	—	10x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0167%	1h	504.16	−0.107%	$27K	$43K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	504.42	−0.055%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0633%	4h	504.28	−0.083%	$103K	$244K	10x	as long as short