Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h +0.015%

Price spread now: SoDEX against Phemex−0.050%7-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 SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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. SoDEX is 0.050% cheaper against Phemex than usual: you would sell low and buy high (spread −0.050% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$5 on $10k: about 3.3 days 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	501.60	0	get 0.0000% / 8h	4h 16m	$2.2M	$768K	10x
Short	SoDEX MSFT-USD	501.35	0.0050	get 0.0006% / 1h	16m 37s	$60K	$3K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now −0.050%Rate

Funding earned: $10.5
Price spread: −0.050% → 0.000%: −$4.98
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$14.48
Costs to cover: 0.200%
Break-even: 16.7 days

Slippage unknown: Phemex: live order book, 2 min ago; SoDEX: 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	0.50 bp	28.4 bp −$28	doesn't fit	doesn't fit	doesn't fit
Sell SoDEX no order-book sample	—	—	—	—	—

SoDEX: 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
Coinbase International MSFT-PERP-INTX	−0.0040%	1h	500.97	−0.126%	$678K	$455K	10x	as long as short
edgeX MSFTUSDC	−0.0029%	4h	501.50	−0.020%	$102K	$244K	10x	as long as short
BloFin MSFT-USDT	−0.0021%	8h	501.53	−0.014%	$189K	$204K	20x	as long as short
Nado MSFT-PERP	−0.0007%	1h	501.29	−0.061%	$414K	$64K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.28	−0.064%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.44	−0.031%	$337K	$893K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.58	−0.004%	$15.8M	$19.0M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.22	−0.076%	$7.2M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.57	−0.006%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.30	−0.060%	$3.1M	$1.7M	100x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MSFTUSDT	0.0000%	8h	501.49	−0.022%	$4.5M	$2.5M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.48	−0.023%	$1.3M	$615K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.52	−0.016%	$19K	$302K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.37	+0.154%	$6K	$4.0M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.51	−0.018%	$59K	$225K	20x	as long as short
Phemex MSFTUSDTlong	0.0000%	8h	501.60	long leg	$2.2M	$768K	10x
Lighter RH MSFT	+0.0032%	1h	501.28	−0.064%	$675K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0036%	1h	501.42	−0.036%	$1.2M	$5.2M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.27	−0.066%	$96K	$111K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.43	−0.034%	—	$1K	25x	as long as short
Phoenix MSFT	+0.0048%	1h	501.19	−0.082%	$10K	$15K	20x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.00	−0.120%	$22.1M	$8.7M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.20	−0.080%	$302K	$722K	10x	as long as short
SoDEX MSFT-USDshort	+0.0050%	1h	501.35	−0.050%	$60K	$3K	10x
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.10	−0.100%	$528K	$443K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0057%	8h	501.44	−0.033%	$221	—	5x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.16	−0.088%	$1.5M	$20K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.19	−0.082%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.43	−0.034%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.43	−0.033%	$55	—	10x	as long as short
Lighter MSFT	+0.0120%	1h	501.50	−0.020%	$1.1M	$499K	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0129%	1h	501.40	−0.040%	$27K	$41K	10x	as long as short
Hotstuff MSFT-PERP	+0.0152%	1h	501.01	−0.118%	$32K	$8K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.63	+0.006%	$115K	$45K	30x	as long as short