Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: SunX against Phemex+0.157%7-day average +0.120% · you sell dearer than you buy

Net, funding: paid 7d − costs−$274as in the Funding arb table

Net, price: spread back to 7d avg − costs−$271as in the Price arb table

costs, in and out, $10k−$2742.745% of the position

Long on Phemex Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days0.000%$0 on $10k

Price spread, last 4 days (all we have)−0.015%−$1 · spread now +0.157%, 7d avg +0.120%

Together, before fees−0.015%−$1 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: SunX is 0.037% dearer against Phemex than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of +0.120%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex MSFTUSDT	502.33	0	get 0.0000% / 8h	3h 27m	$2.2M	$775K	10x
Short	SunX MSFT-USDT	503.12	0	get 0.0000% / 8h	3h 27m	$6K	$4.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.157%Rate

Funding earned: $0
Price spread: +0.157% → +0.120%: $3.68
Slippage, 4 orders: −$254.49
Fee Phemex: 6 bp × 2 orders: −$12
Fee SunX: 4 bp × 2 orders: −$8
Net: −$270.81
Costs to cover: 2.745%
Break-even: never at this rate

Slippage from Phemex: live order book, 1 min ago; SunX: live order book, 11 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, 1 min ago	1.59 bp	31.2 bp −$31	doesn't fit	doesn't fit	doesn't fit
Sell SunX live order book, 11 min ago	29.14 bp	104.6 bp −$105	doesn't fit	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
Nado MSFT-PERP	−0.0101%	1h	502.44	+0.021%	$415K	$64K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0032%	1h	500.97	−0.271%	$677K	$447K	10x	as long as short
BloFin MSFT-USDT	−0.0028%	8h	502.10	−0.046%	$189K	$204K	20x	as long as short
tradeXYZ xyz:MSFT	−0.0007%	1h	502.00	−0.066%	$22.2M	$8.8M	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	502.32	−0.003%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	502.30	−0.005%	$337K	$881K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	502.43	+0.021%	$15.8M	$19.1M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	502.36	+0.006%	$7.2M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	502.61	+0.056%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	502.19	−0.028%	$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	502.42	+0.018%	$4.5M	$2.5M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	502.04	−0.058%	$1.3M	$607K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	502.17	−0.031%	$19K	$297K	10x	as long as short
SunX MSFT-USDTshort	0.0000%	8h	503.12	+0.157%	$6K	$4.0M	20x
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	502.16	−0.034%	$27K	$42K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	502.65	+0.064%	$59K	$225K	20x	as long as short
Phemex MSFTUSDTlong	0.0000%	8h	502.33	long leg	$2.2M	$775K	10x
Lighter MSFT	+0.0032%	1h	502.45	+0.024%	$1.1M	$503K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	502.29	−0.008%	$678K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0035%	1h	502.30	−0.006%	$1.1M	$4.9M	10x	as long as short
Hotstuff MSFT-PERP	+0.0040%	1h	502.11	−0.044%	$32K	$8K	20x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.88	−0.090%	$96K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	502.44	+0.022%	—	$1K	25x	as long as short
Phoenix MSFT	+0.0048%	1h	501.61	−0.143%	$10K	$15K	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	502.06	−0.054%	$303K	$701K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	502.07	−0.052%	$60K	$3K	10x	as long as short
Paradex MSFT-USD-PERP	+0.0050%	8h	502.45	+0.024%	$221	—	5x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	502.05	−0.056%	$519K	$453K	15x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.95	−0.076%	$1.6M	$52K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.65	−0.135%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	502.33	0.000%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	502.33	0.000%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.14	−0.038%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0905%	4h	501.92	−0.082%	$102K	$244K	10x	as long as short