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 +0.013%

Price spread now: tradeXYZ against Phemex−0.093%48s7-day average −0.144% · you buy dearer than you sell

Net, funding: paid 7d − costs−$70as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$770.774% of the position

Long on Phemex Short on tradeXYZ

What this pair did over the last

the charts below follow

Funding, last 7 days+0.070%+$7 on $10k

Price spread, last 4 days (all we have)−0.076%−$8 · spread now −0.093%, 7d avg −0.144%

Together, before fees−0.006%+ Points / potential airdroptradeXYZ: Active · farm board−$1 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 tradeXYZ is 0.051% dearer against Phemex than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.144%. The two prices were read 48 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	504.35	0	get 0.0000% / 8h	2h 25m	$2.2M	$800K	10x
Short	tradeXYZ xyz:MSFT	503.88	0.0050	get 0.0006% / 1h	25m 30s	$22.4M	$8.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

tradeXYZ 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 tradeXYZbpOrdersPrice spread, now −0.093%Rate

Funding earned: $10.5
Price spread: −0.093% → −0.144%: $5.12
Slippage, 4 orders: −$47.42
Fee Phemex: 6 bp × 2 orders: −$12
Fee tradeXYZ: 9 bp × 2 orders: −$18
Net: −$61.8
Costs to cover: 0.774%
Break-even: 48.2 days

Slippage from Phemex: live order book, 3 min ago; tradeXYZ: live order book, 4 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, 3 min ago	0.50 bp	30.7 bp −$31	doesn't fit	doesn't fit	doesn't fit
Sell tradeXYZ live order book, 4 min ago	0.60 bp	10.3 bp −$10	13.2 bp −$132	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
Coinbase International MSFT-PERP-INTX	−0.0064%	1h	503.76	−0.117%	$687K	$483K	10x	as long as short
Nado MSFT-PERP	−0.0034%	1h	504.11	−0.047%	$415K	$68K	20x	as long as short
BloFin MSFT-USDT	−0.0017%	8h	504.20	−0.030%	$189K	$206K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	504.07	−0.055%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	504.26	−0.018%	$338K	$1.2M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	504.31	−0.008%	$15.8M	$19.4M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	504.00	−0.069%	$7.2M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	504.30	−0.010%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.97	−0.075%	$3.1M	$1.8M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	504.26	−0.018%	$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	504.15	−0.040%	$1.3M	$477K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	503.79	−0.111%	$19K	$317K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	504.94	+0.117%	$6K	$3.9M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	503.81	−0.107%	$27K	$43K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	504.04	−0.061%	$59K	$226K	20x	as long as short
Phemex MSFTUSDTlong	0.0000%	8h	504.35	long leg	$2.2M	$800K	10x
Phoenix MSFT	+0.0016%	1h	503.79	−0.111%	$11K	$15K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	504.11	−0.048%	$688K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0036%	1h	504.25	−0.020%	$1.2M	$4.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.79	−0.111%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	504.30	−0.010%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFTshort	+0.0050%	1h	503.88	−0.093%	$22.4M	$8.9M	20x
Polymarket Perps MSFT-USD	+0.0050%	1h	503.88	−0.093%	$303K	$720K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.91	−0.087%	$61K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.80	−0.109%	$518K	$471K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0052%	8h	504.19	−0.032%	$222	—	5x	as long as short
Lighter MSFT	+0.0088%	1h	504.33	−0.004%	$1.2M	$516K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.52	−0.165%	$1.6M	$57K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.91	−0.087%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	504.08	−0.054%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.99	−0.072%	$55	—	10x	as long as short
Hotstuff MSFT-PERP	+0.0192%	1h	503.67	−0.135%	$32K	$8K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	504.04	−0.061%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0832%	4h	504.10	−0.050%	$103K	$242K	10x	as long as short