Funding you earn now, next payment 05:00 UTC+0.0024%/8h= +2.7% APRnext payment +$0.03 per $10,000 · paid last 24h +0.065%
Price spread now: Arcus against Phoenix−0.008%109s7-day average — · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 4 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
The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: +$1 a day on $10k at the current rate. The two prices were read 109 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 | Phoenix MSFT | 504.07 | 0.0016 | pay 0.0002% / 1h | 17m 47s | $11K | $15K | 20x |
| Short | Arcus MSFT-USD | 504.03 | 0.0040 | get 0.0005% / 1h | 17m 47s | $97K | $110K | 10x |
Phoenix MSFT
Arcus MSFT-USDFunding history
latest
Range statsloading…
Price spread between the two exchanges
Arcus against Phoenix. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $5.12
- Price spread: −0.008% → 0.000%
- −$0.79
- Slippage, 4 orders
- no order book: not counted
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Arcus: 2.25 bp × 2 orders
- −$4.5
- Net
- −$7.17
- Costs to cover
- 0.115%
- Break-even
- 16.8 days
Slippage unknown: Phoenix: no order-book sample; Arcus: live order book, 30 min ago. 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 Phoenix no order-book sample | — | — | — | — | — |
| Sell Arcus live order book, 30 min ago | 3.68 bp | 9.8 bp −$10 | 12.0 bp −$120 | doesn't fit | doesn't fit |
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 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 | |
|---|---|---|---|---|---|---|---|---|
| edgeX MSFTUSDC | −0.0386% | 4h | 504.31 | +0.047% | $103K | $243K | 10x | as long as short |
| Coinbase International MSFT-PERP-INTX | −0.0064% | 1h | 503.83 | −0.048% | $686K | $491K | 10x | as long as short |
| Nado MSFT-PERP | −0.0035% | 1h | 503.93 | −0.028% | $415K | $68K | 20x | as long as short |
| Hotstuff MSFT-PERP | −0.0024% | 1h | 503.88 | −0.038% | $33K | $8K | 20x | as long as short |
| Aster MSFTUSDT | 0.0000% | 8h | 503.96 | −0.022% | $162K | $114K | 20x | as long as short |
| Extended MSFT_24_5-USD | 0.0000% | 1h | 504.25 | +0.036% | $338K | $1.2M | 17x | as long as short |
| Binance MSFTUSDT | 0.0000% | 8h | 504.29 | +0.044% | $15.8M | $19.5M | 20x | as long as short |
| Bybit MSFTUSDT | 0.0000% | 8h | 503.98 | −0.018% | $7.2M | $2.2M | 100x | as long as short |
| OKX MSFT-USDT-SWAP | 0.0000% | 8h | 504.40 | +0.065% | $3.0M | $2.4M | 20x | as long as short |
| Gate MSFT_USDT | 0.0000% | 8h | 504.14 | +0.014% | $3.1M | $1.8M | 100x | as long as short |
edgeX MSFTUSDC
Coinbase International MSFT-PERP-INTX
Nado MSFT-PERP
Hotstuff MSFT-PERP
Aster MSFTUSDT
Extended MSFT_24_5-USD
Binance MSFTUSDT
Bybit MSFTUSDT
OKX MSFT-USDT-SWAP
Gate MSFT_USDTShow all 34 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Bitget MSFTUSDT | 0.0000% | 8h | 504.27 | +0.040% | $3.8M | $3.0M | 100x | as long as short |
| Variational Omni MSFT | 0.0000% | 8h | 504.32 | +0.049% | $1.3M | $477K | — | as long as short |
| GRVT MSFT_USDT_Perp | 0.0000% | 8h | 504.42 | +0.069% | $19K | $322K | 10x | as long as short |
| SunX MSFT-USDT | 0.0000% | 8h | 505.15 | +0.214% | $6K | $4.0M | 20x | as long as short |
| HTX MSFT-USDT | 0.0000% | 8h | 504.24 | +0.034% | $59K | $226K | 20x | as long as short |
| Phemex MSFTUSDT | 0.0000% | 8h | 504.45 | +0.075% | $2.2M | $809K | 10x | as long as short |
| Phoenix MSFTlong | +0.0016% | 1h | 504.07 | long leg | $11K | $15K | 20x | |
| BloFin MSFT-USDT | +0.0025% | 8h | 504.31 | +0.048% | $189K | $206K | 20x | as long as short |
| Lighter RH MSFT | +0.0032% | 1h | 503.98 | −0.018% | $685K | $2.0M | 20x | as long as short |
| QFEX MSFT-USD | +0.0036% | 1h | 504.18 | +0.022% | $1.1M | $4.8M | 10x | as long as short |
| Arcus MSFT-USDshort | +0.0040% | 1h | 504.03 | −0.008% | $97K | $110K | 10x | |
| Vest MSFT-USD-PERP | +0.0046% | 1h | 504.26 | +0.038% | — | $1K | 25x | as long as short |
| Deribit MSFT_USDC-PERPETUAL | +0.0048% | 1h | 504.02 | −0.010% | $27K | $43K | 10x | as long as short |
| tradeXYZ xyz:MSFT | +0.0050% | 1h | 503.82 | −0.050% | $22.4M | $9.0M | 20x | as long as short |
| Polymarket Perps MSFT-USD | +0.0050% | 1h | 503.88 | −0.038% | $303K | $720K | 10x | as long as short |
| SoDEX MSFT-USD | +0.0050% | 1h | 504.21 | +0.028% | $61K | $3K | 10x | as long as short |
| Ondo Perps MSFT-USD.P | +0.0050% | 1h | 503.98 | −0.018% | $518K | $472K | 15x | as long as short |
| Paradex MSFT-USD-PERP | +0.0053% | 8h | 504.17 | +0.020% | $222 | — | 5x | as long as short |
| Lighter MSFT | +0.0080% | 1h | 504.22 | +0.030% | $1.2M | $516K | 20x | as long as short |
| KuCoin MSFTUSDTM | +0.0100% | 8h | 503.43 | −0.127% | $1.6M | $57K | 20x | as long as short |
| ApeX Omni MSFTUSDT | +0.0100% | 1h | 504.25 | +0.036% | $160K | $7K | 50x | as long as short |
| Orderly PERP_MSFT_USDC_mythos | +0.0100% | 8h | 504.12 | +0.010% | $8K | — | 10x | as long as short |
| Aevo MSFT-PERP | +0.0104% | 1h | 504.17 | +0.020% | $55 | — | 10x | as long as short |
| Injective MSFT/USDC PERP | +0.0220% | 1h | 504.42 | +0.069% | $115K | $45K | 30x | as long as short |
Bitget MSFTUSDT
Variational Omni MSFT
GRVT MSFT_USDT_Perp
SunX MSFT-USDT
HTX MSFT-USDT
Phemex MSFTUSDT
BloFin MSFT-USDT
Lighter RH MSFT
QFEX MSFT-USD
Vest MSFT-USD-PERP
Deribit MSFT_USDC-PERPETUAL
tradeXYZ xyz:MSFT
Polymarket Perps MSFT-USD
SoDEX MSFT-USD
Ondo Perps MSFT-USD.P
Paradex MSFT-USD-PERP
Lighter MSFT
KuCoin MSFTUSDTM
ApeX Omni MSFTUSDT
Orderly PERP_MSFT_USDC_mythos
Aevo MSFT-PERP
Injective MSFT/USDC PERP