Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0080%/8h= −8.7% APRpaid last 24h −0.012%

Price spread now: Aster against Phoenix+0.029%55s7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Phoenix Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days−0.034%−$3 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropAster: Stage 5 · farm boardneeds both histories

The price spread pays, funding is against you. Aster is 0.029% dearer against Phoenix than usual: you sell high and buy low (spread +0.029% now, against zero (this spread has no 7-day history yet)): +$3 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 29 hours. At the pace of the last 7 days (−0.034% in total) that is about 6.0 days. The two prices were read 55 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	501.59	0.0080	pay 0.0010% / 1h	6m 33s	$10K	$15K	20x
Short	Aster MSFTUSDT	501.74	0	get 0.0000% / 8h	6m 33s	$161K	$116K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Phoenix. 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 PhoenixbpFee AsterbpOrdersPrice spread, now +0.029%Rate

Funding earned: −$16.74
Price spread: +0.029% → 0.000%: $2.94
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Aster: 4 bp × 2 orders: −$8
Net: −$28.8
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Phoenix: no order-book sample; Aster: live order book, 5 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 Aster live order book, 5 min ago	11.45 bp	16.7 bp −$17	doesn't fit	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
Nado MSFT-PERP	−0.0022%	1h	501.36	−0.047%	$414K	$64K	20x	as long as short
Hotstuff MSFT-PERP	−0.0016%	1h	501.26	−0.066%	$32K	$8K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0016%	1h	501.76	+0.034%	$687K	$449K	10x	as long as short
BloFin MSFT-USDT	−0.0010%	8h	501.78	+0.038%	$188K	$209K	20x	as long as short
Aster MSFTUSDTshort	0.0000%	8h	501.74	+0.029%	$161K	$116K	20x
Extended MSFT_24_5-USD	0.0000%	1h	501.64	+0.010%	$337K	$387K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.74	+0.030%	$15.6M	$19.1M	20x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.85	+0.052%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.51	−0.016%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.76	+0.034%	$3.8M	$2.3M	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	501.83	+0.048%	$1.3M	$692K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.83	+0.047%	$18K	$295K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.55	+0.191%	$6K	$4.3M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.39	−0.040%	$27K	$102K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.65	+0.012%	$59K	$228K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.01	+0.084%	$2.2M	$748K	10x	as long as short
Bybit MSFTUSDT	+0.0030%	8h	501.82	+0.046%	$7.4M	$1.7M	100x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.49	−0.020%	$619K	$2.1M	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.55	−0.008%	—	$1K	25x	as long as short
QFEX MSFT-USD	+0.0049%	1h	501.65	+0.012%	$1.2M	$5.9M	10x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.26	−0.066%	$22.3M	$9.4M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.26	−0.066%	$303K	$678K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.64	+0.010%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.22	−0.074%	$529K	$493K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0052%	8h	501.58	−0.002%	$221	—	5x	as long as short
Phoenix MSFTlong	+0.0080%	1h	501.59	long leg	$10K	$15K	20x
KuCoin MSFTUSDTM	+0.0100%	8h	501.18	−0.082%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.34	−0.050%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.64	+0.010%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.67	+0.016%	$55	—	10x	as long as short
Lighter MSFT	+0.0160%	1h	501.73	+0.028%	$1.1M	$586K	20x	as long as short
edgeX MSFTUSDC	+0.0165%	4h	501.76	+0.033%	$102K	$242K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.31	+0.144%	$115K	$45K	30x	as long as short
Arcus MSFT-USD	+0.0286%	1h	501.61	+0.004%	$97K	$109K	10x	as long as short