Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0096%/8h= −10.5% APRpaid last 24h −0.003%

Price spread now: Binance against Phoenix+0.042%95s7-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 Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.029%−$3 on $10k

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

Together, before fees—needs both histories

The price spread pays, funding is against you. Binance is 0.042% dearer against Phoenix than usual: you sell high and buy low (spread +0.042% now, against zero (this spread has no 7-day history yet)): +$4 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 35 hours. At the pace of the last 7 days (−0.029% in total) that is about 10 days. The two prices were read 95 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	0.0096	pay 0.0012% / 1h	29m 54s	$10K	$15K	20x
Short	Binance MSFTUSDT	501.80	0	get 0.0000% / 8h	2h 29m	$15.7M	$19.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now +0.042%Rate

Funding earned: −$20.1
Price spread: +0.042% → 0.000%: $4.19
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$32.91
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Phoenix: no order-book sample; Binance: live order book, 11 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 Binance live order book, 11 min ago	0.10 bp	7.0 bp −$7	11.2 bp −$112	47.3 bp −$4,729	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
Coinbase International MSFT-PERP-INTX	−0.0040%	1h	501.53	−0.012%	$689K	$433K	10x	as long as short
Nado MSFT-PERP	−0.0033%	1h	501.41	−0.036%	$414K	$64K	20x	as long as short
BloFin MSFT-USDT	−0.0023%	8h	501.82	+0.046%	$189K	$209K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	502.01	+0.084%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.74	+0.030%	$372K	$369K	17x	as long as short
Binance MSFTUSDTshort	0.0000%	8h	501.80	+0.042%	$15.7M	$19.2M	20x
Bybit MSFTUSDT	0.0000%	8h	501.87	+0.056%	$7.4M	$1.7M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.83	+0.048%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.54	−0.010%	$3.1M	$1.5M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.80	+0.042%	$3.8M	$2.2M	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	501.82	+0.046%	$1.3M	$726K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.65	+0.013%	$18K	$329K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.56	+0.193%	$6K	$4.4M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.62	+0.006%	$59K	$230K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.20	+0.122%	$2.2M	$759K	10x	as long as short
Lighter MSFT	+0.0032%	1h	501.66	+0.014%	$1.1M	$653K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.56	−0.006%	$661K	$2.2M	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.70	+0.022%	—	—	25x	as long as short
Hotstuff MSFT-PERP	+0.0048%	1h	501.37	−0.044%	$32K	$8K	20x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.41	−0.036%	$22.2M	$10.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.30	−0.058%	$309K	$683K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.72	+0.026%	$60K	$3K	10x	as long as short
Paradex MSFT-USD-PERP	+0.0050%	8h	501.63	+0.008%	$221	—	5x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.39	−0.040%	$515K	$479K	15x	as long as short
QFEX MSFT-USD	+0.0050%	1h	501.72	+0.026%	$1.2M	$5.7M	10x	as long as short
Phoenix MSFTlong	+0.0096%	1h	501.59	long leg	$10K	$15K	20x
KuCoin MSFTUSDTM	+0.0100%	8h	501.25	−0.068%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.56	−0.006%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.66	+0.014%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.73	+0.029%	$55	—	10x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0129%	1h	501.69	+0.020%	$27K	$104K	10x	as long as short
edgeX MSFTUSDC	+0.0186%	4h	501.76	+0.034%	$102K	$244K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.96	+0.074%	$115K	$45K	30x	as long as short
Arcus MSFT-USD	+0.0531%	1h	501.58	−0.002%	$109K	$90K	10x	as long as short