Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0082%/8h= −9.0% APRpaid last 24h −0.001%

Price spread now: BloFin against Phoenix+0.026%7-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 BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.025%−$2 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. BloFin is 0.026% dearer against Phoenix than usual: you sell high and buy low (spread +0.026% 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 25 hours. At the pace of the last 7 days (−0.025% in total) that is about 7.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix MSFT	501.72	0.0080	pay 0.0010% / 1h	56m 54s	$10K	$15K	20x
Short	BloFin MSFT-USDT	501.85	−0.0002	pay 0.0002% / 8h	7h 56m	$188K	$207K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.026%Rate

Funding earned: −$17.17
Price spread: +0.026% → 0.000%: $2.59
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$33.58
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Phoenix: no order-book sample; BloFin: live order book, 8 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 BloFin live order book, 8 min ago	0.10 bp	6.5 bp −$7	9.3 bp −$93	22.4 bp −$2,242	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	−0.0008%	1h	501.76	+0.008%	$687K	$448K	10x	as long as short
BloFin MSFT-USDTshort	−0.0002%	8h	501.85	+0.026%	$188K	$207K	20x
Aster MSFTUSDT	0.0000%	8h	501.71	−0.003%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.66	−0.013%	$337K	$378K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.77	+0.011%	$15.7M	$18.8M	20x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.95	+0.046%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.64	−0.016%	$3.1M	$1.6M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.87	+0.030%	$3.8M	$2.2M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.66	−0.013%	$1.3M	$692K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.74	+0.004%	$18K	$294K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX MSFT-USDT	0.0000%	8h	502.65	+0.185%	$6K	$4.2M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.72	0.000%	$27K	$71K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.67	−0.010%	$59K	$227K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.00	+0.056%	$2.2M	$750K	10x	as long as short
Nado MSFT-PERP	+0.0018%	1h	501.74	+0.004%	$414K	$64K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.55	−0.034%	$618K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0044%	1h	501.76	+0.008%	$1.2M	$5.9M	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.63	−0.018%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.53	−0.038%	$22.3M	$9.4M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.53	−0.038%	$303K	$673K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.80	+0.016%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.66	−0.012%	$529K	$492K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0052%	8h	501.88	+0.032%	$221	—	5x	as long as short
Lighter MSFT	+0.0064%	1h	501.78	+0.012%	$1.1M	$486K	20x	as long as short
Phoenix MSFTlong	+0.0080%	1h	501.72	long leg	$10K	$15K	20x
KuCoin MSFTUSDTM	+0.0100%	8h	501.47	−0.050%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.37	−0.070%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.76	+0.008%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.74	+0.004%	$55	—	10x	as long as short
Hotstuff MSFT-PERP	+0.0120%	1h	501.57	−0.030%	$32K	$8K	20x	as long as short
Bybit MSFTUSDT	+0.0137%	8h	501.94	+0.044%	$7.4M	$1.7M	100x	as long as short
Arcus MSFT-USD	+0.0212%	1h	501.74	+0.004%	$97K	$109K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.20	+0.096%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0374%	4h	501.86	+0.028%	$102K	$242K	10x	as long as short