Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0080%/8h= −8.7% APRpaid last 24h −0.010%

Price spread now: Bybit against Phoenix+0.014%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 Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.053%−$5 on $10k

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: −$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix MSFT	501.24	0.0080	pay 0.0010% / 1h	13m 08s	$10K	$15K	20x
Short	Bybit MSFTUSDT	501.31	0	get 0.0000% / 8h	7h 13m	$7.4M	$1.6M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.014%Rate

Funding earned: −$16.74
Price spread: +0.014% → 0.000%: $1.4
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$33.35
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Phoenix: no order-book sample; Bybit: 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 Bybit live order book, 5 min ago	1.10 bp	9.8 bp −$10	17.7 bp −$177	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	−0.0508%	4h	501.42	+0.036%	$102K	$244K	10x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0008%	1h	501.24	0.000%	$685K	$453K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.49	+0.050%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.39	+0.030%	$337K	$900K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.50	+0.052%	$15.7M	$18.7M	20x	as long as short
Bybit MSFTUSDTshort	0.0000%	8h	501.31	+0.014%	$7.4M	$1.6M	100x
OKX MSFT-USDT-SWAP	0.0000%	8h	501.59	+0.070%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.36	+0.024%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.51	+0.054%	$3.8M	$2.1M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.45	+0.041%	$1.3M	$690K	—	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT MSFT_USDT_Perp	0.0000%	8h	501.51	+0.054%	$19K	$293K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.29	+0.209%	$6K	$4.1M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.13	−0.022%	$27K	$41K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.43	+0.038%	$58K	$227K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.07	+0.166%	$2.2M	$760K	10x	as long as short
BloFin MSFT-USDT	+0.0007%	8h	501.51	+0.054%	$188K	$205K	20x	as long as short
Nado MSFT-PERP	+0.0018%	1h	501.12	−0.024%	$414K	$64K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.30	+0.012%	$619K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0044%	1h	501.44	+0.040%	$1.1M	$5.8M	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.31	+0.014%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.15	−0.018%	$22.2M	$9.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.17	−0.014%	$303K	$672K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.39	+0.030%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.99	−0.050%	$514K	$503K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0051%	8h	501.40	+0.032%	$221	—	5x	as long as short
Phoenix MSFTlong	+0.0080%	1h	501.24	long leg	$10K	$15K	20x
KuCoin MSFTUSDTM	+0.0100%	8h	501.33	+0.018%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.13	−0.022%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.41	+0.034%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.38	+0.028%	$55	—	10x	as long as short
Lighter MSFT	+0.0120%	1h	501.53	+0.058%	$1.1M	$486K	20x	as long as short
Hotstuff MSFT-PERP	+0.0152%	1h	501.22	−0.004%	$32K	$8K	20x	as long as short
Arcus MSFT-USD	+0.0212%	1h	501.32	+0.016%	$97K	$109K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.82	+0.116%	$115K	$45K	30x	as long as short