Funding you earn now, next payment 08:00 UTC+0.0012%/8h= +1.3% APRnext payment +$0.02 per $10,000 · paid last 24h −0.011%
Price spread now: Deribit against Phoenix+0.024%50s7-day average — · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 5 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
Both sides work for this trade now. Funding pays $0 a day on $10k at the current rate, and Deribit is 0.024% dearer against Phoenix than usual: you sell high and buy low: +$2 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 50 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 | 503.73 | 0.0016 | pay 0.0002% / 1h | 13m 23s | $11K | $15K | 20x |
| Short | Deribit MSFT_USDC-PERPETUAL | 503.85 | 0.0028 | get 0.0003% / 1h | 13m 23s | $27K | $45K | 10x |
Phoenix MSFT
Deribit MSFT_USDC-PERPETUALFunding history
latest
Range statsloading…
Price spread between the two exchanges
Deribit 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
- $2.53
- Price spread: +0.024% → 0.000%
- $2.38
- Slippage, 4 orders
- no order book: not counted
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Net
- −$9.09
- Costs to cover
- 0.140%
- Break-even
- 32.1 days
Slippage unknown: Phoenix: no order-book sample; Deribit: no order-book sample. 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 Deribit no order-book sample | — | — | — | — | — |
Phoenix and Deribit: 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 | −0.0056% | 1h | 503.64 | −0.018% | $685K | $450K | 10x | as long as short |
| Nado MSFT-PERP | −0.0011% | 1h | 503.79 | +0.011% | $415K | $67K | 20x | as long as short |
| Aster MSFTUSDT | 0.0000% | 8h | 504.13 | +0.079% | $162K | $114K | 20x | as long as short |
| Extended MSFT_24_5-USD | 0.0000% | 1h | 503.99 | +0.052% | $335K | $1.9M | 17x | as long as short |
| Binance MSFTUSDT | 0.0000% | 8h | 504.13 | +0.080% | $16.3M | $19.5M | 20x | as long as short |
| Bybit MSFTUSDT | 0.0000% | 8h | 503.77 | +0.008% | $7.2M | $2.3M | 100x | as long as short |
| OKX MSFT-USDT-SWAP | 0.0000% | 8h | 504.12 | +0.077% | $3.0M | $2.4M | 20x | as long as short |
| Gate MSFT_USDT | 0.0000% | 8h | 503.82 | +0.018% | $3.1M | $1.9M | 100x | as long as short |
| Bitget MSFTUSDT | 0.0000% | 8h | 504.04 | +0.062% | $3.9M | $2.8M | 100x | as long as short |
| Variational Omni MSFT | 0.0000% | 8h | 504.13 | +0.080% | $1.3M | $392K | — | as long as short |
Coinbase International MSFT-PERP-INTX
Nado MSFT-PERP
Aster MSFTUSDT
Extended MSFT_24_5-USD
Binance MSFTUSDT
Bybit MSFTUSDT
OKX MSFT-USDT-SWAP
Gate MSFT_USDT
Bitget MSFTUSDT
Variational Omni MSFTShow all 34 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| GRVT MSFT_USDT_Perp | 0.0000% | 8h | 504.10 | +0.073% | $19K | $314K | 10x | as long as short |
| SunX MSFT-USDT | 0.0000% | 8h | 504.98 | +0.248% | $6K | $3.5M | 20x | as long as short |
| HTX MSFT-USDT | 0.0000% | 8h | 504.07 | +0.067% | $58K | $225K | 20x | as long as short |
| Phemex MSFTUSDT | 0.0000% | 8h | 504.35 | +0.123% | $2.2M | $851K | 10x | as long as short |
| Phoenix MSFTlong | +0.0016% | 1h | 503.73 | long leg | $11K | $15K | 20x | |
| QFEX MSFT-USD | +0.0023% | 1h | 504.02 | +0.058% | $1.1M | $4.6M | 10x | as long as short |
| BloFin MSFT-USDT | +0.0027% | 8h | 504.09 | +0.071% | $192K | $204K | 20x | as long as short |
| Deribit MSFT_USDC-PERPETUALshort | +0.0028% | 1h | 503.85 | +0.024% | $27K | $45K | 10x | |
| Lighter MSFT | +0.0032% | 1h | 503.91 | +0.036% | $1.2M | $526K | 20x | as long as short |
| Lighter RH MSFT | +0.0032% | 1h | 503.96 | +0.046% | $701K | $1.9M | 20x | as long as short |
| Arcus MSFT-USD | +0.0040% | 1h | 503.83 | +0.020% | $97K | $110K | 10x | as long as short |
| Vest MSFT-USD-PERP | +0.0046% | 1h | 504.09 | +0.071% | — | $1K | 25x | as long as short |
| tradeXYZ xyz:MSFT | +0.0050% | 1h | 503.51 | −0.044% | $22.4M | $8.9M | 20x | as long as short |
| Polymarket Perps MSFT-USD | +0.0050% | 1h | 503.82 | +0.018% | $303K | $650K | 10x | as long as short |
| SoDEX MSFT-USD | +0.0050% | 1h | 503.87 | +0.028% | $60K | $3K | 10x | as long as short |
| Ondo Perps MSFT-USD.P | +0.0050% | 1h | 503.65 | −0.016% | $536K | $392K | 15x | as long as short |
| Paradex MSFT-USD-PERP | +0.0056% | 8h | 503.92 | +0.038% | $222 | — | 5x | as long as short |
| KuCoin MSFTUSDTM | +0.0100% | 8h | 503.57 | −0.032% | $1.6M | $128K | 20x | as long as short |
| ApeX Omni MSFTUSDT | +0.0100% | 1h | 503.75 | +0.004% | $160K | $7K | 50x | as long as short |
| Orderly PERP_MSFT_USDC_mythos | +0.0100% | 8h | 503.77 | +0.008% | $8K | — | 10x | as long as short |
| Aevo MSFT-PERP | +0.0104% | 1h | 503.98 | +0.049% | $55 | — | 10x | as long as short |
| Hotstuff MSFT-PERP | +0.0216% | 1h | 503.55 | −0.036% | $32K | $8K | 20x | as long as short |
| Injective MSFT/USDC PERP | +0.0220% | 1h | 505.30 | +0.312% | $116K | $45K | 30x | as long as short |
| edgeX MSFTUSDC | +0.0856% | 4h | 504.04 | +0.061% | $103K | $244K | 10x | as long as short |
GRVT MSFT_USDT_Perp
SunX MSFT-USDT
HTX MSFT-USDT
Phemex MSFTUSDT
QFEX MSFT-USD
BloFin MSFT-USDT
Lighter MSFT
Lighter RH MSFT
Arcus MSFT-USD
Vest MSFT-USD-PERP
tradeXYZ xyz:MSFT
Polymarket Perps MSFT-USD
SoDEX MSFT-USD
Ondo Perps MSFT-USD.P
Paradex MSFT-USD-PERP
KuCoin MSFTUSDTM
ApeX Omni MSFTUSDT
Orderly PERP_MSFT_USDC_mythos
Aevo MSFT-PERP
Hotstuff MSFT-PERP
Injective MSFT/USDC PERP
edgeX MSFTUSDC