Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0013%/8h= −1.5% APRpaid last 24h −0.082%

Price spread now: edgeX against Phoenix+0.137%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 edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.033%−$3 on $10k

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

Together, before fees—+ Points / potential airdropedgeX: Active · farm boardneeds both histories

The price spread pays, funding is against you. edgeX is 0.137% dearer against Phoenix than usual: you sell high and buy low (spread +0.137% now, against zero (this spread has no 7-day history yet)): +$14 on $10k if it goes back. Holding the pair costs $0 a day in funding at the current rate, which eats that in about 34 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix MSFT	503.05	0.0064	pay 0.0008% / 1h	53m 33s	$11K	$15K	20x
Short	edgeX MSFTUSDC	503.74	0.0050	get 0.0025% / 4h	3h 53m	$102K	$242K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now +0.137%Rate

Funding earned: −$2.83
Price spread: +0.137% → 0.000%: $13.74
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$5.09
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Phoenix: no order-book sample; edgeX: live order book, 44 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 edgeX live order book, 44 min ago	5.26 bp	9.9 bp −$10	12.2 bp −$122	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
Coinbase International MSFT-PERP-INTX	−0.0056%	1h	504.26	+0.241%	$689K	$477K	10x	as long as short
Nado MSFT-PERP	−0.0055%	1h	504.21	+0.231%	$415K	$67K	20x	as long as short
Hotstuff MSFT-PERP	−0.0040%	1h	504.24	+0.237%	$33K	$8K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	504.48	+0.285%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	504.74	+0.336%	$339K	$1.9M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	504.88	+0.364%	$15.9M	$19.1M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	504.63	+0.314%	$7.2M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	504.97	+0.382%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	504.63	+0.314%	$3.1M	$1.8M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	504.90	+0.368%	$3.9M	$2.9M	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	503.97	+0.183%	$1.3M	$392K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	503.46	+0.081%	$19K	$318K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	505.46	+0.479%	$6K	$3.7M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	504.47	+0.282%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	505.13	+0.413%	$2.2M	$823K	10x	as long as short
BloFin MSFT-USDT	+0.0017%	8h	504.30	+0.248%	$192K	$205K	20x	as long as short
QFEX MSFT-USD	+0.0023%	1h	504.75	+0.338%	$1.2M	$4.6M	10x	as long as short
Lighter MSFT	+0.0032%	1h	504.72	+0.332%	$1.2M	$509K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	504.68	+0.324%	$706K	$1.8M	20x	as long as short
Arcus MSFT-USD	+0.0040%	1h	504.55	+0.298%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	504.52	+0.292%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	504.38	+0.264%	$22.5M	$8.8M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	504.06	+0.201%	$304K	$704K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	504.39	+0.266%	$61K	$3K	10x	as long as short
edgeX MSFTUSDCshort	+0.0050%	4h	503.74	+0.137%	$102K	$242K	10x
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.83	+0.155%	$513K	$426K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0052%	8h	504.72	+0.331%	$222	—	5x	as long as short
Phoenix MSFTlong	+0.0064%	1h	503.05	long leg	$11K	$15K	20x
KuCoin MSFTUSDTM	+0.0100%	8h	504.24	+0.237%	$1.6M	$89K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	502.95	−0.020%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	504.45	+0.278%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	504.43	+0.274%	$55	—	10x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0186%	1h	504.53	+0.294%	$27K	$44K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	503.87	+0.163%	$115K	$45K	30x	as long as short