Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0048%/8h= −5.2% APRpaid last 24h −0.015%

Price spread now: GRVT against Phoenix+0.044%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 GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days−0.062%−$6 on $10k

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

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

The price spread pays, funding is against you. GRVT is 0.044% dearer against Phoenix than usual: you sell high and buy low (spread +0.044% now, against zero (this spread has no 7-day history yet)): +$4 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 3.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix MSFT	501.08	0.0048	pay 0.0006% / 1h	57m 23s	$10K	$15K	20x
Short	GRVT MSFT_USDT_Perp	501.30	0	get 0.0000% / 8h	3h 57m	$19K	$301K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now +0.044%Rate

Funding earned: −$10.06
Price spread: +0.044% → 0.000%: $4.4
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$21.67
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Phoenix: no order-book sample; GRVT: live order book, 60 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 GRVT live order book, 60 min ago	1.20 bp	8.2 bp −$8	doesn't fit	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	−0.0744%	4h	501.26	+0.037%	$102K	$242K	10x	as long as short
Nado MSFT-PERP	−0.0119%	1h	501.18	+0.020%	$414K	$64K	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	−0.0069%	1h	500.93	−0.030%	$27K	$42K	10x	as long as short
tradeXYZ xyz:MSFT	−0.0044%	1h	500.85	−0.046%	$22.1M	$8.7M	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0032%	1h	500.97	−0.022%	$677K	$450K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.20	+0.023%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.21	+0.026%	$337K	$883K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.35	+0.054%	$15.8M	$19.0M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.05	−0.006%	$7.2M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.32	+0.048%	$3.0M	$2.3M	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate MSFT_USDT	0.0000%	8h	501.17	+0.018%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.25	+0.034%	$4.5M	$2.5M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.27	+0.037%	$1.3M	$609K	—	as long as short
GRVT MSFT_USDT_Perpshort	0.0000%	8h	501.30	+0.044%	$19K	$301K	10x
SunX MSFT-USDT	0.0000%	8h	502.11	+0.206%	$6K	$4.0M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.16	+0.016%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.46	+0.076%	$2.2M	$769K	10x	as long as short
BloFin MSFT-USDT	+0.0010%	8h	501.36	+0.056%	$189K	$204K	20x	as long as short
Hotstuff MSFT-PERP	+0.0024%	1h	500.88	−0.040%	$32K	$8K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.06	−0.004%	$677K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0035%	1h	501.24	+0.032%	$1.1M	$4.9M	10x	as long as short
Lighter MSFT	+0.0040%	1h	501.35	+0.054%	$1.1M	$498K	20x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.04	−0.008%	$96K	$111K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.36	+0.056%	—	$1K	25x	as long as short
Phoenix MSFTlong	+0.0048%	1h	501.08	long leg	$10K	$15K	20x
Polymarket Perps MSFT-USD	+0.0050%	1h	500.91	−0.034%	$302K	$697K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.15	+0.014%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.85	−0.046%	$527K	$451K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0055%	8h	501.23	+0.031%	$221	—	5x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	500.91	−0.034%	$1.5M	$20K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.16	+0.016%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.22	+0.028%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.21	+0.026%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.70	+0.323%	$115K	$45K	30x	as long as short