Funding you earn now, next payment 07:00 UTC−0.0064%/8h= −7.0% APRpaid last 24h −0.016%
Price spread now: Phemex against Phoenix+0.119%73s7-day average — · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 7 days−0.066%−$7 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. Phemex is 0.119% dearer against Phoenix than usual: you sell high and buy low (spread +0.119% now, against zero (this spread has no 7-day history yet)): +$12 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 6.3 days. At the pace of the last 7 days (−0.066% in total) that is about 13 days. The two prices were read 73 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 | 503.31 | 0.0064 | pay 0.0008% / 1h | 39m 56s | $11K | $15K | 20x |
| Short | Phemex MSFTUSDT | 503.91 | 0 | get 0.0000% / 8h | 39m 56s | $2.2M | $820K | 10x |
Phoenix MSFT
Phemex MSFTUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phemex 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
- −$13.35
- Price spread: +0.119% → 0.000%
- $11.92
- Slippage, 4 orders
- no order book: not counted
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Phemex: 6 bp × 2 orders
- −$12
- Net
- −$20.43
- Costs to cover
- 0.190%
- Break-even
- never at this rate
Slippage unknown: Phoenix: no order-book sample; Phemex: live order book, 4 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 Phemex live order book, 4 min ago | 1.19 bp | 29.7 bp −$30 | 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 | |
|---|---|---|---|---|---|---|---|---|
| Nado MSFT-PERP | −0.0030% | 1h | 503.43 | +0.023% | $414K | $67K | 20x | as long as short |
| Aster MSFTUSDT | 0.0000% | 8h | 503.55 | +0.048% | $162K | $114K | 20x | as long as short |
| Extended MSFT_24_5-USD | 0.0000% | 1h | 503.69 | +0.076% | $338K | $1.9M | 17x | as long as short |
| Binance MSFTUSDT | 0.0000% | 8h | 503.81 | +0.099% | $15.8M | $19.1M | 20x | as long as short |
| Bybit MSFTUSDT | 0.0000% | 8h | 503.54 | +0.046% | $7.3M | $2.2M | 100x | as long as short |
| OKX MSFT-USDT-SWAP | 0.0000% | 8h | 503.80 | +0.097% | $3.0M | $2.4M | 20x | as long as short |
| Gate MSFT_USDT | 0.0000% | 8h | 503.46 | +0.030% | $3.1M | $1.8M | 100x | as long as short |
| Bitget MSFTUSDT | 0.0000% | 8h | 503.64 | +0.066% | $3.8M | $2.9M | 100x | as long as short |
| Variational Omni MSFT | 0.0000% | 8h | 503.60 | +0.057% | $1.3M | $414K | — | as long as short |
| GRVT MSFT_USDT_Perp | 0.0000% | 8h | 503.62 | +0.062% | $19K | $326K | 10x | as long as short |
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 MSFT
GRVT MSFT_USDT_PerpShow all 34 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| SunX MSFT-USDT | 0.0000% | 8h | 504.49 | +0.234% | $6K | $3.8M | 20x | as long as short |
| Deribit MSFT_USDC-PERPETUAL | 0.0000% | 1h | 503.52 | +0.042% | $27K | $44K | 10x | as long as short |
| Coinbase International MSFT-PERP-INTX | 0.0000% | 1h | 502.97 | −0.068% | $682K | $454K | 10x | as long as short |
| HTX MSFT-USDT | 0.0000% | 8h | 503.56 | +0.050% | $59K | $226K | 20x | as long as short |
| Phemex MSFTUSDTshort | 0.0000% | 8h | 503.91 | +0.119% | $2.2M | $820K | 10x | |
| BloFin MSFT-USDT | +0.0007% | 8h | 503.72 | +0.081% | $190K | $206K | 20x | as long as short |
| Lighter MSFT | +0.0032% | 1h | 503.71 | +0.079% | $1.2M | $532K | 20x | as long as short |
| Lighter RH MSFT | +0.0032% | 1h | 503.59 | +0.056% | $707K | $1.9M | 20x | as long as short |
| QFEX MSFT-USD | +0.0037% | 1h | 503.54 | +0.046% | $1.2M | $4.7M | 10x | as long as short |
| Hotstuff MSFT-PERP | +0.0040% | 1h | 503.21 | −0.020% | $32K | $8K | 20x | as long as short |
| Arcus MSFT-USD | +0.0040% | 1h | 503.36 | +0.010% | $97K | $110K | 10x | as long as short |
| Vest MSFT-USD-PERP | +0.0046% | 1h | 503.68 | +0.074% | — | $1K | 25x | as long as short |
| tradeXYZ xyz:MSFT | +0.0050% | 1h | 503.32 | +0.002% | $22.4M | $8.8M | 20x | as long as short |
| Polymarket Perps MSFT-USD | +0.0050% | 1h | 503.37 | +0.012% | $303K | $717K | 10x | as long as short |
| SoDEX MSFT-USD | +0.0050% | 1h | 503.56 | +0.050% | $60K | $3K | 10x | as long as short |
| Ondo Perps MSFT-USD.P | +0.0050% | 1h | 503.20 | −0.022% | $512K | $428K | 15x | as long as short |
| Paradex MSFT-USD-PERP | +0.0054% | 8h | 503.57 | +0.052% | $222 | — | 5x | as long as short |
| Phoenix MSFTlong | +0.0064% | 1h | 503.31 | long leg | $11K | $15K | 20x | |
| KuCoin MSFTUSDTM | +0.0100% | 8h | 503.19 | −0.024% | $1.6M | $62K | 20x | as long as short |
| ApeX Omni MSFTUSDT | +0.0100% | 1h | 503.27 | −0.008% | $160K | $7K | 50x | as long as short |
| Orderly PERP_MSFT_USDC_mythos | +0.0100% | 8h | 503.58 | +0.054% | $8K | — | 10x | as long as short |
| Aevo MSFT-PERP | +0.0104% | 1h | 503.65 | +0.069% | $55 | — | 10x | as long as short |
| Injective MSFT/USDC PERP | +0.0220% | 1h | 504.82 | +0.300% | $116K | $45K | 30x | as long as short |
| edgeX MSFTUSDC | +0.0347% | 4h | 503.57 | +0.053% | $102K | $242K | 10x | as long as short |
SunX MSFT-USDT
Deribit MSFT_USDC-PERPETUAL
Coinbase International MSFT-PERP-INTX
HTX MSFT-USDT
BloFin MSFT-USDT
Lighter MSFT
Lighter RH MSFT
QFEX MSFT-USD
Hotstuff MSFT-PERP
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
Injective MSFT/USDC PERP
edgeX MSFTUSDC