Funding arb · Price arb /

MSFT

RWAall MSFT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0080%/8h= −8.7% APRpaid last 24h −0.013%

Price spread now: SunX against Phoenix+0.222%69s7-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 SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.061%−$6 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. SunX is 0.222% dearer against Phoenix than usual: you sell high and buy low (spread +0.222% now, against zero (this spread has no 7-day history yet)): +$22 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 9.3 days. At the pace of the last 7 days (−0.061% in total) that is about 25 days. The two prices were read 69 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	501.07	0.0080	pay 0.0010% / 1h	8m 07s	$10K	$15K	20x
Short	SunX MSFT-USDT	502.18	0	get 0.0000% / 8h	7h 08m	$6K	$4.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.222%Rate

Funding earned: −$16.74
Price spread: +0.222% → 0.000%: $22.15
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee SunX: 4 bp × 2 orders: −$8
Net: −$9.59
Costs to cover: 0.150%
Break-even: from the start

Slippage unknown: Phoenix: no order-book sample; SunX: live order book, 10 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 SunX live order book, 10 min ago	30.16 bp	105.8 bp −$106	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	−0.0383%	4h	501.35	+0.057%	$102K	$242K	10x	as long as short
BloFin MSFT-USDT	−0.0018%	8h	501.41	+0.068%	$188K	$205K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0008%	1h	501.03	−0.008%	$685K	$453K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.43	+0.071%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.31	+0.047%	$342K	$905K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.43	+0.073%	$15.7M	$18.7M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.26	+0.038%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.38	+0.062%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.16	+0.018%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.41	+0.068%	$3.8M	$2.1M	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	501.33	+0.052%	$1.3M	$690K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.50	+0.086%	$19K	$293K	10x	as long as short
SunX MSFT-USDTshort	0.0000%	8h	502.18	+0.222%	$6K	$4.1M	20x
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.06	−0.002%	$27K	$41K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.21	+0.028%	$58K	$227K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.76	+0.138%	$2.2M	$760K	10x	as long as short
Nado MSFT-PERP	+0.0012%	1h	501.13	+0.013%	$414K	$64K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.25	+0.036%	$619K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0044%	1h	501.29	+0.044%	$1.1M	$5.8M	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.21	+0.028%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	500.98	−0.018%	$22.1M	$9.2M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	500.95	−0.024%	$303K	$672K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.23	+0.032%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.92	−0.030%	$514K	$503K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0051%	8h	501.24	+0.033%	$221	—	5x	as long as short
Phoenix MSFTlong	+0.0080%	1h	501.07	long leg	$10K	$15K	20x
KuCoin MSFTUSDTM	+0.0100%	8h	501.22	+0.030%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	500.98	−0.018%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.24	+0.034%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.22	+0.030%	$55	—	10x	as long as short
Lighter MSFT	+0.0112%	1h	501.48	+0.082%	$1.1M	$486K	20x	as long as short
Hotstuff MSFT-PERP	+0.0176%	1h	500.97	−0.020%	$32K	$8K	20x	as long as short
Arcus MSFT-USD	+0.0212%	1h	501.23	+0.032%	$97K	$109K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.76	+0.138%	$115K	$45K	30x	as long as short