Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.015%

Price spread now: Phemex against Polymarket Perps+0.149%7-day average +0.121% · you sell dearer than you buy

Net, funding: paid 7d − costs−$87as in the Funding arb table

Net, price: spread back to 7d avg − costs−$73as in the Price arb table

costs, in and out, $10k−$760.760% of the position

Long on Polymarket Perps Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.111%−$11 on $10k

Price spread, last 4 days (all we have)−0.028%−$3 · spread now +0.149%, 7d avg +0.121%

Together, before fees−0.138%−$14 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.028% dearer against Polymarket Perps than usual: you sell high and buy low (spread +0.149% now, against its 7-day average of +0.121%): +$3 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 45 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps MSFT-USD	503.96	0.0050	pay 0.0006% / 1h	13m 34s	$303K	$719K	10x
Short	Phemex MSFTUSDT	504.71	0	get 0.0000% / 8h	2h 13m	$2.2M	$812K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Polymarket Perps. 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 Polymarket PerpsbpFee PhemexbpOrdersPrice spread, now +0.149%Rate

Funding earned: −$10.5
Price spread: +0.149% → +0.121%: $2.81
Slippage, 4 orders: −$55.99
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$83.67
Costs to cover: 0.760%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 34 min ago; Phemex: live order book, 5 min ago.

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 Polymarket Perps live order book, 34 min ago	1.19 bp	5.2 bp −$5	6.7 bp −$67	9.1 bp −$915	doesn't fit
Sell Phemex live order book, 5 min ago	0.40 bp	31.2 bp −$31	doesn't fit	doesn't fit	doesn't fit

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
Hotstuff MSFT-PERP	−0.0096%	1h	503.91	−0.010%	$33K	$8K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0064%	1h	503.76	−0.040%	$684K	$493K	10x	as long as short
Nado MSFT-PERP	−0.0027%	1h	504.04	+0.016%	$415K	$68K	20x	as long as short
BloFin MSFT-USDT	−0.0021%	8h	504.40	+0.087%	$190K	$206K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.99	+0.005%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	504.23	+0.054%	$338K	$1.2M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	504.37	+0.081%	$15.8M	$19.5M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	504.09	+0.026%	$7.2M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	504.49	+0.105%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	504.17	+0.042%	$3.1M	$1.8M	100x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MSFTUSDT	0.0000%	8h	504.40	+0.087%	$3.8M	$3.0M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	504.27	+0.062%	$1.3M	$477K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	504.23	+0.054%	$18K	$323K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	505.21	+0.248%	$6K	$3.9M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	504.30	+0.067%	$59K	$226K	20x	as long as short
Phemex MSFTUSDTshort	0.0000%	8h	504.71	+0.149%	$2.2M	$812K	10x
Phoenix MSFT	+0.0016%	1h	503.99	+0.006%	$11K	$15K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	504.09	+0.026%	$693K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0036%	1h	504.26	+0.060%	$1.2M	$4.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	504.07	+0.022%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	504.26	+0.060%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	503.89	−0.014%	$22.4M	$9.0M	20x	as long as short
Polymarket Perps MSFT-USDlong	+0.0050%	1h	503.96	long leg	$303K	$719K	10x
SoDEX MSFT-USD	+0.0050%	1h	504.24	+0.056%	$61K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.75	−0.042%	$518K	$471K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0056%	8h	504.24	+0.055%	$222	—	5x	as long as short
Lighter MSFT	+0.0080%	1h	504.31	+0.069%	$1.2M	$516K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.66	−0.060%	$1.6M	$57K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.83	−0.026%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	504.23	+0.054%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	504.29	+0.065%	$55	—	10x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0187%	1h	504.18	+0.044%	$27K	$43K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	504.42	+0.091%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0633%	4h	504.28	+0.064%	$103K	$244K	10x	as long as short