Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Phemex against SunX−0.125%7-day average −0.120% · you buy dearer than you sell

Net, funding: paid 7d − costs−$278as in the Funding arb table

Net, price: spread back to 7d avg − costs−$279as in the Price arb table

costs, in and out, $10k−$2782.784% of the position

Long on SunX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days0.000%$0 on $10k

Price spread, last 3 days (all we have)−0.014%−$1 · spread now −0.125%, 7d avg −0.120%

Together, before fees−0.014%−$1 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX MSFT-USDT	502.50	0	get 0.0000% / 8h	2h 20m	$6K	$4.4M	20x
Short	Phemex MSFTUSDT	501.87	0	get 0.0000% / 8h	2h 20m	$2.2M	$765K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against SunX. 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 SunXbpFee PhemexbpOrdersPrice spread, now −0.125%Rate

Funding earned: $0
Price spread: −0.125% → −0.120%: −$0.57
Slippage, 4 orders: −$258.43
Fee SunX: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$279
Costs to cover: 2.784%
Break-even: never at this rate

Slippage from SunX: live order book, 7 min ago; Phemex: live order book, 3 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 SunX live order book, 7 min ago	29.16 bp	111.5 bp −$112	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 3 min ago	0.30 bp	29.8 bp −$30	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
edgeX MSFTUSDC	−0.0470%	4h	501.67	−0.166%	$102K	$243K	10x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0040%	1h	501.47	−0.205%	$690K	$434K	10x	as long as short
Nado MSFT-PERP	−0.0023%	1h	501.47	−0.204%	$414K	$64K	20x	as long as short
BloFin MSFT-USDT	−0.0018%	8h	501.64	−0.171%	$188K	$209K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.89	−0.121%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.69	−0.161%	$372K	$369K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.74	−0.150%	$15.7M	$19.3M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.79	−0.141%	$7.4M	$1.7M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.66	−0.167%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.54	−0.191%	$3.1M	$1.5M	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	501.75	−0.149%	$3.8M	$2.2M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.67	−0.166%	$1.3M	$726K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.73	−0.152%	$18K	$330K	10x	as long as short
SunX MSFT-USDTlong	0.0000%	8h	502.50	long leg	$6K	$4.4M	20x
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.68	−0.163%	$27K	$104K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.59	−0.181%	$59K	$230K	20x	as long as short
Phemex MSFTUSDTshort	0.0000%	8h	501.87	−0.125%	$2.2M	$765K	10x
Hotstuff MSFT-PERP	+0.0024%	1h	501.40	−0.219%	$32K	$8K	20x	as long as short
Lighter MSFT	+0.0032%	1h	501.66	−0.167%	$1.1M	$653K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.56	−0.187%	$652K	$2.2M	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.70	−0.159%	—	—	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.40	−0.219%	$22.2M	$10.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.30	−0.239%	$309K	$683K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.66	−0.167%	$60K	$3K	10x	as long as short
Paradex MSFT-USD-PERP	+0.0050%	8h	501.62	−0.175%	$221	—	5x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.24	−0.251%	$521K	$485K	15x	as long as short
QFEX MSFT-USD	+0.0050%	1h	501.69	−0.161%	$1.2M	$5.7M	10x	as long as short
Phoenix MSFT	+0.0096%	1h	501.56	−0.187%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.19	−0.261%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.55	−0.189%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.58	−0.183%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.63	−0.174%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.03	−0.094%	$115K	$45K	30x	as long as short
Arcus MSFT-USD	+0.0531%	1h	501.55	−0.189%	$109K	$90K	10x	as long as short