Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0064%/8h= +7.0% APRpaid last 24h +0.016%

Price spread now: Phoenix against SunX−0.232%69s7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on SunX Short on Phoenix

What this pair did over the last

the charts below follow

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

Funding pays, the price is against you. Phoenix is 0.232% cheaper against SunX than usual: you would sell low and buy high (spread −0.232% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$23 on $10k: about 12 days of funding at the current rate (+$2 a day). At the pace of the last 7 days (+0.066% in total) that is about 24 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	SunX MSFT-USDT	504.45	0	get 0.0000% / 8h	0m 01s	$6K	$3.8M	20x
Short	Phoenix MSFT	503.28	0.0064	get 0.0008% / 1h	1h 00m	$11K	$15K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.232%Rate

Funding earned: $13.35
Price spread: −0.232% → 0.000%: −$23.19
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$24.84
Costs to cover: 0.150%
Break-even: 20.0 days

Slippage unknown: SunX: live order book, 8 min ago; Phoenix: no order-book sample. 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 SunX live order book, 8 min ago	29.44 bp	111.2 bp −$111	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix no order-book sample	—	—	—	—	—

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	−0.0646%	4h	503.49	−0.190%	$102K	$244K	10x	as long as short
Nado MSFT-PERP	−0.0060%	1h	503.63	−0.162%	$415K	$67K	20x	as long as short
tradeXYZ xyz:MSFT	−0.0014%	1h	503.27	−0.234%	$22.4M	$8.8M	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.54	−0.180%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.44	−0.200%	$339K	$1.9M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	503.65	−0.159%	$15.8M	$19.1M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.41	−0.206%	$7.2M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	503.82	−0.125%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.42	−0.204%	$3.1M	$1.9M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	503.59	−0.170%	$3.8M	$2.9M	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	503.61	−0.166%	$1.3M	$400K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	503.52	−0.184%	$19K	$320K	10x	as long as short
SunX MSFT-USDTlong	0.0000%	8h	504.45	long leg	$6K	$3.8M	20x
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	503.53	−0.182%	$27K	$44K	10x	as long as short
Coinbase International MSFT-PERP-INTX	0.0000%	1h	503.16	−0.256%	$681K	$460K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.57	−0.174%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	503.92	−0.105%	$2.2M	$819K	10x	as long as short
BloFin MSFT-USDT	+0.0021%	8h	503.70	−0.149%	$191K	$206K	20x	as long as short
Hotstuff MSFT-PERP	+0.0024%	1h	503.20	−0.248%	$32K	$8K	20x	as long as short
Lighter MSFT	+0.0032%	1h	503.53	−0.182%	$1.2M	$532K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.55	−0.178%	$706K	$1.9M	20x	as long as short
QFEX MSFT-USD	+0.0037%	1h	503.58	−0.172%	$1.1M	$4.6M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.36	−0.216%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.72	−0.145%	—	$1K	25x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.28	−0.232%	$303K	$717K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.47	−0.194%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.25	−0.238%	$513K	$429K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0052%	8h	503.68	−0.153%	$222	—	5x	as long as short
Phoenix MSFTshort	+0.0064%	1h	503.28	−0.232%	$11K	$15K	20x
KuCoin MSFTUSDTM	+0.0100%	8h	503.15	−0.258%	$1.6M	$82K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.41	−0.206%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.57	−0.174%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.64	−0.161%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	503.80	−0.129%	$115K	$45K	30x	as long as short