Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0040%/8h= −4.4% APRpaid last 24h −0.081%

Price spread now: Phemex against Arcus+0.092%7-day average +0.073% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$77as in the Price arb table

costs, in and out, $10k−$780.784% of the position

Long on Arcus Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.151%−$15 on $10k

Price spread, last 3 days (all we have)−0.025%−$2 · spread now +0.092%, 7d avg +0.073%

Together, before fees−0.176%−$18 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.073%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Arcus MSFT-USD	501.07	0.0040	pay 0.0005% / 1h	39m 19s	$97K	$109K	10x
Short	Phemex MSFTUSDT	501.53	0	get 0.0000% / 8h	6h 39m	$2.2M	$758K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Arcus. 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 ArcusbpFee PhemexbpOrdersPrice spread, now +0.092%Rate

Funding earned: −$8.46
Price spread: +0.092% → +0.073%: $1.91
Slippage, 4 orders: −$61.92
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$84.97
Costs to cover: 0.784%
Break-even: never at this rate

Slippage from Arcus: live order book, 29 min ago; Phemex: live order book, 4 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 Arcus live order book, 29 min ago	2.29 bp	8.3 bp −$8	12.7 bp −$127	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	0.70 bp	25.8 bp −$26	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	−0.0040%	1h	500.90	−0.034%	$32K	$8K	20x	as long as short
BloFin MSFT-USDT	−0.0028%	8h	501.33	+0.052%	$189K	$204K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0016%	1h	500.87	−0.040%	$684K	$451K	10x	as long as short
Nado MSFT-PERP	−0.0016%	1h	501.09	+0.004%	$414K	$64K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.46	+0.078%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.29	+0.045%	$342K	$894K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.36	+0.058%	$15.7M	$18.8M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.24	+0.034%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.50	+0.086%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.12	+0.010%	$3.1M	$1.6M	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	501.39	+0.064%	$4.3M	$2.4M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.10	+0.005%	$1.3M	$677K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.24	+0.033%	$19K	$295K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.03	+0.192%	$6K	$4.1M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.13	+0.012%	$27K	$41K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.05	−0.004%	$58K	$226K	20x	as long as short
Phemex MSFTUSDTshort	0.0000%	8h	501.53	+0.092%	$2.2M	$758K	10x
Lighter RH MSFT	+0.0032%	1h	501.09	+0.004%	$618K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0038%	1h	501.18	+0.022%	$1.2M	$5.8M	10x	as long as short
Arcus MSFT-USDlong	+0.0040%	1h	501.07	long leg	$97K	$109K	10x
Vest MSFT-USD-PERP	+0.0046%	1h	501.19	+0.024%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.01	−0.012%	$22.1M	$9.2M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	500.99	−0.016%	$303K	$672K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.30	+0.046%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.93	−0.028%	$513K	$511K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0050%	8h	501.20	+0.027%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.09	+0.004%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	500.97	−0.020%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	500.67	−0.080%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.29	+0.044%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.32	+0.051%	$55	—	10x	as long as short
Lighter MSFT	+0.0128%	1h	501.39	+0.064%	$1.1M	$489K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.56	+0.098%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0251%	4h	501.21	+0.029%	$102K	$241K	10x	as long as short