Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0064%/8h= +7.0% APRpaid last 24h +0.001%

Price spread now: Phoenix against BloFin−0.044%7-day average — · you buy dearer than you sell

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

Long on BloFin Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.026%+$3 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 0.044% cheaper against BloFin than usual: you would sell low and buy high (spread −0.044% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 2.3 days of funding at the current rate (+$2 a day). At the pace of the last 7 days (+0.026% in total) that is about 12 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin MSFT-USDT	503.60	−0.0001	get 0.0001% / 8h	57m 55s	$190K	$206K	20x
Short	Phoenix MSFT	503.38	0.0064	get 0.0008% / 1h	57m 55s	$11K	$15K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against BloFin. 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 BloFinbpFee PhoenixbpOrdersPrice spread, now −0.044%Rate

Funding earned: $13.5
Price spread: −0.044% → 0.000%: −$4.37
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$9.87
Costs to cover: 0.190%
Break-even: 12.1 days

Slippage unknown: BloFin: live order book, 13 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 BloFin live order book, 13 min ago	0.10 bp	8.6 bp −$9	11.1 bp −$111	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	−0.0891%	4h	503.52	−0.016%	$102K	$244K	10x	as long as short
Nado MSFT-PERP	−0.0124%	1h	503.46	−0.028%	$414K	$67K	20x	as long as short
tradeXYZ xyz:MSFT	−0.0021%	1h	503.16	−0.087%	$22.4M	$8.9M	20x	as long as short
BloFin MSFT-USDTlong	−0.0001%	8h	503.60	long leg	$190K	$206K	20x
Aster MSFTUSDT	0.0000%	8h	503.46	−0.027%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.43	−0.033%	$338K	$1.6M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	503.57	−0.006%	$15.8M	$19.4M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.32	−0.056%	$7.3M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	503.51	−0.018%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.28	−0.064%	$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	503.54	−0.012%	$3.8M	$2.9M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	503.65	+0.009%	$1.3M	$414K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	503.66	+0.012%	$19K	$328K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	504.33	+0.145%	$6K	$3.9M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	503.30	−0.060%	$27K	$44K	10x	as long as short
Coinbase International MSFT-PERP-INTX	0.0000%	1h	503.66	+0.012%	$682K	$462K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.38	−0.044%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	503.64	+0.008%	$2.2M	$823K	10x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.35	−0.050%	$695K	$1.9M	20x	as long as short
QFEX MSFT-USD	+0.0039%	1h	503.54	−0.012%	$1.2M	$4.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.33	−0.054%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.71	+0.022%	—	$1K	25x	as long as short
Hotstuff MSFT-PERP	+0.0048%	1h	503.21	−0.077%	$32K	$8K	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.22	−0.075%	$303K	$717K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.37	−0.046%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.22	−0.075%	$512K	$439K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0056%	8h	503.46	−0.028%	$222	—	5x	as long as short
Phoenix MSFTshort	+0.0064%	1h	503.38	−0.044%	$11K	$15K	20x
Lighter MSFT	+0.0064%	1h	503.54	−0.012%	$1.2M	$518K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	502.96	−0.127%	$1.6M	$61K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.41	−0.038%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.48	−0.024%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.46	−0.028%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	503.98	+0.075%	$115K	$45K	30x	as long as short