Funding arb · Price arb /

MSFT

RWAall MSFT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h +0.006%

Price spread now: Phemex against Coinbase International+0.103%7-day average +0.157% · you sell dearer than you buy

Net, funding: paid 7d − costs−$69as in the Funding arb table

Net, price: spread back to 7d avg − costs−$78as in the Price arb table

costs, in and out, $10k−$720.722% of the position

Long on Coinbase International Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.028%+$3 on $10k

Price spread, last 4 days (all we have)−0.018%−$2 · spread now +0.103%, 7d avg +0.157%

Together, before fees+0.010%+$1 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phemex is 0.053% cheaper against Coinbase International than usual: you would sell low and buy high (spread +0.103% now, against its 7-day average of +0.157%). If the spread goes back, that is −$5 on $10k: about 5.5 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.028% in total) that is about 13 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International MSFT-PERP-INTX	502.66	−0.0032	get 0.0004% / 1h	16m 51s	$680K	$451K	10x
Short	Phemex MSFTUSDT	503.18	0	get 0.0000% / 8h	3h 16m	$2.2M	$786K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Coinbase International. 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 Coinbase InternationalbpFee PhemexbpOrdersPrice spread, now +0.103%Rate

Funding earned: $6.72
Price spread: +0.103% → +0.157%: −$5.32
Slippage, 4 orders: −$50.22
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$70.82
Costs to cover: 0.722%
Break-even: 80.8 days

Slippage from Coinbase International: live order book, 36 min ago; Phemex: live order book, 2 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 Coinbase International live order book, 36 min ago	1.70 bp	7.4 bp −$7	11.1 bp −$111	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	0.99 bp	29.9 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	−0.0148%	4h	503.01	+0.069%	$102K	$243K	10x	as long as short
Nado MSFT-PERP	−0.0105%	1h	503.13	+0.093%	$415K	$64K	20x	as long as short
Coinbase International MSFT-PERP-INTXlong	−0.0032%	1h	502.66	long leg	$680K	$451K	10x
Deribit MSFT_USDC-PERPETUAL	−0.0028%	1h	502.90	+0.048%	$27K	$42K	10x	as long as short
tradeXYZ xyz:MSFT	−0.0010%	1h	502.81	+0.030%	$22.2M	$8.8M	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.10	+0.087%	$162K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.09	+0.085%	$339K	$884K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	503.20	+0.107%	$15.8M	$19.2M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	502.99	+0.066%	$7.2M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	503.30	+0.127%	$3.0M	$2.3M	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate MSFT_USDT	0.0000%	8h	503.02	+0.072%	$3.1M	$1.8M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	503.08	+0.084%	$4.4M	$2.6M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	503.01	+0.069%	$1.3M	$606K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	503.14	+0.095%	$19K	$301K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	503.97	+0.261%	$6K	$4.0M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.09	+0.086%	$59K	$226K	20x	as long as short
Phemex MSFTUSDTshort	0.0000%	8h	503.18	+0.103%	$2.2M	$786K	10x
BloFin MSFT-USDT	+0.0019%	8h	503.21	+0.109%	$189K	$205K	20x	as long as short
Lighter MSFT	+0.0032%	1h	503.33	+0.133%	$1.1M	$504K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.06	+0.080%	$680K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0035%	1h	503.01	+0.070%	$1.1M	$4.9M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	502.77	+0.022%	$96K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.23	+0.113%	—	$1K	25x	as long as short
Phoenix MSFT	+0.0048%	1h	502.88	+0.044%	$11K	$15K	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	502.80	+0.028%	$304K	$705K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.00	+0.068%	$60K	$3K	10x	as long as short
Paradex MSFT-USD-PERP	+0.0050%	8h	503.05	+0.078%	$221	—	5x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	502.58	−0.016%	$512K	$462K	15x	as long as short
Hotstuff MSFT-PERP	+0.0064%	1h	502.74	+0.016%	$32K	$8K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	502.75	+0.018%	$1.6M	$55K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	502.91	+0.050%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.15	+0.097%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.06	+0.079%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	503.08	+0.084%	$115K	$45K	30x	as long as short