Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0020%/8h= −2.2% APRpaid last 24h −0.018%

Price spread now: Phoenix against KuCoin+0.090%78s7-day average — · you sell dearer than you buy

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

Long on KuCoin Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.105%−$10 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Phoenix is 0.090% dearer against KuCoin than usual: you sell high and buy low (spread +0.090% now, against zero (this spread has no 7-day history yet)): +$9 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 15 days. At the pace of the last 7 days (−0.105% in total) that is about 6.0 days. The two prices were read 78 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	KuCoin MSFTUSDTM	501.32	0.0100	pay 0.0100% / 8h	13m 56s	$1.5M	$19K	20x
Short	Phoenix MSFT	501.77	0.0080	get 0.0010% / 1h	13m 56s	$10K	$15K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against KuCoin. 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 KuCoinbpFee PhoenixbpOrdersPrice spread, now +0.090%Rate

Funding earned: −$4.26
Price spread: +0.090% → 0.000%: $8.98
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$14.28
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: KuCoin: live order book, 2 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 KuCoin live order book, 2 min ago	7.78 bp	106.4 bp −$106	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
Nado MSFT-PERP	−0.0025%	1h	501.67	+0.070%	$414K	$64K	20x	as long as short
BloFin MSFT-USDT	−0.0019%	8h	501.85	+0.106%	$188K	$209K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0016%	1h	501.76	+0.088%	$687K	$449K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	502.06	+0.147%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.74	+0.085%	$337K	$392K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.84	+0.104%	$15.7M	$19.1M	20x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	502.05	+0.146%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.62	+0.060%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.87	+0.110%	$3.8M	$2.3M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.88	+0.112%	$1.3M	$692K	—	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT MSFT_USDT_Perp	0.0000%	8h	501.94	+0.124%	$19K	$295K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.58	+0.251%	$6K	$4.3M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.64	+0.064%	$27K	$101K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.70	+0.076%	$59K	$228K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.95	+0.126%	$2.2M	$749K	10x	as long as short
Hotstuff MSFT-PERP	+0.0024%	1h	501.49	+0.034%	$32K	$8K	20x	as long as short
Bybit MSFTUSDT	+0.0030%	8h	501.97	+0.130%	$7.4M	$1.7M	100x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.75	+0.086%	$619K	$2.1M	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.81	+0.098%	—	$1K	25x	as long as short
QFEX MSFT-USD	+0.0049%	1h	501.84	+0.104%	$1.1M	$5.9M	10x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.58	+0.052%	$22.3M	$9.4M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.53	+0.042%	$303K	$678K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.75	+0.086%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.50	+0.036%	$529K	$493K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0052%	8h	501.78	+0.091%	$221	—	5x	as long as short
Phoenix MSFTshort	+0.0080%	1h	501.77	+0.090%	$10K	$15K	20x
KuCoin MSFTUSDTMlong	+0.0100%	8h	501.32	long leg	$1.5M	$19K	20x
ApeX Omni MSFTUSDT	+0.0100%	1h	501.48	+0.032%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.74	+0.084%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.76	+0.089%	$55	—	10x	as long as short
Lighter MSFT	+0.0160%	1h	501.94	+0.124%	$1.1M	$586K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.46	+0.227%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0235%	4h	501.91	+0.118%	$102K	$244K	10x	as long as short
Arcus MSFT-USD	+0.0286%	1h	501.74	+0.084%	$97K	$109K	10x	as long as short