Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0020%/8h= −2.2% APRpaid last 24h −0.016%

Price spread now: Phoenix against Orderly−0.004%66s7-day average — · you buy dearer than you sell

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

Long on Orderly Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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

Together, before fees—needs both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$1 a day on $10k at the current rate. The two prices were read 66 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	Orderly PERP_MSFT_USDC_mythos	501.62	0.0100	pay 0.0100% / 8h	6h 16m	$8K	—	10x
Short	Phoenix MSFT	501.60	0.0080	get 0.0010% / 1h	16m 23s	$10K	$15K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Orderly. 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 OrderlybpFee PhoenixbpOrdersPrice spread, now −0.004%Rate

Funding earned: −$4.23
Price spread: −0.004% → 0.000%: −$0.4
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$17.63
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; 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 Orderly no order-book sample	—	—	—	—	—
Sell Phoenix no order-book sample	—	—	—	—	—

Orderly and 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 33 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
Coinbase International MSFT-PERP-INTX	−0.0016%	1h	501.22	−0.080%	$679K	$457K	10x	as long as short
Nado MSFT-PERP	−0.0003%	1h	501.59	−0.005%	$414K	$64K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.81	+0.038%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.61	−0.002%	$337K	$899K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.70	+0.016%	$15.6M	$18.8M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.70	+0.016%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.90	+0.056%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.57	−0.010%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.71	+0.018%	$4.5M	$2.5M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.69	+0.014%	$1.3M	$682K	—	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT MSFT_USDT_Perp	0.0000%	8h	501.75	+0.026%	$18K	$296K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.54	+0.183%	$6K	$4.1M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.63	+0.002%	$27K	$41K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.62	0.000%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.05	+0.086%	$2.2M	$765K	10x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.58	−0.008%	$624K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0038%	1h	501.64	+0.004%	$1.1M	$5.7M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.51	−0.022%	$97K	$109K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.71	+0.018%	—	$1K	25x	as long as short
Hotstuff MSFT-PERP	+0.0048%	1h	501.42	−0.040%	$32K	$8K	20x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.39	−0.046%	$22.1M	$9.3M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.31	−0.062%	$303K	$671K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.65	+0.006%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.46	−0.032%	$522K	$518K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0055%	8h	501.65	+0.006%	$221	—	5x	as long as short
Phoenix MSFTshort	+0.0080%	1h	501.60	−0.004%	$10K	$15K	20x
KuCoin MSFTUSDTM	+0.0100%	8h	501.47	−0.030%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.29	−0.066%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythoslong	+0.0100%	8h	501.62	long leg	$8K	—	10x
Aevo MSFT-PERP	+0.0104%	1h	501.65	+0.006%	$55	—	10x	as long as short
Lighter MSFT	+0.0160%	1h	501.83	+0.042%	$1.1M	$489K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.78	+0.032%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0345%	4h	501.68	+0.011%	$102K	$243K	10x	as long as short