Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.011%

Price spread now: Binance against Phemex−0.016%7-day average −0.031% · you buy dearer than you sell

Net, funding: paid 7d − costs−$74as in the Funding arb table

Net, price: spread back to 7d avg − costs−$76as in the Price arb table

costs, in and out, $10k−$770.770% of the position

Long on Phemex Short on Binance

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 −0.016%, 7d avg −0.031%

Together, before fees+0.011%+$1 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex MSFTUSDT	503.62	0	get 0.0000% / 8h	5m 10s	$2.2M	$817K	10x
Short	Binance MSFTUSDT	503.54	0	get 0.0000% / 8h	5m 10s	$15.8M	$19.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Phemex. 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 PhemexbpFee BinancebpOrdersPrice spread, now −0.016%Rate

Funding earned: $0
Price spread: −0.016% → −0.031%: $1.5
Slippage, 4 orders: −$55
Fee Phemex: 6 bp × 2 orders: −$12
Fee Binance: 5 bp × 2 orders: −$10
Net: −$75.5
Costs to cover: 0.770%
Break-even: never at this rate

Slippage from Phemex: live order book, 3 min ago; Binance: live order book, 6 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 Phemex live order book, 3 min ago	1.59 bp	36.1 bp −$36	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 6 min ago	0.20 bp	6.2 bp −$6	11.3 bp −$113	42.0 bp −$4,197	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	−0.0585%	4h	503.54	−0.016%	$102K	$243K	10x	as long as short
Nado MSFT-PERP	−0.0055%	1h	503.40	−0.044%	$414K	$67K	20x	as long as short
tradeXYZ xyz:MSFT	−0.0007%	1h	503.06	−0.111%	$22.4M	$8.8M	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.45	−0.034%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.43	−0.038%	$339K	$1.9M	17x	as long as short
Binance MSFTUSDTshort	0.0000%	8h	503.54	−0.016%	$15.8M	$19.1M	20x
Bybit MSFTUSDT	0.0000%	8h	503.28	−0.068%	$7.2M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	503.59	−0.006%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.28	−0.068%	$3.1M	$1.9M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	503.50	−0.024%	$3.8M	$2.9M	100x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni MSFT	0.0000%	8h	503.54	−0.016%	$1.3M	$401K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	503.57	−0.010%	$18K	$321K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	504.31	+0.137%	$6K	$3.8M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	503.30	−0.064%	$27K	$44K	10x	as long as short
Coinbase International MSFT-PERP-INTX	0.0000%	1h	503.07	−0.109%	$687K	$454K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.39	−0.046%	$59K	$224K	20x	as long as short
Phemex MSFTUSDTlong	0.0000%	8h	503.62	long leg	$2.2M	$817K	10x
BloFin MSFT-USDT	+0.0012%	8h	503.61	−0.002%	$191K	$206K	20x	as long as short
Lighter MSFT	+0.0032%	1h	503.42	−0.040%	$1.2M	$532K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.36	−0.052%	$706K	$1.9M	20x	as long as short
QFEX MSFT-USD	+0.0037%	1h	503.54	−0.016%	$1.1M	$4.6M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.32	−0.060%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.65	+0.006%	—	$1K	25x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.21	−0.081%	$303K	$717K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.31	−0.062%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.14	−0.095%	$512K	$428K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0052%	8h	503.44	−0.036%	$222	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	503.28	−0.068%	$11K	$15K	20x	as long as short
Hotstuff MSFT-PERP	+0.0096%	1h	503.07	−0.109%	$32K	$8K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.04	−0.115%	$1.6M	$77K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.21	−0.081%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.46	−0.032%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.48	−0.029%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	503.80	+0.036%	$115K	$45K	30x	as long as short