Funding arb · Price arb /

MSFT

RWAall MSFT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0017%/8h= +1.9% APRpaid last 24h +0.013%

Price spread now: tradeXYZ against Phemex−0.121%7-day average −0.145% · you buy dearer than you sell

Net, funding: paid 7d − costs−$77as in the Funding arb table

Net, price: spread back to 7d avg − costs−$82as in the Price arb table

costs, in and out, $10k−$840.843% of the position

Long on Phemex Short on tradeXYZ

What this pair did over the last

the charts below follow

Funding, last 7 days+0.075%+$7 on $10k

Price spread, last 4 days (all we have)−0.067%−$7 · spread now −0.121%, 7d avg −0.145%

Together, before fees+0.008%+ Points / potential airdroptradeXYZ: Active · farm board+$1 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and tradeXYZ is 0.023% dearer against Phemex than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of −0.145%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex MSFTUSDT	503.75	0	get 0.0000% / 8h	5h 42m	$2.3M	$912K	10x
Short	tradeXYZ xyz:MSFT	503.14	0.0017	get 0.0002% / 1h	42m 52s	$22.4M	$9.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

tradeXYZ 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 tradeXYZbpOrdersPrice spread, now −0.121%Rate

Funding earned: $3.64
Price spread: −0.121% → −0.145%: $2.35
Slippage, 4 orders: −$54.32
Fee Phemex: 6 bp × 2 orders: −$12
Fee tradeXYZ: 9 bp × 2 orders: −$18
Net: −$78.33
Costs to cover: 0.843%
Break-even: 157.7 days

Slippage from Phemex: live order book, 4 min ago; tradeXYZ: live order book, 9 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, 4 min ago	0.20 bp	31.0 bp −$31	doesn't fit	doesn't fit	doesn't fit
Sell tradeXYZ live order book, 9 min ago	0.60 bp	9.8 bp −$10	11.7 bp −$117	doesn't fit	doesn't fit

MSFT on 34 exchanges

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
Hotstuff MSFT-PERP	−0.1600%	1h	503.07	−0.135%	$32K	$8K	20x	as long as short
Nado MSFT-PERP	−0.0069%	1h	503.31	−0.088%	$411K	$72K	20x	as long as short
Ondo Perps MSFT-USD.P	−0.0029%	1h	503.16	−0.117%	$531K	$396K	15x	as long as short
Aster MSFTUSDT	0.0000%	8h	504.03	+0.055%	$166K	$118K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.49	−0.052%	$326K	$1.9M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	503.65	−0.020%	$16.3M	$21.0M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.31	−0.087%	$7.3M	$2.3M	100x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.28	−0.093%	$3.1M	$1.9M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	503.54	−0.042%	$3.9M	$2.9M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	503.01	−0.148%	$1.3M	$396K	—	as long as short

Show all 34 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT MSFT_USDT_Perp	0.0000%	8h	503.15	−0.119%	$18K	$318K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	504.41	+0.131%	$6K	$3.5M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	503.31	−0.087%	$30K	$47K	10x	as long as short
Coinbase International MSFT-PERP-INTX	0.0000%	1h	503.12	−0.125%	$701K	$527K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.41	−0.067%	$48K	$247K	20x	as long as short
Phemex MSFTUSDTlong	0.0000%	8h	503.75	long leg	$2.3M	$912K	10x
BloFin MSFT-USDT	+0.0003%	8h	503.63	−0.024%	$202K	$216K	20x	as long as short
tradeXYZ xyz:MSFTshort	+0.0017%	1h	503.14	−0.121%	$22.4M	$9.2M	20x
Lighter MSFT	+0.0032%	1h	503.47	−0.056%	$1.2M	$489K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.46	−0.058%	$689K	$1.8M	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.56	−0.038%	—	$1K	25x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.11	−0.127%	$318K	$675K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.46	−0.058%	$60K	$3K	10x	as long as short
OKX MSFT-USDT-SWAP	+0.0052%	8h	503.69	−0.012%	$3.2M	$2.7M	20x	as long as short
edgeX MSFTUSDC	+0.0054%	4h	503.20	−0.109%	$102K	$244K	10x	as long as short
Paradex MSFT-USD-PERP	+0.0055%	8h	503.33	−0.082%	$221	—	5x	as long as short
QFEX MSFT-USD	+0.0058%	1h	503.53	−0.044%	$1.2M	$4.7M	10x	as long as short
Phoenix MSFT	+0.0079%	1h	503.16	−0.117%	$11K	$5K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.03	−0.143%	$1.6M	$230K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.16	−0.117%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.44	−0.062%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.49	−0.052%	$55	—	10x	as long as short
Arcus MSFT-USD	+0.0190%	1h	503.25	−0.099%	$93K	$83K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	503.61	−0.028%	$115K	$45K	30x	as long as short