Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0046%/8h= +5.0% APRpaid last 24h +0.014%

Price spread now: Vest against Phemex−0.105%45s7-day average — · you buy dearer than you sell

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

Long on Phemex Short on Vest

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropVest: Active · farm boardneeds both histories

Funding pays, the price is against you. Vest is 0.105% cheaper against Phemex than usual: you would sell low and buy high (spread −0.105% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$10 on $10k: about 7.7 days of funding at the current rate (+$1 a day). The two prices were read 45 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	Phemex MSFTUSDT	504.90	0	get 0.0000% / 8h	6h 10m	$2.3M	$891K	10x
Short	Vest MSFT-USD-PERP	504.37	0.0046	get 0.0006% / 1h	10m 24s	—	$1K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Vest 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 VestbpOrdersPrice spread, now −0.105%Rate

Funding earned: $9.59
Price spread: −0.105% → 0.000%: −$10.5
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Vest: 1 bp × 2 orders: −$2
Net: −$14.9
Costs to cover: 0.140%
Break-even: 17.9 days

Slippage unknown: Phemex: live order book, 1 min ago; Vest: 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 Phemex live order book, 1 min ago	1.59 bp	31.9 bp −$32	doesn't fit	doesn't fit	doesn't fit
Sell Vest no order-book sample	—	—	—	—	—

Vest: 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 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
Coinbase International MSFT-PERP-INTX	−0.0032%	1h	504.02	−0.174%	$692K	$480K	10x	as long as short
Hotstuff MSFT-PERP	−0.0008%	1h	504.23	−0.133%	$33K	$8K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	505.01	+0.021%	$162K	$118K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	504.42	−0.096%	$325K	$1.9M	17x	as long as short
Bybit MSFTUSDT	0.0000%	8h	504.47	−0.085%	$7.3M	$2.3M	100x	as long as short
Gate MSFT_USDT	0.0000%	8h	504.33	−0.113%	$3.1M	$1.9M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	504.56	−0.067%	$3.9M	$2.8M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	504.55	−0.069%	$1.3M	$390K	—	as long as short
SunX MSFT-USDT	0.0000%	8h	505.33	+0.085%	$6K	$3.5M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	504.31	−0.117%	$27K	$45K	10x	as long as short

Show all 34 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX MSFT-USDT	0.0000%	8h	504.48	−0.083%	$49K	$246K	20x	as long as short
Phemex MSFTUSDTlong	0.0000%	8h	504.90	long leg	$2.3M	$891K	10x
Binance MSFTUSDT	+0.0003%	8h	504.58	−0.063%	$16.3M	$19.9M	20x	as long as short
BloFin MSFT-USDT	+0.0012%	8h	504.58	−0.063%	$202K	$209K	20x	as long as short
Lighter MSFT	+0.0032%	1h	504.37	−0.105%	$1.2M	$482K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	504.35	−0.109%	$693K	$1.8M	20x	as long as short
Vest MSFT-USD-PERPshort	+0.0046%	1h	504.37	−0.105%	—	$1K	25x
Phoenix MSFT	+0.0048%	1h	503.98	−0.182%	$11K	$5K	20x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	504.17	−0.145%	$22.5M	$9.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	504.24	−0.131%	$319K	$677K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	504.35	−0.109%	$61K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.82	−0.214%	$532K	$379K	15x	as long as short
Arcus MSFT-USD	+0.0052%	1h	504.34	−0.111%	$93K	$83K	10x	as long as short
OKX MSFT-USDT-SWAP	+0.0054%	8h	504.70	−0.040%	$3.2M	$2.7M	20x	as long as short
Paradex MSFT-USD-PERP	+0.0058%	8h	504.43	−0.093%	$222	—	5x	as long as short
QFEX MSFT-USD	+0.0061%	1h	504.43	−0.093%	$1.1M	$4.7M	10x	as long as short
Nado MSFT-PERP	+0.0062%	1h	504.35	−0.109%	$412K	$70K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	504.00	−0.178%	$1.6M	$198K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.77	−0.224%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	504.52	−0.075%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	504.45	−0.088%	$55	—	10x	as long as short
GRVT MSFT_USDT_Perp	+0.0135%	8h	504.23	−0.133%	$19K	$315K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	504.37	−0.105%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0762%	4h	504.19	−0.140%	$103K	$244K	10x	as long as short