Funding you earn now, next payment 06:00 UTC−0.0064%/8h= −7.0% APRpaid last 24h −0.012%
Price spread now: Bybit against Phoenix−0.038%65s7-day average — · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 7 days−0.057%−$6 on $10k
+Price spread, last 7 days—no price history on both exchanges yet
=Together, before fees—needs both histories
Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Bybit is 0.038% cheaper against Phoenix than usual: you would sell low and buy high (−$4 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 65 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 | Phoenix MSFT | 503.94 | 0.0064 | pay 0.0008% / 1h | 48m 17s | $11K | $15K | 20x |
| Short | Bybit MSFTUSDT | 503.75 | 0 | get 0.0000% / 8h | 1h 48m | $7.3M | $2.3M | 100x |
Phoenix MSFT
Bybit MSFTUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Bybit against Phoenix. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$13.35
- Price spread: −0.038% → 0.000%
- −$3.77
- Slippage, 4 orders
- no order book: not counted
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Net
- −$35.12
- Costs to cover
- 0.180%
- Break-even
- never at this rate
Slippage unknown: Phoenix: no order-book sample; Bybit: live order book, 5 min ago. 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 Phoenix no order-book sample | — | — | — | — | — |
| Sell Bybit live order book, 5 min ago | 1.09 bp | 10.6 bp −$11 | 17.2 bp −$172 | doesn't fit | doesn't fit |
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 | |
|---|---|---|---|---|---|---|---|---|
| edgeX MSFTUSDC | −0.0112% | 4h | 504.28 | +0.068% | $103K | $243K | 10x | as long as short |
| Coinbase International MSFT-PERP-INTX | −0.0048% | 1h | 503.66 | −0.056% | $682K | $500K | 10x | as long as short |
| Aster MSFTUSDT | 0.0000% | 8h | 503.79 | −0.029% | $162K | $114K | 20x | as long as short |
| Extended MSFT_24_5-USD | 0.0000% | 1h | 503.97 | +0.006% | $341K | $1.2M | 17x | as long as short |
| Binance MSFTUSDT | 0.0000% | 8h | 504.10 | +0.033% | $15.8M | $19.6M | 20x | as long as short |
| Bybit MSFTUSDTshort | 0.0000% | 8h | 503.75 | −0.038% | $7.3M | $2.3M | 100x | |
| OKX MSFT-USDT-SWAP | 0.0000% | 8h | 503.98 | +0.008% | $3.0M | $2.4M | 20x | as long as short |
| Gate MSFT_USDT | 0.0000% | 8h | 503.81 | −0.026% | $3.1M | $1.8M | 100x | as long as short |
| Bitget MSFTUSDT | 0.0000% | 8h | 504.08 | +0.028% | $3.8M | $3.0M | 100x | as long as short |
| Variational Omni MSFT | 0.0000% | 8h | 504.13 | +0.038% | $1.3M | $499K | — | as long as short |
edgeX MSFTUSDC
Coinbase International MSFT-PERP-INTX
Aster MSFTUSDT
Extended MSFT_24_5-USD
Binance MSFTUSDT
OKX MSFT-USDT-SWAP
Gate MSFT_USDT
Bitget MSFTUSDT
Variational Omni MSFTShow all 34 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| GRVT MSFT_USDT_Perp | 0.0000% | 8h | 504.20 | +0.052% | $19K | $327K | 10x | as long as short |
| SunX MSFT-USDT | 0.0000% | 8h | 504.90 | +0.190% | $6K | $3.9M | 20x | as long as short |
| Deribit MSFT_USDC-PERPETUAL | 0.0000% | 1h | 503.80 | −0.028% | $27K | $43K | 10x | as long as short |
| HTX MSFT-USDT | 0.0000% | 8h | 503.99 | +0.010% | $59K | $226K | 20x | as long as short |
| Phemex MSFTUSDT | 0.0000% | 8h | 504.11 | +0.034% | $2.2M | $819K | 10x | as long as short |
| Nado MSFT-PERP | +0.0004% | 1h | 503.70 | −0.047% | $415K | $67K | 20x | as long as short |
| BloFin MSFT-USDT | +0.0005% | 8h | 504.01 | +0.014% | $190K | $207K | 20x | as long as short |
| Lighter RH MSFT | +0.0032% | 1h | 503.79 | −0.030% | $689K | $2.0M | 20x | as long as short |
| QFEX MSFT-USD | +0.0039% | 1h | 504.01 | +0.014% | $1.1M | $4.8M | 10x | as long as short |
| Arcus MSFT-USD | +0.0040% | 1h | 503.81 | −0.026% | $97K | $110K | 10x | as long as short |
| Vest MSFT-USD-PERP | +0.0046% | 1h | 503.95 | +0.002% | — | $1K | 25x | as long as short |
| tradeXYZ xyz:MSFT | +0.0050% | 1h | 503.65 | −0.058% | $22.4M | $9.0M | 20x | as long as short |
| Polymarket Perps MSFT-USD | +0.0050% | 1h | 503.72 | −0.044% | $303K | $718K | 10x | as long as short |
| SoDEX MSFT-USD | +0.0050% | 1h | 503.92 | −0.004% | $61K | $3K | 10x | as long as short |
| Ondo Perps MSFT-USD.P | +0.0050% | 1h | 503.67 | −0.054% | $522K | $476K | 15x | as long as short |
| Hotstuff MSFT-PERP | +0.0056% | 1h | 503.56 | −0.075% | $32K | $8K | 20x | as long as short |
| Paradex MSFT-USD-PERP | +0.0059% | 8h | 503.83 | −0.021% | $222 | — | 5x | as long as short |
| Phoenix MSFTlong | +0.0064% | 1h | 503.94 | long leg | $11K | $15K | 20x | |
| KuCoin MSFTUSDTM | +0.0100% | 8h | 503.44 | −0.099% | $1.6M | $58K | 20x | as long as short |
| ApeX Omni MSFTUSDT | +0.0100% | 1h | 504.00 | +0.012% | $160K | $7K | 50x | as long as short |
| Orderly PERP_MSFT_USDC_mythos | +0.0100% | 8h | 503.93 | −0.002% | $8K | — | 10x | as long as short |
| Aevo MSFT-PERP | +0.0104% | 1h | 504.01 | +0.014% | $55 | — | 10x | as long as short |
| Lighter MSFT | +0.0120% | 1h | 504.04 | +0.020% | $1.2M | $514K | 20x | as long as short |
| Injective MSFT/USDC PERP | +0.0220% | 1h | 504.13 | +0.038% | $115K | $45K | 30x | as long as short |
GRVT MSFT_USDT_Perp
SunX MSFT-USDT
Deribit MSFT_USDC-PERPETUAL
HTX MSFT-USDT
Phemex MSFTUSDT
Nado MSFT-PERP
BloFin MSFT-USDT
Lighter RH MSFT
QFEX MSFT-USD
Arcus MSFT-USD
Vest MSFT-USD-PERP
tradeXYZ xyz:MSFT
Polymarket Perps MSFT-USD
SoDEX MSFT-USD
Ondo Perps MSFT-USD.P
Hotstuff MSFT-PERP
Paradex MSFT-USD-PERP
KuCoin MSFTUSDTM
ApeX Omni MSFTUSDT
Orderly PERP_MSFT_USDC_mythos
Aevo MSFT-PERP
Lighter MSFT
Injective MSFT/USDC PERP