Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0080%/8h= −8.7% APRpaid last 24h −0.014%

Price spread now: HTX against Phoenix+0.034%7-day average — · you sell dearer than you buy

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

Long on Phoenix Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.062%−$6 on $10k

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

Together, before fees—needs both histories

The price spread pays, funding is against you. HTX is 0.034% dearer against Phoenix than usual: you sell high and buy low (spread +0.034% now, against zero (this spread has no 7-day history yet)): +$3 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 34 hours. At the pace of the last 7 days (−0.062% in total) that is about 3.8 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix MSFT	501.15	0.0080	pay 0.0010% / 1h	36m 25s	$10K	$15K	20x
Short	HTX MSFT-USDT	501.32	0	get 0.0000% / 8h	6h 36m	$59K	$226K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against Phoenix. 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 PhoenixbpFee HTXbpOrdersPrice spread, now +0.034%Rate

Funding earned: −$16.77
Price spread: +0.034% → 0.000%: $3.39
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee HTX: 6 bp × 2 orders: −$12
Net: −$32.38
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Phoenix: no order-book sample; HTX: live order book, 30 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 HTX live order book, 30 min ago	2.99 bp	9.0 bp −$9	15.4 bp −$154	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	−0.0029%	4h	501.29	+0.028%	$102K	$242K	10x	as long as short
BloFin MSFT-USDT	−0.0028%	8h	501.33	+0.036%	$189K	$204K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0016%	1h	500.87	−0.056%	$684K	$451K	10x	as long as short
Nado MSFT-PERP	−0.0013%	1h	501.22	+0.015%	$414K	$64K	20x	as long as short
Hotstuff MSFT-PERP	−0.0008%	1h	500.94	−0.042%	$32K	$8K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.57	+0.084%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.35	+0.041%	$342K	$894K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.48	+0.066%	$15.6M	$18.8M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.27	+0.024%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.53	+0.076%	$3.0M	$2.3M	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate MSFT_USDT	0.0000%	8h	501.29	+0.028%	$3.1M	$1.6M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.46	+0.062%	$4.3M	$2.4M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.10	−0.011%	$1.3M	$677K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.39	+0.048%	$19K	$295K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.24	+0.217%	$5K	$4.1M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.15	0.000%	$27K	$41K	10x	as long as short
HTX MSFT-USDTshort	0.0000%	8h	501.32	+0.034%	$59K	$226K	20x
Phemex MSFTUSDT	0.0000%	8h	502.11	+0.192%	$2.2M	$764K	10x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.31	+0.032%	$618K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0038%	1h	501.25	+0.020%	$1.2M	$5.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.18	+0.006%	$97K	$109K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.26	+0.022%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.10	−0.010%	$22.1M	$9.2M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.11	−0.008%	$303K	$672K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.30	+0.030%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.93	−0.044%	$520K	$514K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0051%	8h	501.35	+0.041%	$221	—	5x	as long as short
Phoenix MSFTlong	+0.0080%	1h	501.15	long leg	$10K	$15K	20x
KuCoin MSFTUSDTM	+0.0100%	8h	501.13	−0.004%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	500.86	−0.058%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.31	+0.032%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.32	+0.033%	$55	—	10x	as long as short
Lighter MSFT	+0.0136%	1h	501.59	+0.088%	$1.1M	$489K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.56	+0.082%	$115K	$45K	30x	as long as short