Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0080%/8h= −8.7% APRpaid last 24h −0.016%

Price spread now: Phemex against Phoenix+0.074%73s7-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 Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.058%−$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. Phemex is 0.074% dearer against Phoenix than usual: you sell high and buy low (spread +0.074% now, against zero (this spread has no 7-day history yet)): +$7 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 3.1 days. At the pace of the last 7 days (−0.058% in total) that is about 8.8 days. The two prices were read 73 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	501.88	0.0080	pay 0.0010% / 1h	24m 14s	$10K	$15K	20x
Short	Phemex MSFTUSDT	502.25	0	get 0.0000% / 8h	1h 24m	$2.2M	$761K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.074%Rate

Funding earned: −$16.75
Price spread: +0.074% → 0.000%: $7.37
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$28.37
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Phoenix: no order-book sample; Phemex: live order book, 4 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 Phemex live order book, 4 min ago	0.30 bp	38.1 bp −$38	doesn't fit	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
BloFin MSFT-USDT	−0.0021%	8h	502.12	+0.048%	$188K	$210K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	502.16	+0.055%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	502.03	+0.031%	$337K	$406K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	502.04	+0.032%	$15.7M	$19.2M	20x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	502.24	+0.072%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.86	−0.004%	$3.1M	$1.6M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	502.08	+0.039%	$1.3M	$708K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	502.05	+0.034%	$19K	$318K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.95	+0.213%	$6K	$4.3M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.81	−0.014%	$27K	$104K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International MSFT-PERP-INTX	0.0000%	1h	501.58	−0.060%	$688K	$449K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.89	+0.002%	$58K	$228K	20x	as long as short
Phemex MSFTUSDTshort	0.0000%	8h	502.25	+0.074%	$2.2M	$761K	10x
Bitget MSFTUSDT	+0.0003%	8h	502.11	+0.046%	$3.8M	$2.2M	100x	as long as short
Bybit MSFTUSDT	+0.0019%	8h	502.22	+0.068%	$7.4M	$1.7M	100x	as long as short
Nado MSFT-PERP	+0.0026%	1h	501.93	+0.010%	$414K	$64K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.98	+0.020%	$652K	$2.1M	20x	as long as short
QFEX MSFT-USD	+0.0040%	1h	502.03	+0.030%	$1.1M	$5.8M	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.91	+0.006%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.71	−0.034%	$22.3M	$9.7M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.71	−0.034%	$306K	$676K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	502.03	+0.030%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.74	−0.028%	$529K	$494K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0061%	8h	502.10	+0.044%	$221	—	5x	as long as short
Phoenix MSFTlong	+0.0080%	1h	501.88	long leg	$10K	$15K	20x
KuCoin MSFTUSDTM	+0.0100%	8h	501.48	−0.080%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.89	+0.002%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	502.04	+0.032%	$8K	—	10x	as long as short
Hotstuff MSFT-PERP	+0.0104%	1h	501.70	−0.036%	$32K	$8K	20x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	502.11	+0.046%	$55	—	10x	as long as short
Lighter MSFT	+0.0152%	1h	502.12	+0.048%	$1.1M	$590K	20x	as long as short
Arcus MSFT-USD	+0.0200%	1h	502.04	+0.032%	$98K	$109K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.17	+0.058%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0633%	4h	502.01	+0.026%	$102K	$242K	10x	as long as short