Funding arb · Price arb /

MSFT

RWAall MSFT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.015%

Price spread now: Phemex against SoDEX+0.054%7-day average — · you sell dearer than you buy

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

Long on SoDEX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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 0.054% dearer against SoDEX than usual: you sell high and buy low (spread +0.054% now, against zero (this spread has no 7-day history yet)): +$5 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 3.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX MSFT-USD	501.18	0.0050	pay 0.0006% / 1h	57m 14s	$60K	$3K	10x
Short	Phemex MSFTUSDT	501.45	0	get 0.0000% / 8h	6h 57m	$2.2M	$758K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against SoDEX. 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 SoDEXbpFee PhemexbpOrdersPrice spread, now +0.054%Rate

Funding earned: −$10.5
Price spread: +0.054% → 0.000%: $5.39
Slippage, 4 orders: no order book: not counted
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$25.11
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: SoDEX: no order-book sample; Phemex: live order book, 1 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 SoDEX no order-book sample	—	—	—	—	—
Sell Phemex live order book, 1 min ago	1.20 bp	25.4 bp −$25	doesn't fit	doesn't fit	doesn't fit

SoDEX: 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	−0.0451%	4h	501.22	+0.009%	$102K	$244K	10x	as long as short
Nado MSFT-PERP	−0.0130%	1h	501.20	+0.005%	$414K	$64K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0016%	1h	500.76	−0.084%	$684K	$449K	10x	as long as short
tradeXYZ xyz:MSFT	−0.0010%	1h	500.84	−0.068%	$22.1M	$9.2M	20x	as long as short
BloFin MSFT-USDT	−0.0010%	8h	501.31	+0.026%	$188K	$205K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.36	+0.035%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.16	−0.004%	$342K	$905K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.29	+0.021%	$15.6M	$18.7M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.09	−0.018%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.30	+0.024%	$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	501.04	−0.028%	$3.1M	$1.6M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.37	+0.038%	$3.8M	$2.1M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.26	+0.015%	$1.3M	$690K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.25	+0.014%	$18K	$292K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.06	+0.176%	$6K	$4.1M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	500.91	−0.054%	$27K	$41K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.16	−0.004%	$58K	$227K	20x	as long as short
Phemex MSFTUSDTshort	0.0000%	8h	501.45	+0.054%	$2.2M	$758K	10x
Lighter RH MSFT	+0.0032%	1h	501.14	−0.008%	$617K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0038%	1h	501.09	−0.018%	$1.2M	$5.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.08	−0.020%	$97K	$109K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.11	−0.014%	—	$1K	25x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	500.81	−0.074%	$302K	$672K	10x	as long as short
SoDEX MSFT-USDlong	+0.0050%	1h	501.18	long leg	$60K	$3K	10x
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.78	−0.080%	$514K	$503K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0051%	8h	501.12	−0.012%	$220	—	5x	as long as short
Lighter MSFT	+0.0056%	1h	501.34	+0.032%	$1.1M	$485K	20x	as long as short
Hotstuff MSFT-PERP	+0.0056%	1h	500.84	−0.068%	$32K	$8K	20x	as long as short
Phoenix MSFT	+0.0080%	1h	500.90	−0.056%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.16	−0.004%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.07	−0.022%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.17	−0.002%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.13	−0.009%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.54	+0.072%	$115K	$45K	30x	as long as short