Funding you earn now, next payment 07:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.013%
Price spread now: Phemex against tradeXYZ+0.095%7-day average +0.144% · you sell dearer than you buy
Net, funding: paid 7d − costs−$96as in the Funding arb table
Net, price: spread back to 7d avg − costs−$94as in the Price arb table
costs, in and out, $10k−$890.887% of the position
Funding, last 7 days−0.071%−$7 on $10k
+Price spread, last 4 days (all we have)+0.073%+$7 · spread now +0.095%, 7d avg +0.144%
=Together, before fees+0.001%+ Points / potential airdroptradeXYZ: Active · farm board$0 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Phemex is 0.049% cheaper against tradeXYZ than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.144%). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | tradeXYZ xyz:MSFT | 503.62 | 0.0050 | pay 0.0006% / 1h | 38m 10s | $22.4M | $9.0M | 20x |
| Short | Phemex MSFTUSDT | 504.10 | 0 | get 0.0000% / 8h | 1h 38m | $2.2M | $821K | 10x |
tradeXYZ xyz:MSFT
Phemex MSFTUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phemex against tradeXYZ. 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
- −$10.5
- Price spread: +0.095% → +0.144%
- −$4.85
- Slippage, 4 orders
- −$58.67
- Fee tradeXYZ: 9 bp × 2 orders
- −$18
- Fee Phemex: 6 bp × 2 orders
- −$12
- Net
- −$104.02
- Costs to cover
- 0.887%
- Break-even
- never at this rate
Slippage from tradeXYZ: live order book, 11 min ago; Phemex: live order book, 5 min ago.
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 tradeXYZ live order book, 11 min ago | 0.69 bp | 10.3 bp −$10 | doesn't fit | doesn't fit | doesn't fit |
| Sell Phemex live order book, 5 min ago | 2.38 bp | 31.0 bp −$31 | doesn't fit | doesn't fit | doesn't fit |
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 | |
|---|---|---|---|---|---|---|---|---|
| Coinbase International MSFT-PERP-INTX | −0.0048% | 1h | 503.66 | +0.008% | $682K | $500K | 10x | as long as short |
| Aster MSFTUSDT | 0.0000% | 8h | 503.81 | +0.037% | $162K | $114K | 20x | as long as short |
| Extended MSFT_24_5-USD | 0.0000% | 1h | 503.84 | +0.044% | $341K | $1.2M | 17x | as long as short |
| Binance MSFTUSDT | 0.0000% | 8h | 504.03 | +0.081% | $15.8M | $19.6M | 20x | as long as short |
| Bybit MSFTUSDT | 0.0000% | 8h | 503.77 | +0.030% | $7.3M | $2.3M | 100x | as long as short |
| OKX MSFT-USDT-SWAP | 0.0000% | 8h | 503.97 | +0.069% | $3.0M | $2.4M | 20x | as long as short |
| Gate MSFT_USDT | 0.0000% | 8h | 503.74 | +0.024% | $3.1M | $1.8M | 100x | as long as short |
| Bitget MSFTUSDT | 0.0000% | 8h | 503.96 | +0.068% | $3.8M | $3.0M | 100x | as long as short |
| Variational Omni MSFT | 0.0000% | 8h | 503.95 | +0.065% | $1.3M | $499K | — | as long as short |
| GRVT MSFT_USDT_Perp | 0.0000% | 8h | 504.01 | +0.077% | $19K | $328K | 10x | as long as short |
Coinbase International MSFT-PERP-INTX
Aster MSFTUSDT
Extended MSFT_24_5-USD
Binance MSFTUSDT
Bybit MSFTUSDT
OKX MSFT-USDT-SWAP
Gate MSFT_USDT
Bitget MSFTUSDT
Variational Omni MSFT
GRVT MSFT_USDT_PerpShow all 34 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| SunX MSFT-USDT | 0.0000% | 8h | 504.73 | +0.220% | $6K | $3.9M | 20x | as long as short |
| Deribit MSFT_USDC-PERPETUAL | 0.0000% | 1h | 503.66 | +0.008% | $27K | $43K | 10x | as long as short |
| HTX MSFT-USDT | 0.0000% | 8h | 503.80 | +0.036% | $59K | $226K | 20x | as long as short |
| Phemex MSFTUSDTshort | 0.0000% | 8h | 504.10 | +0.095% | $2.2M | $821K | 10x | |
| BloFin MSFT-USDT | +0.0006% | 8h | 504.03 | +0.081% | $190K | $206K | 20x | as long as short |
| Nado MSFT-PERP | +0.0012% | 1h | 503.72 | +0.021% | $415K | $67K | 20x | as long as short |
| Lighter RH MSFT | +0.0032% | 1h | 503.81 | +0.038% | $690K | $2.0M | 20x | as long as short |
| QFEX MSFT-USD | +0.0039% | 1h | 503.96 | +0.068% | $1.1M | $4.8M | 10x | as long as short |
| Arcus MSFT-USD | +0.0040% | 1h | 503.71 | +0.018% | $97K | $110K | 10x | as long as short |
| Vest MSFT-USD-PERP | +0.0046% | 1h | 503.94 | +0.064% | — | $1K | 25x | as long as short |
| edgeX MSFTUSDC | +0.0047% | 4h | 503.99 | +0.074% | $103K | $243K | 10x | as long as short |
| tradeXYZ xyz:MSFTlong | +0.0050% | 1h | 503.62 | long leg | $22.4M | $9.0M | 20x | |
| Polymarket Perps MSFT-USD | +0.0050% | 1h | 503.66 | +0.008% | $303K | $718K | 10x | as long as short |
| SoDEX MSFT-USD | +0.0050% | 1h | 503.77 | +0.030% | $60K | $3K | 10x | as long as short |
| Ondo Perps MSFT-USD.P | +0.0050% | 1h | 503.52 | −0.020% | $522K | $476K | 15x | as long as short |
| Paradex MSFT-USD-PERP | +0.0057% | 8h | 503.85 | +0.045% | $222 | — | 5x | as long as short |
| Phoenix MSFT | +0.0064% | 1h | 503.80 | +0.036% | $11K | $15K | 20x | as long as short |
| Hotstuff MSFT-PERP | +0.0080% | 1h | 503.56 | −0.012% | $32K | $8K | 20x | as long as short |
| KuCoin MSFTUSDTM | +0.0100% | 8h | 503.38 | −0.048% | $1.6M | $59K | 20x | as long as short |
| ApeX Omni MSFTUSDT | +0.0100% | 1h | 503.47 | −0.030% | $160K | $7K | 50x | as long as short |
| Orderly PERP_MSFT_USDC_mythos | +0.0100% | 8h | 503.86 | +0.048% | $8K | — | 10x | as long as short |
| Aevo MSFT-PERP | +0.0104% | 1h | 503.90 | +0.056% | $55 | — | 10x | as long as short |
| Lighter MSFT | +0.0128% | 1h | 504.03 | +0.081% | $1.2M | $514K | 20x | as long as short |
| Injective MSFT/USDC PERP | +0.0220% | 1h | 504.21 | +0.117% | $115K | $45K | 30x | as long as short |
SunX MSFT-USDT
Deribit MSFT_USDC-PERPETUAL
HTX MSFT-USDT
BloFin MSFT-USDT
Nado MSFT-PERP
Lighter RH MSFT
QFEX MSFT-USD
Arcus MSFT-USD
Vest MSFT-USD-PERP
edgeX MSFTUSDC
Polymarket Perps MSFT-USD
SoDEX MSFT-USD
Ondo Perps MSFT-USD.P
Paradex MSFT-USD-PERP
Phoenix MSFT
Hotstuff MSFT-PERP
KuCoin MSFTUSDTM
ApeX Omni MSFTUSDT
Orderly PERP_MSFT_USDC_mythos
Aevo MSFT-PERP
Lighter MSFT
Injective MSFT/USDC PERP