Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0104%/8h= −11.4% APRpaid last 24h −0.031%

Price spread now: Phemex against Aevo+0.064%7-day average — · you sell dearer than you buy

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

Long on Aevo Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 5 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 0.064% dearer against Aevo than usual: you sell high and buy low (spread +0.064% now, against zero (this spread has no 7-day history yet)): +$6 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 2.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aevo MSFT-PERP	502.08	0.0104	pay 0.0013% / 1h	31m 44s	$55	—	10x
Short	Phemex MSFTUSDT	502.40	0	get 0.0000% / 8h	3h 31m	$2.2M	$742K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Aevo. 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 AevobpFee PhemexbpOrdersPrice spread, now +0.064%Rate

Funding earned: −$21.84
Price spread: +0.064% → 0.000%: $6.45
Slippage, 4 orders: no order book: not counted
Fee Aevo: 8 bp × 2 orders: −$16
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$43.39
Costs to cover: 0.280%
Break-even: never at this rate

Slippage unknown: Aevo: no order-book sample; Phemex: live order book, 2 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 Aevo no order-book sample	—	—	—	—	—
Sell Phemex live order book, 2 min ago	0.50 bp	32.8 bp −$33	doesn't fit	doesn't fit	doesn't fit

Aevo: 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	−0.0314%	4h	502.04	−0.007%	$102K	$243K	10x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0056%	1h	501.71	−0.073%	$689K	$431K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.82	−0.051%	$160K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	502.12	+0.009%	$371K	$368K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	502.16	+0.017%	$15.7M	$19.0M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	502.26	+0.037%	$7.4M	$1.7M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	502.20	+0.025%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.87	−0.041%	$3.1M	$1.5M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	502.03	−0.009%	$1.3M	$725K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.93	−0.029%	$18K	$341K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX MSFT-USDT	0.0000%	8h	502.92	+0.168%	$6K	$4.4M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.90	−0.035%	$27K	$115K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	502.01	−0.013%	$58K	$231K	20x	as long as short
Phemex MSFTUSDTshort	0.0000%	8h	502.40	+0.064%	$2.2M	$742K	10x
Nado MSFT-PERP	+0.0002%	1h	501.87	−0.042%	$415K	$62K	20x	as long as short
Bitget MSFTUSDT	+0.0003%	8h	502.09	+0.003%	$3.9M	$2.1M	100x	as long as short
BloFin MSFT-USDT	+0.0010%	8h	502.07	−0.001%	$190K	$208K	20x	as long as short
Hotstuff MSFT-PERP	+0.0016%	1h	501.84	−0.047%	$32K	$8K	20x	as long as short
QFEX MSFT-USD	+0.0031%	1h	502.14	+0.013%	$1.1M	$5.6M	10x	as long as short
Lighter RH MSFT	+0.0032%	1h	502.04	−0.007%	$659K	$2.2M	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	502.04	−0.007%	—	—	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.80	−0.055%	$22.2M	$9.9M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.80	−0.055%	$304K	$676K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	502.11	+0.007%	$60K	$3K	10x	as long as short
Paradex MSFT-USD-PERP	+0.0050%	8h	502.15	+0.015%	$221	—	5x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.56	−0.103%	$515K	$479K	15x	as long as short
Phoenix MSFT	+0.0064%	1h	501.84	−0.047%	$11K	$15K	20x	as long as short
Lighter MSFT	+0.0072%	1h	502.21	+0.027%	$1.1M	$660K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.65	−0.085%	$1.5M	$18K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.63	−0.089%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	502.14	+0.013%	$8K	—	10x	as long as short
Aevo MSFT-PERPlong	+0.0104%	1h	502.08	long leg	$55	—	10x
Injective MSFT/USDC PERP	+0.0220%	1h	501.99	−0.017%	$115K	$45K	30x	as long as short
Arcus MSFT-USD	+0.0301%	1h	502.13	+0.011%	$109K	$78K	10x	as long as short