Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0048%/8h= +5.2% APRpaid last 24h +0.015%

Price spread now: Phoenix against Bitget−0.159%7-day average — · you buy dearer than you sell

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

Long on Bitget Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.050%+$5 on $10k

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

Together, before fees—needs both histories

Funding pays, the price is against you. Phoenix is 0.159% cheaper against Bitget than usual: you would sell low and buy high (spread −0.159% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$16 on $10k: about 11 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.050% in total) that is about 22 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget MSFTUSDT	502.41	0	get 0.0000% / 8h	3h 26m	$4.4M	$2.6M	100x
Short	Phoenix MSFT	501.61	0.0048	get 0.0006% / 1h	26m 53s	$10K	$15K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Bitget. 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 BitgetbpFee PhoenixbpOrdersPrice spread, now −0.159%Rate

Funding earned: $10.06
Price spread: −0.159% → 0.000%: −$15.92
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$24.86
Costs to cover: 0.190%
Break-even: 24.3 days

Slippage unknown: Bitget: live order book, 1 min ago; Phoenix: no order-book sample. 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 Bitget live order book, 1 min ago	1.59 bp	8.6 bp −$9	12.5 bp −$125	34.2 bp −$3,421	doesn't fit
Sell Phoenix no order-book sample	—	—	—	—	—

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
Nado MSFT-PERP	−0.0101%	1h	502.44	+0.005%	$415K	$64K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0032%	1h	500.97	−0.287%	$677K	$447K	10x	as long as short
tradeXYZ xyz:MSFT	−0.0007%	1h	502.04	−0.074%	$22.2M	$8.8M	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	502.31	−0.020%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	502.28	−0.026%	$337K	$881K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	502.41	+0.001%	$15.8M	$19.1M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	502.35	−0.012%	$7.2M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	502.61	+0.040%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	502.27	−0.028%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDTlong	0.0000%	8h	502.41	long leg	$4.4M	$2.6M	100x

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni MSFT	0.0000%	8h	502.04	−0.074%	$1.3M	$607K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	502.17	−0.047%	$19K	$297K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	503.19	+0.155%	$6K	$4.0M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	502.13	−0.056%	$27K	$42K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	502.30	−0.022%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.69	+0.056%	$2.2M	$777K	10x	as long as short
BloFin MSFT-USDT	+0.0016%	8h	502.43	+0.004%	$189K	$204K	20x	as long as short
Lighter MSFT	+0.0032%	1h	502.48	+0.014%	$1.1M	$503K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	502.25	−0.032%	$679K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0035%	1h	502.30	−0.022%	$1.1M	$4.9M	10x	as long as short
Hotstuff MSFT-PERP	+0.0040%	1h	502.11	−0.060%	$32K	$8K	20x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.88	−0.105%	$96K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	502.44	+0.006%	—	$1K	25x	as long as short
Phoenix MSFTshort	+0.0048%	1h	501.61	−0.159%	$10K	$15K	20x
Polymarket Perps MSFT-USD	+0.0050%	1h	502.06	−0.070%	$303K	$701K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	502.29	−0.024%	$60K	$3K	10x	as long as short
Paradex MSFT-USD-PERP	+0.0050%	8h	502.45	+0.008%	$221	—	5x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	502.05	−0.072%	$519K	$453K	15x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.89	−0.104%	$1.6M	$53K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.65	−0.151%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	502.33	−0.016%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	502.33	−0.016%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.14	−0.054%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0905%	4h	501.92	−0.098%	$102K	$244K	10x	as long as short