Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0080%/8h= +8.7% APRpaid last 24h +0.012%

Price spread now: Phoenix against Bitget−0.054%109s7-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+0.045%+$4 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 0.054% cheaper against Bitget than usual: you would sell low and buy high (spread −0.054% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$5 on $10k: about 2.2 days of funding at the current rate (+$2 a day). At the pace of the last 7 days (+0.045% in total) that is about 8.4 days. The two prices were read 109 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	Bitget MSFTUSDT	501.99	0	get 0.0000% / 8h	7h 55m	$3.8M	$2.2M	100x
Short	Phoenix MSFT	501.72	0.0080	get 0.0010% / 1h	55m 42s	$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 −0.054%Rate

Funding earned: $16.74
Price spread: −0.054% → 0.000%: −$5.38
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$7.64
Costs to cover: 0.190%
Break-even: 10.2 days

Slippage unknown: Bitget: live order book, 2 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, 2 min ago	1.49 bp	11.2 bp −$11	14.8 bp −$148	40.7 bp −$4,071	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
Coinbase International MSFT-PERP-INTX	−0.0008%	1h	501.57	−0.084%	$680K	$460K	10x	as long as short
BloFin MSFT-USDT	−0.0002%	8h	501.85	−0.028%	$188K	$207K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.91	−0.016%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.86	−0.025%	$337K	$378K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.96	−0.005%	$15.7M	$18.8M	20x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.97	−0.004%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.72	−0.054%	$3.1M	$1.6M	100x	as long as short
Bitget MSFTUSDTlong	0.0000%	8h	501.99	long leg	$3.8M	$2.2M	100x
Variational Omni MSFT	0.0000%	8h	501.97	−0.005%	$1.3M	$690K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.74	−0.050%	$18K	$294K	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	502.62	+0.126%	$6K	$4.2M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.93	−0.012%	$27K	$59K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.91	−0.016%	$58K	$228K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.12	+0.026%	$2.2M	$751K	10x	as long as short
Nado MSFT-PERP	+0.0025%	1h	501.97	−0.005%	$414K	$64K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.82	−0.034%	$618K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0044%	1h	502.03	+0.008%	$1.2M	$5.9M	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.90	−0.018%	—	$1K	25x	as long as short
Lighter MSFT	+0.0048%	1h	502.05	+0.012%	$1.1M	$486K	20x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.61	−0.076%	$22.3M	$9.4M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.58	−0.082%	$303K	$673K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.93	−0.012%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.66	−0.066%	$529K	$492K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0052%	8h	501.84	−0.030%	$221	—	5x	as long as short
Phoenix MSFTshort	+0.0080%	1h	501.72	−0.054%	$10K	$15K	20x
KuCoin MSFTUSDTM	+0.0100%	8h	501.57	−0.084%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.37	−0.124%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.92	−0.014%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.76	−0.045%	$55	—	10x	as long as short
Hotstuff MSFT-PERP	+0.0128%	1h	501.56	−0.086%	$32K	$8K	20x	as long as short
Bybit MSFTUSDT	+0.0201%	8h	502.09	+0.020%	$7.4M	$1.7M	100x	as long as short
Arcus MSFT-USD	+0.0212%	1h	501.82	−0.034%	$97K	$109K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.20	+0.042%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0374%	4h	501.86	−0.026%	$102K	$242K	10x	as long as short