Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC+0.0054%/8h= +5.9% APRpaid last 24h +0.002%

Price spread now: Phoenix against BloFin−0.046%7-day average — · you buy dearer than you sell

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

Long on BloFin Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.022%+$2 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 0.046% cheaper against BloFin than usual: you would sell low and buy high (spread −0.046% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$5 on $10k: about 2.8 days of funding at the current rate (+$2 a day). At the pace of the last 7 days (+0.022% in total) that is about 15 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin MSFT-USDT	502.07	0.0010	pay 0.0010% / 8h	3h 32m	$190K	$208K	20x
Short	Phoenix MSFT	501.84	0.0064	get 0.0008% / 1h	32m 02s	$11K	$15K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against BloFin. 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 BloFinbpFee PhoenixbpOrdersPrice spread, now −0.046%Rate

Funding earned: $11.4
Price spread: −0.046% → 0.000%: −$4.58
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$12.18
Costs to cover: 0.190%
Break-even: 14.5 days

Slippage unknown: BloFin: live order book, 11 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 BloFin live order book, 11 min ago	0.70 bp	7.2 bp −$7	10.4 bp −$104	doesn't fit	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
edgeX MSFTUSDC	−0.0314%	4h	502.04	−0.006%	$102K	$243K	10x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0056%	1h	501.71	−0.072%	$689K	$431K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.82	−0.050%	$160K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	502.08	+0.003%	$371K	$368K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	502.19	+0.024%	$15.7M	$19.0M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	502.26	+0.038%	$7.4M	$1.7M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	502.24	+0.034%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.87	−0.040%	$3.1M	$1.5M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	502.03	−0.007%	$1.3M	$725K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.93	−0.028%	$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	+0.169%	$6K	$4.4M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.90	−0.034%	$27K	$115K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	502.01	−0.012%	$58K	$231K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.40	+0.066%	$2.2M	$742K	10x	as long as short
Nado MSFT-PERP	+0.0002%	1h	501.87	−0.041%	$415K	$62K	20x	as long as short
Bitget MSFTUSDT	+0.0003%	8h	502.15	+0.016%	$3.9M	$2.1M	100x	as long as short
BloFin MSFT-USDTlong	+0.0010%	8h	502.07	long leg	$190K	$208K	20x
Hotstuff MSFT-PERP	+0.0016%	1h	501.84	−0.046%	$32K	$8K	20x	as long as short
QFEX MSFT-USD	+0.0031%	1h	502.14	+0.014%	$1.1M	$5.6M	10x	as long as short
Lighter RH MSFT	+0.0032%	1h	502.05	−0.004%	$659K	$2.2M	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	502.04	−0.006%	—	—	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.82	−0.050%	$22.2M	$9.9M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.80	−0.054%	$304K	$676K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	502.11	+0.008%	$60K	$3K	10x	as long as short
Paradex MSFT-USD-PERP	+0.0050%	8h	502.14	+0.014%	$221	—	5x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.56	−0.102%	$515K	$479K	15x	as long as short
Phoenix MSFTshort	+0.0064%	1h	501.84	−0.046%	$11K	$15K	20x
Lighter MSFT	+0.0072%	1h	502.22	+0.030%	$1.1M	$660K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.66	−0.082%	$1.5M	$18K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.63	−0.088%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	502.14	+0.014%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	502.08	+0.001%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.99	−0.016%	$115K	$45K	30x	as long as short
Arcus MSFT-USD	+0.0301%	1h	502.13	+0.012%	$109K	$78K	10x	as long as short