Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0016%/8h= +1.7% APRpaid last 24h +0.016%

Price spread now: Phoenix against HTX+0.026%72s7-day average — · you sell dearer than you buy

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

Long on HTX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.067%+$7 on $10k

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

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays $0 a day on $10k at the current rate, and Phoenix is 0.026% dearer against HTX than usual: you sell high and buy low: +$3 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 72 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	HTX MSFT-USDT	503.85	0	get 0.0000% / 8h	7h 24m	$59K	$225K	20x
Short	Phoenix MSFT	503.98	0.0016	get 0.0002% / 1h	24m 03s	$11K	$15K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against HTX. 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 HTXbpFee PhoenixbpOrdersPrice spread, now +0.026%Rate

Funding earned: $3.34
Price spread: +0.026% → 0.000%: $2.58
Slippage, 4 orders: no order book: not counted
Fee HTX: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$13.08
Costs to cover: 0.190%
Break-even: 34.4 days

Slippage unknown: HTX: live order book, 7 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 HTX live order book, 7 min ago	2.78 bp	10.3 bp −$10	18.5 bp −$185	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
Coinbase International MSFT-PERP-INTX	−0.0056%	1h	503.90	+0.010%	$681K	$457K	10x	as long as short
Nado MSFT-PERP	−0.0021%	1h	503.52	−0.066%	$414K	$67K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.98	+0.026%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.86	+0.002%	$335K	$1.9M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	503.96	+0.022%	$15.9M	$19.4M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.53	−0.064%	$7.2M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	503.94	+0.018%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.62	−0.046%	$3.1M	$1.9M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	503.92	+0.014%	$3.9M	$2.8M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	503.92	+0.013%	$1.3M	$387K	—	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT MSFT_USDT_Perp	0.0000%	8h	504.32	+0.094%	$19K	$315K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	504.79	+0.187%	$6K	$3.6M	20x	as long as short
HTX MSFT-USDTlong	0.0000%	8h	503.85	long leg	$59K	$225K	20x
Phemex MSFTUSDT	0.0000%	8h	504.36	+0.101%	$2.2M	$840K	10x	as long as short
Phoenix MSFTshort	+0.0016%	1h	503.98	+0.026%	$11K	$15K	20x
Hotstuff MSFT-PERP	+0.0016%	1h	503.39	−0.091%	$32K	$8K	20x	as long as short
BloFin MSFT-USDT	+0.0020%	8h	503.99	+0.028%	$192K	$203K	20x	as long as short
QFEX MSFT-USD	+0.0023%	1h	503.90	+0.010%	$1.1M	$4.6M	10x	as long as short
Lighter MSFT	+0.0032%	1h	503.65	−0.040%	$1.2M	$517K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.67	−0.036%	$700K	$1.9M	20x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.59	−0.052%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.74	−0.022%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	503.32	−0.105%	$22.4M	$8.9M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.30	−0.109%	$303K	$650K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.74	−0.022%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.48	−0.073%	$514K	$397K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0053%	8h	503.72	−0.026%	$222	—	5x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.60	−0.050%	$1.6M	$116K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.71	−0.028%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.74	−0.022%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.77	−0.017%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	505.84	+0.395%	$116K	$45K	30x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0227%	1h	503.69	−0.032%	$27K	$45K	10x	as long as short
edgeX MSFTUSDC	+0.0795%	4h	504.18	+0.065%	$103K	$242K	10x	as long as short