Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Phemex against OKX+0.006%7-day average +0.047% · you sell dearer than you buy

Net, funding: paid 7d − costs−$78as in the Funding arb table

Net, price: spread back to 7d avg − costs−$80as in the Price arb table

costs, in and out, $10k−$760.764% of the position

Long on OKX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.014%−$1 on $10k

Price spread, last 3 days (all we have)+0.045%+$4 · spread now +0.006%, 7d avg +0.047%

Together, before fees+0.031%+$3 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.041% cheaper against OKX than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of +0.047%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX MSFT-USDT-SWAP	501.50	0	get 0.0000% / 8h	6h 38m	$3.0M	$2.3M	20x
Short	Phemex MSFTUSDT	501.53	0	get 0.0000% / 8h	6h 38m	$2.2M	$762K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against OKX. 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 OKXbpFee PhemexbpOrdersPrice spread, now +0.006%Rate

Funding earned: $0
Price spread: +0.006% → +0.047%: −$4.07
Slippage, 4 orders: −$54.39
Fee OKX: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$80.47
Costs to cover: 0.764%
Break-even: never at this rate

Slippage from OKX: live order book, 4 min ago; Phemex: live order book, 5 min ago.

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 OKX live order book, 4 min ago	0.10 bp	7.7 bp −$8	16.0 bp −$160	doesn't fit	doesn't fit
Sell Phemex live order book, 5 min ago	0.70 bp	25.8 bp −$26	doesn't fit	doesn't fit	doesn't fit

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
BloFin MSFT-USDT	−0.0028%	8h	501.33	−0.034%	$189K	$204K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0016%	1h	500.87	−0.126%	$684K	$451K	10x	as long as short
Nado MSFT-PERP	−0.0013%	1h	501.08	−0.083%	$414K	$64K	20x	as long as short
Hotstuff MSFT-PERP	−0.0008%	1h	500.97	−0.106%	$32K	$8K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.49	−0.002%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.26	−0.047%	$342K	$894K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.38	−0.024%	$15.6M	$18.8M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.25	−0.050%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAPlong	0.0000%	8h	501.50	long leg	$3.0M	$2.3M	20x
Gate MSFT_USDT	0.0000%	8h	501.14	−0.072%	$3.1M	$1.6M	100x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MSFTUSDT	0.0000%	8h	501.41	−0.018%	$4.3M	$2.4M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.10	−0.080%	$1.3M	$677K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.24	−0.052%	$19K	$295K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.19	+0.138%	$6K	$4.1M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.15	−0.070%	$27K	$41K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.32	−0.036%	$59K	$226K	20x	as long as short
Phemex MSFTUSDTshort	0.0000%	8h	501.53	+0.006%	$2.2M	$762K	10x
Lighter RH MSFT	+0.0032%	1h	501.23	−0.054%	$618K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0038%	1h	501.31	−0.038%	$1.2M	$5.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.12	−0.076%	$97K	$109K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.18	−0.064%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	500.94	−0.112%	$22.1M	$9.2M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	500.97	−0.106%	$303K	$672K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.30	−0.040%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.84	−0.132%	$513K	$514K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0051%	8h	501.26	−0.048%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.09	−0.082%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.00	−0.100%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	500.67	−0.166%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.31	−0.038%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.28	−0.045%	$55	—	10x	as long as short
Lighter MSFT	+0.0136%	1h	501.50	0.000%	$1.1M	$489K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.56	+0.012%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0251%	4h	501.21	−0.057%	$102K	$241K	10x	as long as short