Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0104%/8h= +11.4% APRpaid last 24h +0.031%

Price spread now: Aevo against Phemex−0.064%7-day average — · you buy dearer than you sell

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

Long on Phemex Short on Aevo

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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. Aevo is 0.064% cheaper against Phemex than usual: you would sell low and buy high (spread −0.064% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$6 on $10k: about 2.1 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex MSFTUSDT	502.40	0	get 0.0000% / 8h	3h 32m	$2.2M	$742K	10x
Short	Aevo MSFT-PERP	502.08	0.0104	get 0.0013% / 1h	32m 06s	$55	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aevo against Phemex. 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 PhemexbpFee AevobpOrdersPrice spread, now −0.064%Rate

Funding earned: $21.84
Price spread: −0.064% → 0.000%: −$6.45
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Aevo: 8 bp × 2 orders: −$16
Net: −$12.61
Costs to cover: 0.280%
Break-even: 11.0 days

Slippage unknown: Phemex: live order book, 2 min ago; Aevo: 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 Phemex live order book, 2 min ago	0.50 bp	29.9 bp −$30	doesn't fit	doesn't fit	doesn't fit
Sell Aevo no order-book sample	—	—	—	—	—

Aevo: 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	−0.072%	$102K	$243K	10x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0056%	1h	501.71	−0.137%	$689K	$431K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.82	−0.115%	$160K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	502.08	−0.063%	$371K	$368K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	502.19	−0.042%	$15.7M	$19.0M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	502.26	−0.028%	$7.4M	$1.7M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	502.24	−0.032%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.87	−0.105%	$3.1M	$1.5M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	502.03	−0.073%	$1.3M	$725K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.93	−0.093%	$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	+0.104%	$6K	$4.4M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.90	−0.100%	$27K	$115K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	502.01	−0.078%	$58K	$231K	20x	as long as short
Phemex MSFTUSDTlong	0.0000%	8h	502.40	long leg	$2.2M	$742K	10x
Nado MSFT-PERP	+0.0002%	1h	501.87	−0.106%	$415K	$62K	20x	as long as short
Bitget MSFTUSDT	+0.0003%	8h	502.15	−0.050%	$3.9M	$2.1M	100x	as long as short
BloFin MSFT-USDT	+0.0010%	8h	502.07	−0.066%	$190K	$208K	20x	as long as short
Hotstuff MSFT-PERP	+0.0016%	1h	501.84	−0.111%	$32K	$8K	20x	as long as short
QFEX MSFT-USD	+0.0031%	1h	502.14	−0.052%	$1.1M	$5.6M	10x	as long as short
Lighter RH MSFT	+0.0032%	1h	502.05	−0.070%	$659K	$2.2M	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	502.04	−0.072%	—	—	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.82	−0.115%	$22.2M	$9.9M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.80	−0.119%	$304K	$676K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	502.11	−0.058%	$60K	$3K	10x	as long as short
Paradex MSFT-USD-PERP	+0.0050%	8h	502.14	−0.052%	$221	—	5x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.56	−0.167%	$515K	$479K	15x	as long as short
Phoenix MSFT	+0.0064%	1h	501.84	−0.111%	$11K	$15K	20x	as long as short
Lighter MSFT	+0.0072%	1h	502.22	−0.036%	$1.1M	$660K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.66	−0.147%	$1.5M	$18K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.63	−0.153%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	502.14	−0.052%	$8K	—	10x	as long as short
Aevo MSFT-PERPshort	+0.0104%	1h	502.08	−0.064%	$55	—	10x
Injective MSFT/USDC PERP	+0.0220%	1h	501.99	−0.082%	$115K	$45K	30x	as long as short
Arcus MSFT-USD	+0.0301%	1h	502.13	−0.054%	$109K	$78K	10x	as long as short