Funding arb · Price arb /

MSFT

RWAall MSFT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0064%/8h= −7.0% APRpaid last 24h −0.006%

Price spread now: Coinbase International against Phemex−0.064%7-day average −0.158% · you buy dearer than you sell

Net, funding: paid 7d − costs−$82as in the Funding arb table

Net, price: spread back to 7d avg − costs−$69as in the Price arb table

costs, in and out, $10k−$790.788% of the position

Long on Phemex Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.028%−$3 on $10k

Price spread, last 4 days (all we have)−0.023%−$2 · spread now −0.064%, 7d avg −0.158%

Together, before fees−0.051%−$5 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Coinbase International is 0.095% dearer against Phemex than usual: you sell high and buy low (spread −0.064% now, against its 7-day average of −0.158%): +$9 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 4.9 days. At the pace of the last 7 days (−0.028% in total) that is about 24 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex MSFTUSDT	501.29	0	get 0.0000% / 8h	5h 03m	$2.2M	$774K	10x
Short	Coinbase International MSFT-PERP-INTX	500.97	−0.0064	pay 0.0008% / 1h	3m 54s	$678K	$458K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now −0.064%Rate

Funding earned: −$13.44
Price spread: −0.064% → −0.158%: $9.45
Slippage, 4 orders: −$56.84
Fee Phemex: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$82.82
Costs to cover: 0.788%
Break-even: never at this rate

Slippage from Phemex: live order book, 5 min ago; Coinbase International: live order book, 59 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 Phemex live order book, 5 min ago	0.80 bp	31.3 bp −$31	doesn't fit	doesn't fit	doesn't fit
Sell Coinbase International live order book, 59 min ago	2.29 bp	7.3 bp −$7	9.9 bp −$99	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
Coinbase International MSFT-PERP-INTXshort	−0.0064%	1h	500.97	−0.064%	$678K	$458K	10x
Nado MSFT-PERP	−0.0034%	1h	500.79	−0.100%	$413K	$64K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.19	−0.020%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	500.97	−0.063%	$337K	$888K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.10	−0.038%	$15.7M	$19.0M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	500.84	−0.090%	$7.2M	$2.1M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.18	−0.022%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	500.98	−0.062%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.09	−0.040%	$4.5M	$2.5M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	500.98	−0.062%	$1.3M	$647K	—	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	501.19	−0.021%	$18K	$299K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	501.89	+0.120%	$6K	$4.1M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	500.76	−0.106%	$27K	$41K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	500.94	−0.070%	$58K	$226K	20x	as long as short
Phemex MSFTUSDTlong	0.0000%	8h	501.29	long leg	$2.2M	$774K	10x
BloFin MSFT-USDT	+0.0002%	8h	501.15	−0.028%	$189K	$204K	20x	as long as short
Hotstuff MSFT-PERP	+0.0024%	1h	500.72	−0.114%	$32K	$8K	20x	as long as short
QFEX MSFT-USD	+0.0030%	1h	501.06	−0.046%	$1.1M	$5.6M	10x	as long as short
Lighter RH MSFT	+0.0032%	1h	500.86	−0.086%	$682K	$2.0M	20x	as long as short
Arcus MSFT-USD	+0.0040%	1h	500.85	−0.088%	$96K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	500.98	−0.062%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	500.70	−0.118%	$22.1M	$8.8M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	500.73	−0.112%	$301K	$648K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	500.97	−0.064%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.63	−0.132%	$515K	$494K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0056%	8h	500.99	−0.059%	$220	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	500.87	−0.084%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	500.94	−0.070%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	500.85	−0.088%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	500.99	−0.060%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	500.95	−0.067%	$55	—	10x	as long as short
Lighter MSFT	+0.0168%	1h	501.15	−0.028%	$1.1M	$479K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.73	+0.088%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0432%	4h	501.04	−0.050%	$102K	$243K	10x	as long as short