Funding arb · Price arb /

MSFT

RWAall MSFT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h +0.015%

Price spread now: Polymarket Perps against Phemex−0.074%7-day average −0.121% · you buy dearer than you sell

Net, funding: paid 7d − costs−$61as in the Funding arb table

Net, price: spread back to 7d avg − costs−$68as in the Price arb table

costs, in and out, $10k−$720.724% of the position

Long on Phemex Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.111%+$11 on $10k

Price spread, last 4 days (all we have)−0.061%−$6 · spread now −0.074%, 7d avg −0.121%

Together, before fees+0.050%+$5 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Polymarket Perps is 0.048% dearer against Phemex than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.121%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex MSFTUSDT	501.41	0	get 0.0000% / 8h	4h 13m	$2.2M	$770K	10x
Short	Polymarket Perps MSFT-USD	501.04	0.0050	get 0.0006% / 1h	13m 57s	$302K	$722K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now −0.074%Rate

Funding earned: $10.5
Price spread: −0.074% → −0.121%: $4.76
Slippage, 4 orders: −$52.37
Fee Phemex: 6 bp × 2 orders: −$12
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$57.11
Costs to cover: 0.724%
Break-even: 45.1 days

Slippage from Phemex: live order book, 4 min ago; Polymarket Perps: live order book, 44 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, 4 min ago	0.50 bp	28.4 bp −$28	doesn't fit	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 44 min ago	1.30 bp	5.5 bp −$5	5.5 bp −$55	6.8 bp −$684	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-INTX	−0.0040%	1h	500.97	−0.088%	$677K	$456K	10x	as long as short
Nado MSFT-PERP	−0.0011%	1h	501.30	−0.022%	$414K	$64K	20x	as long as short
BloFin MSFT-USDT	−0.0004%	8h	501.52	+0.022%	$189K	$204K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.24	−0.034%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.25	−0.031%	$337K	$890K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.39	−0.005%	$15.8M	$19.0M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.08	−0.066%	$7.2M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.57	+0.032%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.21	−0.040%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.39	−0.004%	$4.5M	$2.5M	100x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni MSFT	0.0000%	8h	501.46	+0.010%	$1.3M	$615K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.52	+0.021%	$19K	$302K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.21	+0.160%	$6K	$4.0M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.03	−0.076%	$27K	$41K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.32	−0.018%	$59K	$225K	20x	as long as short
Phemex MSFTUSDTlong	0.0000%	8h	501.41	long leg	$2.2M	$770K	10x
Lighter RH MSFT	+0.0032%	1h	501.13	−0.056%	$675K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0036%	1h	501.27	−0.028%	$1.2M	$5.2M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.21	−0.040%	$96K	$111K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.41	0.000%	—	$1K	25x	as long as short
Phoenix MSFT	+0.0048%	1h	501.24	−0.034%	$10K	$15K	20x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	500.87	−0.108%	$22.0M	$8.7M	20x	as long as short
Polymarket Perps MSFT-USDshort	+0.0050%	1h	501.04	−0.074%	$302K	$722K	10x
SoDEX MSFT-USD	+0.0050%	1h	501.21	−0.040%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.90	−0.102%	$528K	$444K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0057%	8h	501.30	−0.021%	$221	—	5x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.07	−0.068%	$1.5M	$20K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	500.99	−0.084%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.34	−0.014%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.31	−0.021%	$55	—	10x	as long as short
Lighter MSFT	+0.0112%	1h	501.38	−0.006%	$1.1M	$499K	20x	as long as short
Hotstuff MSFT-PERP	+0.0184%	1h	500.95	−0.092%	$32K	$8K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.76	+0.070%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0784%	4h	501.53	+0.023%	$102K	$244K	10x	as long as short