Funding you earn now, next payment 07:00 UTC−0.0023%/8h= −2.6% APRnext payment −$0.03 per $10,000 · paid last 24h +0.065%
Price spread now: Arcus against Phoenix−0.022%49s7-day average — · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 4 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
Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Arcus is 0.022% cheaper against Phoenix than usual: you would sell low and buy high (−$2 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 49 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 | Phoenix MSFT | 503.47 | 0.0064 | pay 0.0008% / 1h | 14m 03s | $11K | $15K | 20x |
| Short | Arcus MSFT-USD | 503.36 | 0.0040 | get 0.0005% / 1h | 14m 03s | $97K | $110K | 10x |
Phoenix MSFT
Arcus MSFT-USDFunding history
latest
Range statsloading…
Price spread between the two exchanges
Arcus against Phoenix. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$4.89
- Price spread: −0.022% → 0.000%
- −$2.18
- Slippage, 4 orders
- no order book: not counted
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Arcus: 2.25 bp × 2 orders
- −$4.5
- Net
- −$18.58
- Costs to cover
- 0.115%
- Break-even
- never at this rate
Slippage unknown: Phoenix: no order-book sample; Arcus: live order book, 24 min ago. 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 Phoenix no order-book sample | — | — | — | — | — |
| Sell Arcus live order book, 24 min ago | 3.87 bp | 10.9 bp −$11 | 13.6 bp −$136 | doesn't fit | doesn't fit |
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 | |
|---|---|---|---|---|---|---|---|---|
| edgeX MSFTUSDC | −0.0111% | 4h | 503.51 | +0.008% | $102K | $244K | 10x | as long as short |
| Nado MSFT-PERP | −0.0051% | 1h | 503.52 | +0.010% | $414K | $67K | 20x | as long as short |
| tradeXYZ xyz:MSFT | −0.0001% | 1h | 503.18 | −0.058% | $22.4M | $8.9M | 20x | as long as short |
| Aster MSFTUSDT | 0.0000% | 8h | 503.66 | +0.038% | $162K | $114K | 20x | as long as short |
| Extended MSFT_24_5-USD | 0.0000% | 1h | 503.50 | +0.005% | $339K | $1.9M | 17x | as long as short |
| Binance MSFTUSDT | 0.0000% | 8h | 503.62 | +0.030% | $15.8M | $19.1M | 20x | as long as short |
| Bybit MSFTUSDT | 0.0000% | 8h | 503.34 | −0.026% | $7.2M | $2.3M | 100x | as long as short |
| OKX MSFT-USDT-SWAP | 0.0000% | 8h | 503.63 | +0.032% | $3.0M | $2.4M | 20x | as long as short |
| Gate MSFT_USDT | 0.0000% | 8h | 503.41 | −0.012% | $3.1M | $1.9M | 100x | as long as short |
| Bitget MSFTUSDT | 0.0000% | 8h | 503.62 | +0.030% | $3.8M | $2.9M | 100x | as long as short |
edgeX MSFTUSDC
Nado MSFT-PERP
tradeXYZ xyz:MSFT
Aster MSFTUSDT
Extended MSFT_24_5-USD
Binance MSFTUSDT
Bybit MSFTUSDT
OKX MSFT-USDT-SWAP
Gate MSFT_USDT
Bitget MSFTUSDTShow all 34 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Variational Omni MSFT | 0.0000% | 8h | 503.60 | +0.025% | $1.3M | $403K | — | as long as short |
| GRVT MSFT_USDT_Perp | 0.0000% | 8h | 503.58 | +0.022% | $19K | $322K | 10x | as long as short |
| SunX MSFT-USDT | 0.0000% | 8h | 504.42 | +0.189% | $6K | $3.8M | 20x | as long as short |
| Deribit MSFT_USDC-PERPETUAL | 0.0000% | 1h | 503.35 | −0.024% | $27K | $44K | 10x | as long as short |
| Coinbase International MSFT-PERP-INTX | 0.0000% | 1h | 503.16 | −0.062% | $681K | $447K | 10x | as long as short |
| HTX MSFT-USDT | 0.0000% | 8h | 503.46 | −0.002% | $59K | $225K | 20x | as long as short |
| Phemex MSFTUSDT | 0.0000% | 8h | 503.69 | +0.044% | $2.2M | $817K | 10x | as long as short |
| BloFin MSFT-USDT | +0.0019% | 8h | 503.62 | +0.030% | $191K | $206K | 20x | as long as short |
| Lighter MSFT | +0.0032% | 1h | 503.52 | +0.010% | $1.2M | $532K | 20x | as long as short |
| Lighter RH MSFT | +0.0032% | 1h | 503.41 | −0.012% | $708K | $1.9M | 20x | as long as short |
| QFEX MSFT-USD | +0.0037% | 1h | 503.50 | +0.006% | $1.1M | $4.6M | 10x | as long as short |
| Arcus MSFT-USDshort | +0.0040% | 1h | 503.36 | −0.022% | $97K | $110K | 10x | |
| Vest MSFT-USD-PERP | +0.0046% | 1h | 503.73 | +0.052% | — | $1K | 25x | as long as short |
| Polymarket Perps MSFT-USD | +0.0050% | 1h | 503.21 | −0.052% | $303K | $717K | 10x | as long as short |
| SoDEX MSFT-USD | +0.0050% | 1h | 503.46 | −0.002% | $60K | $3K | 10x | as long as short |
| Ondo Perps MSFT-USD.P | +0.0050% | 1h | 503.20 | −0.054% | $513K | $429K | 15x | as long as short |
| Paradex MSFT-USD-PERP | +0.0052% | 8h | 503.55 | +0.016% | $222 | — | 5x | as long as short |
| Phoenix MSFTlong | +0.0064% | 1h | 503.47 | long leg | $11K | $15K | 20x | |
| Hotstuff MSFT-PERP | +0.0072% | 1h | 503.18 | −0.058% | $32K | $8K | 20x | as long as short |
| KuCoin MSFTUSDTM | +0.0100% | 8h | 502.94 | −0.105% | $1.6M | $69K | 20x | as long as short |
| ApeX Omni MSFTUSDT | +0.0100% | 1h | 503.26 | −0.042% | $160K | $7K | 50x | as long as short |
| Orderly PERP_MSFT_USDC_mythos | +0.0100% | 8h | 503.46 | −0.002% | $8K | — | 10x | as long as short |
| Aevo MSFT-PERP | +0.0104% | 1h | 503.50 | +0.006% | $55 | — | 10x | as long as short |
| Injective MSFT/USDC PERP | +0.0220% | 1h | 504.86 | +0.276% | $116K | $45K | 30x | as long as short |
Variational Omni MSFT
GRVT MSFT_USDT_Perp
SunX MSFT-USDT
Deribit MSFT_USDC-PERPETUAL
Coinbase International MSFT-PERP-INTX
HTX MSFT-USDT
Phemex MSFTUSDT
BloFin MSFT-USDT
Lighter MSFT
Lighter RH MSFT
QFEX MSFT-USD
Vest MSFT-USD-PERP
Polymarket Perps MSFT-USD
SoDEX MSFT-USD
Ondo Perps MSFT-USD.P
Paradex MSFT-USD-PERP
Hotstuff MSFT-PERP
KuCoin MSFTUSDTM
ApeX Omni MSFTUSDT
Orderly PERP_MSFT_USDC_mythos
Aevo MSFT-PERP
Injective MSFT/USDC PERP