Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0048%/8h= −5.2% APRpaid last 24h −0.016%

Price spread now: Aster against Phoenix+0.338%7-day average — · you sell dearer than you buy

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

Long on Phoenix Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days−0.041%−$4 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropAster: Stage 5 · farm boardneeds both histories

The price spread pays, funding is against you. Aster is 0.338% dearer against Phoenix than usual: you sell high and buy low (spread +0.338% now, against zero (this spread has no 7-day history yet)): +$34 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 24 days. At the pace of the last 7 days (−0.041% in total) that is about 57 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix MSFT	502.47	0.0048	pay 0.0006% / 1h	57m 10s	$11K	$5K	20x
Short	Aster MSFTUSDT	504.17	0	get 0.0000% / 8h	5h 57m	$166K	$118K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Phoenix. 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 PhoenixbpFee AsterbpOrdersPrice spread, now +0.338%Rate

Funding earned: −$9.99
Price spread: +0.338% → 0.000%: $33.83
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Aster: 4 bp × 2 orders: −$8
Net: $8.85
Costs to cover: 0.150%
Break-even: from the start

Slippage unknown: Phoenix: no order-book sample; Aster: live order book, 52 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 Aster live order book, 52 min ago	14.76 bp	20.0 bp −$20	doesn't fit	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 exchanges

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
Hotstuff MSFT-PERP	−0.1600%	1h	503.33	+0.171%	$32K	$8K	20x	as long as short
BloFin MSFT-USDT	−0.0027%	8h	503.44	+0.193%	$202K	$211K	20x	as long as short
Nado MSFT-PERP	−0.0020%	1h	502.92	+0.090%	$410K	$72K	20x	as long as short
Aster MSFTUSDTshort	0.0000%	8h	504.17	+0.338%	$166K	$118K	20x
Extended MSFT_24_5-USD	0.0000%	1h	503.22	+0.150%	$326K	$1.9M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	503.43	+0.191%	$16.3M	$20.9M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.15	+0.135%	$7.3M	$2.3M	100x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.10	+0.125%	$3.1M	$1.9M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	503.20	+0.145%	$3.9M	$2.9M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	503.63	+0.230%	$1.3M	$392K	—	as long as short

Show all 34 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX MSFT-USDT	0.0000%	8h	504.13	+0.330%	$6K	$3.5M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	502.97	+0.100%	$30K	$47K	10x	as long as short
Coinbase International MSFT-PERP-INTX	0.0000%	1h	502.80	+0.066%	$702K	$523K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.27	+0.159%	$48K	$246K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	503.90	+0.285%	$2.3M	$906K	10x	as long as short
edgeX MSFTUSDC	+0.0002%	4h	503.56	+0.217%	$102K	$244K	10x	as long as short
tradeXYZ xyz:MSFT	+0.0002%	1h	502.82	+0.070%	$22.5M	$9.2M	20x	as long as short
Lighter MSFT	+0.0032%	1h	503.18	+0.141%	$1.2M	$480K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.18	+0.141%	$691K	$1.8M	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.14	+0.133%	—	$1K	25x	as long as short
Phoenix MSFTlong	+0.0048%	1h	502.47	long leg	$11K	$5K	20x
Polymarket Perps MSFT-USD	+0.0050%	1h	503.01	+0.107%	$318K	$677K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.16	+0.137%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	502.31	−0.032%	$532K	$382K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0057%	8h	502.92	+0.090%	$221	—	5x	as long as short
QFEX MSFT-USD	+0.0058%	1h	502.97	+0.100%	$1.1M	$4.7M	10x	as long as short
OKX MSFT-USDT-SWAP	+0.0062%	8h	503.46	+0.197%	$3.2M	$2.7M	20x	as long as short
GRVT MSFT_USDT_Perp	+0.0075%	8h	503.75	+0.255%	$18K	$317K	10x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.17	+0.139%	$1.6M	$214K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.07	+0.119%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.38	+0.181%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.40	+0.185%	$55	—	10x	as long as short
Arcus MSFT-USD	+0.0190%	1h	503.02	+0.109%	$93K	$83K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	504.07	+0.318%	$115K	$45K	30x	as long as short