Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0016%/8h= −1.7% APRpaid last 24h −0.015%

Price spread now: Bitget against Phoenix+0.101%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 Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.050%−$5 on $10k

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

Together, before fees—needs both histories

The price spread pays, funding is against you. Bitget is 0.101% dearer against Phoenix than usual: you sell high and buy low (spread +0.101% now, against zero (this spread has no 7-day history yet)): +$10 on $10k if it goes back. Holding the pair costs $0 a day in funding at the current rate, which eats that in about 21 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix MSFT	503.52	0.0016	pay 0.0002% / 1h	55m 14s	$11K	$15K	20x
Short	Bitget MSFTUSDT	504.03	0	get 0.0000% / 8h	1h 55m	$3.8M	$3.0M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now +0.101%Rate

Funding earned: −$3.34
Price spread: +0.101% → 0.000%: $10.13
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$12.21
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Phoenix: no order-book sample; Bitget: live order book, 3 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 Bitget live order book, 3 min ago	0.99 bp	7.9 bp −$8	13.2 bp −$132	54.9 bp −$5,490	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	−0.0521%	4h	503.90	+0.076%	$103K	$242K	10x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0048%	1h	503.66	+0.028%	$682K	$500K	10x	as long as short
BloFin MSFT-USDT	−0.0009%	8h	504.39	+0.173%	$190K	$207K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	504.03	+0.102%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	504.26	+0.147%	$341K	$1.2M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	504.39	+0.173%	$15.9M	$19.6M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	504.05	+0.105%	$7.3M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	504.40	+0.175%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	504.11	+0.117%	$3.1M	$1.8M	100x	as long as short
Bitget MSFTUSDTshort	0.0000%	8h	504.03	+0.101%	$3.8M	$3.0M	100x

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni MSFT	0.0000%	8h	504.28	+0.150%	$1.3M	$499K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	503.96	+0.087%	$19K	$326K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	505.14	+0.322%	$6K	$3.9M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	504.22	+0.139%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	504.32	+0.159%	$2.2M	$817K	10x	as long as short
Phoenix MSFTlong	+0.0016%	1h	503.52	long leg	$11K	$15K	20x
Nado MSFT-PERP	+0.0020%	1h	504.01	+0.098%	$415K	$67K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	504.16	+0.127%	$716K	$1.9M	20x	as long as short
QFEX MSFT-USD	+0.0039%	1h	504.24	+0.143%	$1.1M	$4.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.86	+0.068%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	504.20	+0.135%	—	$1K	25x	as long as short
Hotstuff MSFT-PERP	+0.0048%	1h	503.53	+0.002%	$32K	$8K	20x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	503.90	+0.075%	$22.4M	$9.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.98	+0.091%	$303K	$718K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	504.22	+0.139%	$61K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.52	0.000%	$522K	$476K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0059%	8h	504.24	+0.142%	$222	—	5x	as long as short
Lighter MSFT	+0.0080%	1h	504.35	+0.165%	$1.2M	$514K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.76	+0.048%	$1.6M	$58K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.48	−0.008%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	504.15	+0.125%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	504.25	+0.145%	$55	—	10x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0127%	1h	504.16	+0.127%	$27K	$43K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	504.13	+0.121%	$115K	$45K	30x	as long as short