Spread before costs (cost unknown: a leg has no order-book sample)−0.004%
7d average—if it closes, per $10,000$0funding while held, a day−$1.94
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phoenix MSFT | 494.30 | 0.0065 | pay 0.0008% / 1h | 47m 04s | $10K | $15K | 20x |
| Short | Deribit MSFT_USDC-PERPETUAL | 494.28 | 0 | get 0.0000% / 1h | 47m 04s | $27K | $109K | 10x |
Phoenix MSFT
Deribit MSFT_USDC-PERPETUALPrice spread history
latest
Range statsloading…
How often the spread is this wide
share of time at each level, last 7DBacktest
opened in the past, held until now, after costsProfit calculator
- Spread captured
- −$0.4
- Funding while held
- −$1.94
- Slippage, 4 orders
- no order book: not counted
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Net
- −$16.35
- Spread needed to break even
- 0.140%
Slippage unknown: Phoenix: no order-book sample; Deribit: live order book, 18 min ago. Net counts fees only.
Cost of waiting
funding view- Funding /8h
- −0.0065%
- Per $10,000 a day
- −$1.94
- Average in range /8h
- —
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 Deribit live order book, 18 min ago | 3.95 bp | 7.5 bp −$7 | 8.8 bp −$88 | 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 price on every exchange
against the cheapest. Click to use as the short leg.Coinbase International493.02cheapestKuCoin493.82+0.162%Polymarket Perps493.91+0.181%Ondo Perps494.00+0.199%Hotstuff494.03+0.205%ApeX Omni494.10+0.219%tradeXYZ494.15+0.229%Vest494.15+0.229%Gate494.22+0.243%
Coinbase International
KuCoin
Polymarket Perps
Ondo Perps
Hotstuff
ApeX Omni
tradeXYZ
Vest
GateDeribit494.28+0.256%
Nado494.30+0.259%
NadoPhoenix494.30+0.260%
Lighter RH494.31+0.262%OKX494.32+0.264%SoDEX494.32+0.264%Extended494.33+0.266%HTX494.33+0.266%Aster494.36+0.272%Paradex494.39+0.278%Aevo494.39+0.278%Bybit494.40+0.280%QFEX494.40+0.280%Orderly494.40+0.280%Bitget494.42+0.284%Injective494.42+0.284%Lighter494.44+0.288%BloFin494.44+0.288%Binance494.45+0.290%Phemex494.48+0.296%Arcus494.50+0.300%edgeX494.67+0.335%Variational Omni494.70+0.341%SunX495.09+0.420%
Lighter RH
OKX
SoDEX
Extended
HTX
Aster
Paradex
Aevo
Bybit
QFEX
Orderly
Bitget
Injective
Lighter
BloFin
Binance
Phemex
Arcus
Variational Omni
SunXMSFT on 33 venues
cheapest first. Swap a leg.| Exchange | vs long leg | Funding /8h | Every | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|
| Coinbase International MSFT-PERP-INTX | −0.259% | 0.0000% | 1h | $664K | $337K | 10x | as long as short |
| KuCoin MSFTUSDTM | −0.097% | +0.0100% | 8h | $1.5M | $7K | 20x | as long as short |
| Polymarket Perps MSFT-USD | −0.079% | +0.0050% | 1h | $288K | $478K | 10x | as long as short |
| Ondo Perps MSFT-USD.P | −0.061% | +0.0050% | 1h | $534K | $384K | 15x | as long as short |
| Hotstuff MSFT-PERP | −0.055% | +0.0056% | 1h | $40K | — | 20x | as long as short |
| ApeX Omni MSFTUSDT | −0.040% | +0.0100% | 1h | $157K | $7K | 50x | as long as short |
| tradeXYZ xyz:MSFT | −0.030% | +0.0050% | 1h | $21.9M | $7.5M | 20x | as long as short |
| Vest MSFT-USD-PERP | −0.030% | +0.0046% | 1h | — | — | 25x | as long as short |
| Gate MSFT_USDT | −0.016% | 0.0000% | 8h | $3.1M | $1.2M | 100x | as long as short |
| Deribit MSFT_USDC-PERPETUALshort | −0.004% | 0.0000% | 1h | $27K | $109K | 10x |
Show all 33 venues
| Exchange | vs long leg | Funding /8h | Every | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|
| Nado MSFT-PERP | −0.001% | −0.0027% | 1h | $459K | $5K | 20x | as long as short |
| Phoenix MSFTlong | 0.000% | +0.0065% | 1h | $10K | $15K | 20x | |
| Lighter RH MSFT | +0.002% | +0.0032% | 1h | $676K | $2.0M | 20x | as long as short |
| OKX MSFT-USDT-SWAP | +0.004% | 0.0000% | 8h | $3.1M | $1.5M | 20x | as long as short |
| SoDEX MSFT-USD | +0.004% | +0.0050% | 1h | $59K | $3K | 10x | as long as short |
| Extended MSFT_24_5-USD | +0.006% | +0.0016% | 1h | $327K | $380K | 17x | as long as short |
| HTX MSFT-USDT | +0.006% | 0.0000% | 8h | $58K | $231K | 20x | as long as short |
| Aster MSFTUSDT | +0.012% | 0.0000% | 8h | $155K | $80K | 20x | as long as short |
| Paradex MSFT-USD-PERP | +0.019% | +0.0051% | 8h | $218 | — | 5x | as long as short |
| Aevo MSFT-PERP | +0.019% | +0.0104% | 1h | $54 | — | 10x | as long as short |
| Bybit MSFTUSDT | +0.020% | 0.0000% | 8h | $7.4M | $1.2M | 100x | as long as short |
| QFEX MSFT-USD | +0.020% | +0.0042% | 1h | $1.1M | $3.8M | 10x | as long as short |
| Orderly PERP_MSFT_USDC_mythos | +0.020% | +0.0100% | 8h | $8K | — | 10x | as long as short |
| Bitget MSFTUSDT | +0.024% | +0.0001% | 8h | $3.8M | $1.6M | 100x | as long as short |
| Injective MSFT/USDC PERP | +0.024% | +0.0220% | 1h | $113K | $154K | 30x | as long as short |
| Lighter MSFT | +0.028% | +0.0032% | 1h | $1.1M | $535K | 20x | as long as short |
| BloFin MSFT-USDT | +0.028% | +0.0001% | 8h | $195K | $159K | 20x | as long as short |
| Binance MSFTUSDT | +0.031% | +0.0017% | 8h | $15.6M | $14.5M | 20x | as long as short |
| Phemex MSFTUSDT | +0.036% | 0.0000% | 8h | $2.1M | $532K | 10x | as long as short |
| Arcus MSFT-USD | +0.040% | +0.0442% | 1h | $112K | $50K | 10x | as long as short |
| edgeX MSFTUSDC | +0.075% | −0.0038% | 4h | $101K | $245K | 10x | as long as short |
| Variational Omni MSFT | +0.081% | 0.0000% | 8h | $1.2M | $705K | — | as long as short |
| SunX MSFT-USDT | +0.160% | 0.0000% | 8h | $6K | $4.3M | 20x | as long as short |