Funding you earn now, next payment 06:00 UTC−0.0064%/8h= −7.0% APRnext payment −$0.08 per $10,000 · paid last 24h −0.011%
Price spread now: Extended against Phoenix+0.037%48s7-day average — · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 7 days−0.051%−$5 on $10k
+Price spread, last 7 days—no price history on both exchanges yet
=The price spread pays, funding is against you. Extended is 0.037% dearer against Phoenix than usual: you sell high and buy low (spread +0.037% now, against zero (this spread has no 7-day history yet)): +$4 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 46 hours. At the pace of the last 7 days (−0.051% in total) that is about 5.0 days. The two prices were read 48 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 | 503.77 | 0.0064 | pay 0.0008% / 1h | 46m 36s | $11K | $15K | 20x |
| Short | Extended MSFT_24_5-USD | 503.95 | 0 | get 0.0000% / 1h | 46m 36s | $341K | $1.2M | 17x |
Phoenix MSFT
Extended MSFT_24_5-USDFunding history
latest
Range statsloading…
Price spread between the two exchanges
Extended 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
- −$13.35
- Price spread: +0.037% → 0.000%
- $3.65
- Slippage, 4 orders
- no order book: not counted
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Extended: 2.5 bp × 2 orders
- −$5
- Net
- −$21.69
- Costs to cover
- 0.120%
- Break-even
- never at this rate
Slippage unknown: Phoenix: no order-book sample; Extended: live order book, 2 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 Extended live order book, 2 min ago | 0.30 bp | 5.4 bp −$5 | 39.7 bp −$397 | 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 | −0.0462% | 4h | 503.96 | +0.037% | $103K | $244K | 10x | as long as short |
| Coinbase International MSFT-PERP-INTX | −0.0048% | 1h | 503.66 | −0.022% | $682K | $500K | 10x | as long as short |
| Aster MSFTUSDT | 0.0000% | 8h | 503.71 | −0.012% | $162K | $114K | 20x | as long as short |
| Extended MSFT_24_5-USDshort | 0.0000% | 1h | 503.95 | +0.037% | $341K | $1.2M | 17x | |
| Binance MSFTUSDT | 0.0000% | 8h | 504.04 | +0.054% | $15.8M | $19.6M | 20x | as long as short |
| Bybit MSFTUSDT | 0.0000% | 8h | 503.75 | −0.004% | $7.3M | $2.3M | 100x | as long as short |
| OKX MSFT-USDT-SWAP | 0.0000% | 8h | 504.21 | +0.087% | $3.0M | $2.4M | 20x | as long as short |
| Gate MSFT_USDT | 0.0000% | 8h | 503.90 | +0.026% | $3.1M | $1.8M | 100x | as long as short |
| Bitget MSFTUSDT | 0.0000% | 8h | 504.08 | +0.062% | $3.8M | $3.0M | 100x | as long as short |
| Variational Omni MSFT | 0.0000% | 8h | 504.13 | +0.072% | $1.3M | $499K | — | as long as short |
edgeX MSFTUSDC
Coinbase International MSFT-PERP-INTX
Aster MSFTUSDT
Binance MSFTUSDT
Bybit MSFTUSDT
OKX MSFT-USDT-SWAP
Gate MSFT_USDT
Bitget MSFTUSDT
Variational Omni MSFTShow all 34 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| GRVT MSFT_USDT_Perp | 0.0000% | 8h | 504.20 | +0.086% | $19K | $327K | 10x | as long as short |
| SunX MSFT-USDT | 0.0000% | 8h | 504.84 | +0.212% | $6K | $3.9M | 20x | as long as short |
| HTX MSFT-USDT | 0.0000% | 8h | 503.98 | +0.042% | $59K | $226K | 20x | as long as short |
| Phemex MSFTUSDT | 0.0000% | 8h | 504.10 | +0.066% | $2.2M | $820K | 10x | as long as short |
| Nado MSFT-PERP | +0.0004% | 1h | 503.70 | −0.013% | $415K | $67K | 20x | as long as short |
| Deribit MSFT_USDC-PERPETUAL | +0.0008% | 1h | 503.87 | +0.020% | $27K | $43K | 10x | as long as short |
| BloFin MSFT-USDT | +0.0014% | 8h | 504.01 | +0.048% | $190K | $207K | 20x | as long as short |
| Lighter RH MSFT | +0.0032% | 1h | 503.83 | +0.012% | $689K | $2.0M | 20x | as long as short |
| QFEX MSFT-USD | +0.0039% | 1h | 504.04 | +0.054% | $1.1M | $4.8M | 10x | as long as short |
| Arcus MSFT-USD | +0.0040% | 1h | 503.80 | +0.006% | $97K | $110K | 10x | as long as short |
| Vest MSFT-USD-PERP | +0.0046% | 1h | 503.99 | +0.044% | — | $1K | 25x | as long as short |
| Hotstuff MSFT-PERP | +0.0048% | 1h | 503.62 | −0.030% | $32K | $8K | 20x | as long as short |
| tradeXYZ xyz:MSFT | +0.0050% | 1h | 503.60 | −0.034% | $22.4M | $9.0M | 20x | as long as short |
| Polymarket Perps MSFT-USD | +0.0050% | 1h | 503.70 | −0.014% | $303K | $718K | 10x | as long as short |
| SoDEX MSFT-USD | +0.0050% | 1h | 503.95 | +0.036% | $61K | $3K | 10x | as long as short |
| Ondo Perps MSFT-USD.P | +0.0050% | 1h | 503.67 | −0.020% | $522K | $476K | 15x | as long as short |
| Paradex MSFT-USD-PERP | +0.0059% | 8h | 503.94 | +0.033% | $222 | — | 5x | as long as short |
| Phoenix MSFTlong | +0.0064% | 1h | 503.77 | long leg | $11K | $15K | 20x | |
| KuCoin MSFTUSDTM | +0.0100% | 8h | 503.43 | −0.067% | $1.6M | $58K | 20x | as long as short |
| ApeX Omni MSFTUSDT | +0.0100% | 1h | 503.66 | −0.022% | $160K | $7K | 50x | as long as short |
| Orderly PERP_MSFT_USDC_mythos | +0.0100% | 8h | 503.95 | +0.036% | $8K | — | 10x | as long as short |
| Aevo MSFT-PERP | +0.0104% | 1h | 504.04 | +0.053% | $55 | — | 10x | as long as short |
| Lighter MSFT | +0.0128% | 1h | 504.09 | +0.064% | $1.2M | $514K | 20x | as long as short |
| Injective MSFT/USDC PERP | +0.0220% | 1h | 504.13 | +0.071% | $115K | $45K | 30x | as long as short |
GRVT MSFT_USDT_Perp
SunX MSFT-USDT
HTX MSFT-USDT
Phemex MSFTUSDT
Nado MSFT-PERP
Deribit MSFT_USDC-PERPETUAL
BloFin MSFT-USDT
Lighter RH MSFT
QFEX MSFT-USD
Arcus MSFT-USD
Vest MSFT-USD-PERP
Hotstuff MSFT-PERP
tradeXYZ xyz:MSFT
Polymarket Perps MSFT-USD
SoDEX MSFT-USD
Ondo Perps MSFT-USD.P
Paradex MSFT-USD-PERP
KuCoin MSFTUSDTM
ApeX Omni MSFTUSDT
Orderly PERP_MSFT_USDC_mythos
Aevo MSFT-PERP
Lighter MSFT
Injective MSFT/USDC PERP