Funding you earn now, next payment 04:00 UTC−0.0034%/8h= −3.7% APRnext payment −$0.04 per $10,000 · paid last 24h −0.002%
Price spread now: tradeXYZ against Phoenix+0.008%81s7-day average — · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 7 days+0.005%+$1 on $10k
+Price spread, last 7 days—no price history on both exchanges yet
=The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$1 a day on $10k at the current rate. The two prices were read 81 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 | 503.14 | 0.0048 | pay 0.0006% / 1h | 3m 56s | $11K | $15K | 20x |
| Short | tradeXYZ xyz:MSFT | 503.18 | 0.0014 | get 0.0002% / 1h | 3m 56s | $22.3M | $8.8M | 20x |
Phoenix MSFT
tradeXYZ xyz:MSFTFunding history
latest
Range statsloading…
Price spread between the two exchanges
tradeXYZ 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
- −$7.04
- Price spread: +0.008% → 0.000%
- $0.8
- Slippage, 4 orders
- no order book: not counted
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee tradeXYZ: 9 bp × 2 orders
- −$18
- Net
- −$31.25
- Costs to cover
- 0.250%
- Break-even
- never at this rate
Slippage unknown: Phoenix: no order-book sample; tradeXYZ: live order book, 4 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 tradeXYZ live order book, 4 min ago | 0.50 bp | 10.1 bp −$10 | 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 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 | |
|---|---|---|---|---|---|---|---|---|
| Nado MSFT-PERP | −0.0100% | 1h | 503.33 | +0.038% | $414K | $65K | 20x | as long as short |
| Coinbase International MSFT-PERP-INTX | −0.0032% | 1h | 503.25 | +0.022% | $686K | $459K | 10x | as long as short |
| BloFin MSFT-USDT | −0.0004% | 8h | 503.49 | +0.070% | $189K | $205K | 20x | as long as short |
| Aster MSFTUSDT | 0.0000% | 8h | 503.31 | +0.033% | $162K | $116K | 20x | as long as short |
| Extended MSFT_24_5-USD | 0.0000% | 1h | 503.45 | +0.061% | $337K | $964K | 17x | as long as short |
| Binance MSFTUSDT | 0.0000% | 8h | 503.59 | +0.089% | $15.8M | $19.2M | 20x | as long as short |
| Bybit MSFTUSDT | 0.0000% | 8h | 503.30 | +0.032% | $7.2M | $2.2M | 100x | as long as short |
| OKX MSFT-USDT-SWAP | 0.0000% | 8h | 503.68 | +0.107% | $3.0M | $2.3M | 20x | as long as short |
| Gate MSFT_USDT | 0.0000% | 8h | 503.44 | +0.060% | $3.1M | $1.8M | 100x | as long as short |
| Bitget MSFTUSDT | 0.0000% | 8h | 503.56 | +0.083% | $4.4M | $2.6M | 100x | as long as short |
Nado MSFT-PERP
Coinbase International MSFT-PERP-INTX
BloFin MSFT-USDT
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 | 503.40 | +0.051% | $1.3M | $493K | — | as long as short |
| GRVT MSFT_USDT_Perp | 0.0000% | 8h | 503.75 | +0.121% | $18K | $302K | 10x | as long as short |
| SunX MSFT-USDT | 0.0000% | 8h | 504.41 | +0.252% | $6K | $4.0M | 20x | as long as short |
| Deribit MSFT_USDC-PERPETUAL | 0.0000% | 1h | 503.35 | +0.042% | $27K | $42K | 10x | as long as short |
| HTX MSFT-USDT | 0.0000% | 8h | 503.51 | +0.074% | $59K | $226K | 20x | as long as short |
| Phemex MSFTUSDT | 0.0000% | 8h | 503.77 | +0.125% | $2.2M | $785K | 10x | as long as short |
| tradeXYZ xyz:MSFTshort | +0.0014% | 1h | 503.18 | +0.008% | $22.3M | $8.8M | 20x | |
| Lighter MSFT | +0.0032% | 1h | 503.57 | +0.085% | $1.1M | $514K | 20x | as long as short |
| Lighter RH MSFT | +0.0032% | 1h | 503.32 | +0.036% | $679K | $2.0M | 20x | as long as short |
| QFEX MSFT-USD | +0.0035% | 1h | 503.50 | +0.072% | $1.1M | $4.9M | 10x | as long as short |
| Arcus MSFT-USD | +0.0040% | 1h | 503.27 | +0.026% | $97K | $110K | 10x | as long as short |
| Vest MSFT-USD-PERP | +0.0046% | 1h | 503.54 | +0.080% | — | $1K | 25x | as long as short |
| Phoenix MSFTlong | +0.0048% | 1h | 503.14 | long leg | $11K | $15K | 20x | |
| Polymarket Perps MSFT-USD | +0.0050% | 1h | 503.21 | +0.014% | $303K | $713K | 10x | as long as short |
| SoDEX MSFT-USD | +0.0050% | 1h | 503.49 | +0.070% | $60K | $3K | 10x | as long as short |
| Ondo Perps MSFT-USD.P | +0.0050% | 1h | 503.08 | −0.012% | $512K | $458K | 15x | as long as short |
| Paradex MSFT-USD-PERP | +0.0051% | 8h | 503.42 | +0.055% | $222 | — | 5x | as long as short |
| Hotstuff MSFT-PERP | +0.0096% | 1h | 503.15 | +0.002% | $32K | $8K | 20x | as long as short |
| KuCoin MSFTUSDTM | +0.0100% | 8h | 502.94 | −0.040% | $1.6M | $56K | 20x | as long as short |
| ApeX Omni MSFTUSDT | +0.0100% | 1h | 503.52 | +0.076% | $160K | $7K | 50x | as long as short |
| Orderly PERP_MSFT_USDC_mythos | +0.0100% | 8h | 503.46 | +0.064% | $8K | — | 10x | as long as short |
| Aevo MSFT-PERP | +0.0104% | 1h | 503.46 | +0.064% | $55 | — | 10x | as long as short |
| edgeX MSFTUSDC | +0.0208% | 4h | 503.56 | +0.084% | $102K | $243K | 10x | as long as short |
| Injective MSFT/USDC PERP | +0.0220% | 1h | 503.84 | +0.139% | $115K | $45K | 30x | as long as short |
Variational Omni MSFT
GRVT MSFT_USDT_Perp
SunX MSFT-USDT
Deribit MSFT_USDC-PERPETUAL
HTX MSFT-USDT
Phemex MSFTUSDT
Lighter MSFT
Lighter RH MSFT
QFEX MSFT-USD
Arcus 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
edgeX MSFTUSDC
Injective MSFT/USDC PERP