Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Phemex against SunX−0.103%7-day average −0.120% · you buy dearer than you sell

Net, funding: paid 7d − costs−$277as in the Funding arb table

Net, price: spread back to 7d avg − costs−$275as in the Price arb table

costs, in and out, $10k−$2772.769% of the position

Long on SunX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days0.000%$0 on $10k

Price spread, last 3 days (all we have)−0.046%−$5 · spread now −0.103%, 7d avg −0.120%

Together, before fees−0.046%−$5 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX MSFT-USDT	502.92	0	get 0.0000% / 8h	3h 32m	$6K	$4.4M	20x
Short	Phemex MSFTUSDT	502.40	0	get 0.0000% / 8h	3h 32m	$2.2M	$742K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against SunX. 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 SunXbpFee PhemexbpOrdersPrice spread, now −0.103%Rate

Funding earned: $0
Price spread: −0.103% → −0.120%: $1.64
Slippage, 4 orders: −$256.95
Fee SunX: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$275.31
Costs to cover: 2.769%
Break-even: never at this rate

Slippage from SunX: live order book, 6 min ago; Phemex: live order book, 2 min ago.

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 SunX live order book, 6 min ago	29.14 bp	109.8 bp −$110	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	0.50 bp	32.8 bp −$33	doesn't fit	doesn't fit	doesn't fit

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	−0.0314%	4h	502.04	−0.175%	$102K	$243K	10x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0056%	1h	501.71	−0.241%	$689K	$431K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.82	−0.219%	$160K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	502.08	−0.166%	$371K	$368K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	502.17	−0.148%	$15.7M	$19.0M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	502.26	−0.131%	$7.4M	$1.7M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	502.22	−0.139%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.87	−0.209%	$3.1M	$1.5M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	502.03	−0.176%	$1.3M	$725K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.93	−0.196%	$18K	$341K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX MSFT-USDTlong	0.0000%	8h	502.92	long leg	$6K	$4.4M	20x
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.90	−0.203%	$27K	$115K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	502.01	−0.181%	$58K	$231K	20x	as long as short
Phemex MSFTUSDTshort	0.0000%	8h	502.40	−0.103%	$2.2M	$742K	10x
Nado MSFT-PERP	+0.0002%	1h	501.87	−0.210%	$415K	$62K	20x	as long as short
Bitget MSFTUSDT	+0.0003%	8h	502.15	−0.153%	$3.9M	$2.1M	100x	as long as short
BloFin MSFT-USDT	+0.0010%	8h	502.07	−0.169%	$190K	$208K	20x	as long as short
Hotstuff MSFT-PERP	+0.0016%	1h	501.84	−0.215%	$32K	$8K	20x	as long as short
QFEX MSFT-USD	+0.0031%	1h	502.14	−0.155%	$1.1M	$5.6M	10x	as long as short
Lighter RH MSFT	+0.0032%	1h	502.05	−0.173%	$659K	$2.2M	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	502.04	−0.175%	—	—	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.80	−0.223%	$22.2M	$9.9M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.80	−0.223%	$304K	$676K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	502.11	−0.161%	$60K	$3K	10x	as long as short
Paradex MSFT-USD-PERP	+0.0050%	8h	502.14	−0.155%	$221	—	5x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.56	−0.270%	$515K	$479K	15x	as long as short
Phoenix MSFT	+0.0064%	1h	501.84	−0.215%	$11K	$15K	20x	as long as short
Lighter MSFT	+0.0072%	1h	502.22	−0.139%	$1.1M	$660K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.66	−0.251%	$1.5M	$18K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.63	−0.257%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	502.14	−0.155%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	502.08	−0.168%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.99	−0.185%	$115K	$45K	30x	as long as short
Arcus MSFT-USD	+0.0301%	1h	502.13	−0.157%	$109K	$78K	10x	as long as short