Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.012%

Price spread now: Phemex against tradeXYZ+0.128%7-day average +0.147% · you sell dearer than you buy

Net, funding: paid 7d − costs−$82as in the Funding arb table

Net, price: spread back to 7d avg − costs−$78as in the Price arb table

costs, in and out, $10k−$760.759% of the position

Long on tradeXYZ Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.064%−$6 on $10k

Price spread, last 3 days (all we have)+0.040%+$4 · spread now +0.128%, 7d avg +0.147%

Together, before fees−0.024%+ Points / potential airdroptradeXYZ: Active · farm board−$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.147%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	tradeXYZ xyz:MSFT	500.81	0.0050	pay 0.0006% / 1h	0m 00s	$22.1M	$9.2M	20x
Short	Phemex MSFTUSDT	501.45	0	get 0.0000% / 8h	7h 00m	$2.2M	$758K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against tradeXYZ. 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 tradeXYZbpFee PhemexbpOrdersPrice spread, now +0.128%Rate

Funding earned: −$10.5
Price spread: +0.128% → +0.147%: −$1.88
Slippage, 4 orders: −$45.94
Fee tradeXYZ: 9 bp × 2 orders: −$18
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$88.32
Costs to cover: 0.759%
Break-even: never at this rate

Slippage from tradeXYZ: live order book, 9 min ago; Phemex: live order book, 3 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 tradeXYZ live order book, 9 min ago	0.50 bp	9.8 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 3 min ago	2.29 bp	25.5 bp −$25	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
Coinbase International MSFT-PERP-INTX	−0.0008%	1h	500.76	−0.010%	$684K	$449K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.29	+0.096%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.12	+0.061%	$342K	$905K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.23	+0.083%	$15.6M	$18.7M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.10	+0.058%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.24	+0.086%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.10	+0.058%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.37	+0.112%	$3.8M	$2.1M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.26	+0.089%	$1.3M	$690K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.46	+0.130%	$19K	$293K	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-USDT	0.0000%	8h	502.04	+0.246%	$6K	$4.1M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	500.89	+0.016%	$27K	$41K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.22	+0.082%	$58K	$227K	20x	as long as short
Phemex MSFTUSDTshort	0.0000%	8h	501.45	+0.128%	$2.2M	$758K	10x
BloFin MSFT-USDT	+0.0002%	8h	501.37	+0.112%	$188K	$205K	20x	as long as short
Nado MSFT-PERP	+0.0006%	1h	501.18	+0.074%	$414K	$64K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.07	+0.052%	$617K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0044%	1h	501.24	+0.086%	$1.1M	$5.8M	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.19	+0.076%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFTlong	+0.0050%	1h	500.81	long leg	$22.1M	$9.2M	20x
Polymarket Perps MSFT-USD	+0.0050%	1h	500.83	+0.004%	$303K	$672K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.09	+0.056%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.98	+0.034%	$514K	$504K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0051%	8h	501.01	+0.041%	$220	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.05	+0.048%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.11	+0.060%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	500.82	+0.002%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.06	+0.050%	$8K	—	10x	as long as short
Lighter MSFT	+0.0104%	1h	501.29	+0.096%	$1.1M	$487K	20x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.08	+0.053%	$55	—	10x	as long as short
Hotstuff MSFT-PERP	+0.0160%	1h	500.90	+0.018%	$32K	$8K	20x	as long as short
edgeX MSFTUSDC	+0.0163%	4h	501.29	+0.095%	$102K	$243K	10x	as long as short
Arcus MSFT-USD	+0.0212%	1h	501.14	+0.066%	$97K	$109K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.76	+0.190%	$115K	$45K	30x	as long as short