Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0046%/8h= −5.0% APRpaid last 24h −0.014%

Price spread now: Phemex against Vest+0.080%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Vest Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropVest: Active · farm boardneeds both histories

The price spread pays, funding is against you. Phemex is 0.080% dearer against Vest than usual: you sell high and buy low (spread +0.080% now, against zero (this spread has no 7-day history yet)): +$8 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 5.8 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Vest MSFT-USD-PERP	501.95	0.0046	pay 0.0006% / 1h	47m 34s	—	$1K	25x
Short	Phemex MSFTUSDT	502.35	0	get 0.0000% / 8h	7h 47m	$2.2M	$753K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Vest. 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 VestbpFee PhemexbpOrdersPrice spread, now +0.080%Rate

Funding earned: −$9.59
Price spread: +0.080% → 0.000%: $7.97
Slippage, 4 orders: no order book: not counted
Fee Vest: 1 bp × 2 orders: −$2
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$15.62
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Vest: no order-book sample; Phemex: live order book, 6 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 Vest no order-book sample	—	—	—	—	—
Sell Phemex live order book, 6 min ago	0.20 bp	33.6 bp −$34	doesn't fit	doesn't fit	doesn't fit

Vest: 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	−0.0073%	4h	502.20	+0.050%	$102K	$243K	10x	as long as short
BloFin MSFT-USDT	−0.0010%	8h	502.22	+0.054%	$188K	$207K	20x	as long as short
Nado MSFT-PERP	−0.0010%	1h	501.85	−0.019%	$414K	$64K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0008%	1h	501.57	−0.076%	$680K	$450K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	502.07	+0.025%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	502.00	+0.009%	$341K	$584K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	502.10	+0.030%	$15.7M	$18.7M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	502.20	+0.050%	$7.4M	$1.7M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	502.26	+0.062%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.86	−0.018%	$3.1M	$1.6M	100x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MSFTUSDT	0.0000%	8h	502.12	+0.034%	$3.8M	$2.2M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	502.14	+0.037%	$1.3M	$690K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	502.04	+0.017%	$19K	$296K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.90	+0.189%	$6K	$4.2M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.86	−0.018%	$27K	$41K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.92	−0.006%	$58K	$227K	20x	as long as short
Phemex MSFTUSDTshort	0.0000%	8h	502.35	+0.080%	$2.2M	$753K	10x
Lighter RH MSFT	+0.0032%	1h	501.97	+0.004%	$619K	$2.0M	20x	as long as short
Hotstuff MSFT-PERP	+0.0040%	1h	501.81	−0.028%	$32K	$8K	20x	as long as short
QFEX MSFT-USD	+0.0044%	1h	501.91	−0.008%	$1.1M	$5.9M	10x	as long as short
Vest MSFT-USD-PERPlong	+0.0046%	1h	501.95	long leg	—	$1K	25x
tradeXYZ xyz:MSFT	+0.0050%	1h	501.77	−0.036%	$22.3M	$9.1M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.74	−0.042%	$303K	$673K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	502.03	+0.016%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.59	−0.072%	$529K	$491K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0051%	8h	502.01	+0.012%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.96	+0.002%	$10K	$15K	20x	as long as short
Lighter MSFT	+0.0088%	1h	502.21	+0.052%	$1.1M	$486K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.84	−0.022%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.87	−0.016%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	502.00	+0.010%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	502.00	+0.010%	$55	—	10x	as long as short
Arcus MSFT-USD	+0.0212%	1h	501.97	+0.004%	$97K	$109K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.20	+0.050%	$115K	$45K	30x	as long as short