A function is an operation from values to values, i.e. the kind of data you normally think of a program manipulating (numbers, strings etc.).
A macro is an operation from code to code. It takes a part of a program and uses it to generate a different part for the program.
There is no overlap at all between functions and macros in C; they do not do the same thing. (You cannot write a function from a value to code; you cannot, despite appearances, write a macro from code to a value. I know it looks like you can, but it's important to understand that that isn't what you're actually doing.)
A macro can be made to look like a function, because you can write a macro designed to handle a piece of code that itself generates or represents a value, but that macro is still not operating on the value itself: it is taking the value-generating code (which may be a simple number) and weaving it into value-consuming code (which is what looks like the "body" of the macro). That means that using macros like functions is extremely confusing and not what they are best used for. Functions in contrast actually are a single discrete block of code.
The fact that functions generally run at runtime and macros (in C) always run at compile time is simply a limitation imposed by the fact that values are usually dynamic, and code is usually not available at runtime, respectively. It isn't actually a fundamental aspect of either functions or macros (functions can be inlined and optimised out; macros can be applied to dynamically generated code), and is a bit of a red herring.