Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.019%

Price spread now: Binance against ApeX Omni+0.060%79s7-day average +0.080% · you sell dearer than you buy

Net, funding: paid 7d − costs−$54as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$360.361% of the position

Long on ApeX Omni Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.182%−$18 on $10k

Price spread, last 4 days (all we have)−0.070%−$7 · spread now +0.060%, 7d avg +0.080%

Together, before fees−0.252%−$25 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Binance is 0.020% cheaper against ApeX Omni than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of +0.080%). Swap the legs. The two prices were read 79 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	ApeX Omni MSFTUSDT	503.95	0.0100	pay 0.0013% / 1h	16m 12s	$160K	$7K	50x
Short	Binance MSFTUSDT	504.25	0	get 0.0000% / 8h	2h 16m	$15.8M	$19.5M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against ApeX Omni. 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 ApeX OmnibpFee BinancebpOrdersPrice spread, now +0.060%Rate

Funding earned: −$21
Price spread: +0.060% → +0.080%: −$2.05
Slippage, 4 orders: −$16.14
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$59.18
Costs to cover: 0.361%
Break-even: never at this rate

Slippage from ApeX Omni: live order book, 30 min ago; Binance: live order book, 10 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 ApeX Omni live order book, 30 min ago	5.08 bp	10.1 bp −$10	52.3 bp −$523	doesn't fit	doesn't fit
Sell Binance live order book, 10 min ago	0.10 bp	7.8 bp −$8	16.7 bp −$167	59.9 bp −$5,988	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	−0.0386%	4h	504.31	+0.071%	$103K	$243K	10x	as long as short
Hotstuff MSFT-PERP	−0.0072%	1h	503.91	−0.008%	$33K	$8K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0064%	1h	503.76	−0.038%	$684K	$491K	10x	as long as short
Nado MSFT-PERP	−0.0030%	1h	503.94	−0.003%	$415K	$68K	20x	as long as short
BloFin MSFT-USDT	−0.0018%	8h	504.39	+0.087%	$190K	$206K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.97	+0.003%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	504.12	+0.034%	$338K	$1.2M	17x	as long as short
Binance MSFTUSDTshort	0.0000%	8h	504.25	+0.060%	$15.8M	$19.5M	20x
Bybit MSFTUSDT	0.0000%	8h	503.95	0.000%	$7.2M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	504.40	+0.089%	$3.0M	$2.4M	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate MSFT_USDT	0.0000%	8h	504.06	+0.022%	$3.1M	$1.8M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	504.25	+0.060%	$3.8M	$3.0M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	504.32	+0.073%	$1.3M	$477K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	504.23	+0.056%	$18K	$323K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	505.11	+0.230%	$6K	$3.9M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	504.21	+0.052%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	504.59	+0.127%	$2.2M	$810K	10x	as long as short
Phoenix MSFT	+0.0016%	1h	503.99	+0.008%	$11K	$15K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	504.00	+0.010%	$692K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0036%	1h	504.26	+0.062%	$1.1M	$4.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	504.02	+0.014%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	504.33	+0.075%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	503.77	−0.036%	$22.4M	$9.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.98	+0.006%	$303K	$720K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	504.10	+0.030%	$61K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.98	+0.006%	$518K	$472K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0053%	8h	504.20	+0.049%	$222	—	5x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0068%	1h	504.01	+0.012%	$27K	$43K	10x	as long as short
Lighter MSFT	+0.0088%	1h	504.23	+0.056%	$1.2M	$516K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.46	−0.097%	$1.6M	$57K	20x	as long as short
ApeX Omni MSFTUSDTlong	+0.0100%	1h	503.95	long leg	$160K	$7K	50x
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	504.06	+0.022%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	504.19	+0.048%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	504.42	+0.093%	$115K	$45K	30x	as long as short