Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.030%

Price spread now: OKX against ApeX Omni+0.191%7-day average +0.073% · you sell dearer than you buy

Net, funding: paid 7d − costs−$60as in the Funding arb table

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$410.407% of the position

Long on ApeX Omni Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.196%−$20 on $10k

Price spread, last 4 days (all we have)−0.101%−$10 · spread now +0.191%, 7d avg +0.073%

Together, before fees−0.298%−$30 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 0.119% dearer against ApeX Omni than usual: you sell high and buy low (spread +0.191% now, against its 7-day average of +0.073%): +$12 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 4.0 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni MSFTUSDT	501.65	0.0100	pay 0.0013% / 1h	27m 05s	$160K	$7K	50x
Short	OKX MSFT-USDT-SWAP	502.61	0	get 0.0000% / 8h	3h 27m	$3.0M	$2.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.191%Rate

Funding earned: −$21
Price spread: +0.191% → +0.073%: $11.88
Slippage, 4 orders: −$20.7
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$49.82
Costs to cover: 0.407%
Break-even: never at this rate

Slippage from ApeX Omni: live order book, 24 min ago; OKX: live order book, 5 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, 24 min ago	7.49 bp	12.5 bp −$12	80.1 bp −$801	doesn't fit	doesn't fit
Sell OKX live order book, 5 min ago	0.20 bp	8.6 bp −$9	17.8 bp −$178	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
Nado MSFT-PERP	−0.0101%	1h	502.44	+0.157%	$415K	$64K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0032%	1h	500.97	−0.136%	$677K	$447K	10x	as long as short
tradeXYZ xyz:MSFT	−0.0007%	1h	502.04	+0.078%	$22.2M	$8.8M	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	502.31	+0.132%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	502.29	+0.127%	$337K	$881K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	502.43	+0.155%	$15.8M	$19.1M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	502.35	+0.140%	$7.2M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAPshort	0.0000%	8h	502.61	+0.191%	$3.0M	$2.3M	20x
Gate MSFT_USDT	0.0000%	8h	502.19	+0.108%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	502.41	+0.152%	$4.4M	$2.6M	100x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni MSFT	0.0000%	8h	502.04	+0.077%	$1.3M	$607K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	502.17	+0.104%	$19K	$297K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	503.19	+0.307%	$6K	$4.0M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	502.13	+0.096%	$27K	$42K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	502.30	+0.130%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.69	+0.207%	$2.2M	$777K	10x	as long as short
BloFin MSFT-USDT	+0.0016%	8h	502.43	+0.155%	$189K	$204K	20x	as long as short
Lighter MSFT	+0.0032%	1h	502.48	+0.165%	$1.1M	$503K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	502.25	+0.120%	$679K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0035%	1h	502.30	+0.130%	$1.1M	$4.9M	10x	as long as short
Hotstuff MSFT-PERP	+0.0040%	1h	502.11	+0.092%	$32K	$8K	20x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.88	+0.046%	$96K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	502.44	+0.157%	—	$1K	25x	as long as short
Phoenix MSFT	+0.0048%	1h	501.61	−0.008%	$10K	$15K	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	502.06	+0.082%	$303K	$701K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	502.29	+0.128%	$60K	$3K	10x	as long as short
Paradex MSFT-USD-PERP	+0.0050%	8h	502.45	+0.160%	$221	—	5x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	502.05	+0.080%	$519K	$453K	15x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.89	+0.048%	$1.6M	$52K	20x	as long as short
ApeX Omni MSFTUSDTlong	+0.0100%	1h	501.65	long leg	$160K	$7K	50x
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	502.33	+0.136%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	502.33	+0.135%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.14	+0.098%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0905%	4h	501.92	+0.053%	$102K	$244K	10x	as long as short