Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.030%

Price spread now: SunX against ApeX Omni+0.179%73s7-day average +0.238% · you sell dearer than you buy

Net, funding: paid 7d − costs−$256as 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−$2352.355% of the position

Long on ApeX Omni Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.210%−$21 on $10k

Price spread, last 4 days (all we have)+0.087%+$9 · spread now +0.179%, 7d avg +0.238%

Together, before fees−0.123%−$12 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 SunX is 0.059% cheaper against ApeX Omni than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.238%). Swap the legs. The two prices were read 73 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	503.52	0.0100	pay 0.0013% / 1h	21m 56s	$160K	$7K	50x
Short	SunX MSFT-USDT	504.42	0	get 0.0000% / 8h	21m 56s	$6K	$3.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.179%Rate

Funding earned: −$21
Price spread: +0.179% → +0.238%: −$5.94
Slippage, 4 orders: −$217.49
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$262.43
Costs to cover: 2.355%
Break-even: never at this rate

Slippage from ApeX Omni: live order book, 14 min ago; SunX: live order book, 6 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, 14 min ago	5.07 bp	10.1 bp −$10	57.0 bp −$570	doesn't fit	doesn't fit
Sell SunX live order book, 6 min ago	29.14 bp	103.5 bp −$103	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
Deribit MSFT_USDC-PERPETUAL	−0.0068%	1h	503.22	−0.060%	$27K	$44K	10x	as long as short
Nado MSFT-PERP	−0.0039%	1h	503.46	−0.012%	$414K	$67K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.79	+0.053%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.47	−0.011%	$338K	$1.9M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	503.60	+0.016%	$15.8M	$19.1M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.22	−0.060%	$7.2M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	503.66	+0.028%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.37	−0.030%	$3.1M	$1.8M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	503.62	+0.020%	$3.8M	$2.9M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	503.63	+0.022%	$1.3M	$405K	—	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT MSFT_USDT_Perp	0.0000%	8h	503.69	+0.034%	$18K	$321K	10x	as long as short
SunX MSFT-USDTshort	0.0000%	8h	504.42	+0.179%	$6K	$3.8M	20x
Coinbase International MSFT-PERP-INTX	0.0000%	1h	503.16	−0.071%	$681K	$447K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.52	0.000%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	503.87	+0.070%	$2.2M	$818K	10x	as long as short
tradeXYZ xyz:MSFT	+0.0015%	1h	503.17	−0.070%	$22.4M	$8.8M	20x	as long as short
BloFin MSFT-USDT	+0.0027%	8h	503.54	+0.004%	$191K	$206K	20x	as long as short
Lighter MSFT	+0.0032%	1h	503.57	+0.010%	$1.2M	$532K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.46	−0.012%	$708K	$1.9M	20x	as long as short
QFEX MSFT-USD	+0.0037%	1h	503.50	−0.004%	$1.1M	$4.7M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.34	−0.036%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.76	+0.048%	—	$1K	25x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.26	−0.052%	$303K	$717K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.42	−0.020%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.09	−0.085%	$512K	$428K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0053%	8h	503.51	−0.001%	$222	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	503.40	−0.024%	$11K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	502.99	−0.105%	$1.6M	$67K	20x	as long as short
ApeX Omni MSFTUSDTlong	+0.0100%	1h	503.52	long leg	$160K	$7K	50x
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.47	−0.010%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.56	+0.008%	$55	—	10x	as long as short
Hotstuff MSFT-PERP	+0.0128%	1h	503.26	−0.052%	$32K	$8K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	504.86	+0.266%	$116K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0703%	4h	503.56	+0.009%	$102K	$243K	10x	as long as short