Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0040%/8h= −4.4% APRpaid last 24h −0.081%

Price spread now: OKX against Arcus+0.081%47s7-day average +0.033% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

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

costs, in and out, $10k−$370.371% of the position

Long on Arcus Short on OKX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.153%−$15 on $10k

Price spread, last 4 days (all we have)+0.083%+$8 · spread now +0.081%, 7d avg +0.033%

Together, before fees−0.071%−$7 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 0.048% dearer against Arcus than usual: you sell high and buy low (spread +0.081% now, against its 7-day average of +0.033%): +$5 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 4.0 days. At the pace of the last 4 days (−0.153% in total) that is about 28 hours. The two prices were read 47 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	Arcus MSFT-USD	504.17	0.0040	pay 0.0005% / 1h	47m 01s	$97K	$110K	10x
Short	OKX MSFT-USDT-SWAP	504.58	0	get 0.0000% / 8h	7h 47m	$3.0M	$2.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Arcus. 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 ArcusbpFee OKXbpOrdersPrice spread, now +0.081%Rate

Funding earned: −$8.46
Price spread: +0.081% → +0.033%: $4.83
Slippage, 4 orders: −$22.55
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee OKX: 5 bp × 2 orders: −$10
Net: −$40.68
Costs to cover: 0.371%
Break-even: never at this rate

Slippage from Arcus: live order book, 51 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 Arcus live order book, 51 min ago	3.87 bp	8.4 bp −$8	13.0 bp −$130	doesn't fit	doesn't fit
Sell OKX live order book, 5 min ago	1.39 bp	8.4 bp −$8	19.2 bp −$192	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
edgeX MSFTUSDC	−0.0960%	4h	504.46	+0.057%	$103K	$244K	10x	as long as short
Nado MSFT-PERP	−0.0084%	1h	504.22	+0.010%	$415K	$67K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0056%	1h	504.06	−0.022%	$683K	$492K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	504.41	+0.048%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	504.12	−0.010%	$338K	$1.9M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	504.26	+0.018%	$15.9M	$19.1M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	504.01	−0.032%	$7.2M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAPshort	0.0000%	8h	504.58	+0.081%	$3.0M	$2.4M	20x
Gate MSFT_USDT	0.0000%	8h	504.06	−0.022%	$3.1M	$1.8M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	504.16	−0.002%	$3.9M	$3.0M	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	504.39	+0.044%	$1.3M	$401K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	504.57	+0.079%	$18K	$318K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	505.21	+0.206%	$6K	$3.7M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	503.87	−0.060%	$27K	$44K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	504.26	+0.018%	$59K	$224K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	504.41	+0.048%	$2.2M	$827K	10x	as long as short
Phoenix MSFT	+0.0016%	1h	504.20	+0.006%	$11K	$15K	20x	as long as short
QFEX MSFT-USD	+0.0023%	1h	504.41	+0.048%	$1.1M	$4.6M	10x	as long as short
BloFin MSFT-USDT	+0.0025%	8h	504.34	+0.034%	$191K	$205K	20x	as long as short
Lighter MSFT	+0.0032%	1h	504.03	−0.028%	$1.2M	$510K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	504.01	−0.032%	$697K	$1.9M	20x	as long as short
Arcus MSFT-USDlong	+0.0040%	1h	504.17	long leg	$97K	$110K	10x
tradeXYZ xyz:MSFT	+0.0042%	1h	503.84	−0.065%	$22.4M	$9.0M	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	504.46	+0.058%	—	$1K	25x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	504.23	+0.012%	$304K	$679K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	504.06	−0.022%	$61K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	504.00	−0.034%	$514K	$411K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0052%	8h	504.28	+0.022%	$222	—	5x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.89	−0.056%	$1.6M	$97K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	504.18	+0.002%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	504.39	+0.044%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	504.27	+0.020%	$55	—	10x	as long as short
Hotstuff MSFT-PERP	+0.0184%	1h	504.01	−0.032%	$33K	$8K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	505.94	+0.351%	$116K	$45K	30x	as long as short