Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.019%

Price spread now: ApeX Omni against Binance−0.120%7-day average −0.075% · you buy dearer than you sell

Net, funding: paid 7d − costs−$16as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$340.337% of the position

Long on Binance Short on ApeX Omni

What this pair did over the last

the charts below follow

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

Price spread, last 2 days (all we have)+0.037%+$4 · spread now −0.120%, 7d avg −0.075%

Together, before fees+0.219%+$22 on $10k · with fees, hour by hour

Funding pays, the price is against you. ApeX Omni is 0.045% cheaper against Binance than usual: you would sell low and buy high (spread −0.120% now, against its 7-day average of −0.075%). If the spread goes back, that is −$4 on $10k: about 36 hours of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance MSFTUSDT	501.47	0	get 0.0000% / 8h	7h 05m	$15.6M	$18.7M	20x
Short	ApeX Omni MSFTUSDT	500.87	0.0100	get 0.0013% / 1h	5m 33s	$159K	$7K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Binance. 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 BinancebpFee ApeX OmnibpOrdersPrice spread, now −0.120%Rate

Funding earned: $21
Price spread: −0.120% → −0.075%: −$4.48
Slippage, 4 orders: −$13.72
Fee Binance: 5 bp × 2 orders: −$10
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$17.21
Costs to cover: 0.337%
Break-even: 12.7 days

Slippage from Binance: live order book, 5 min ago; ApeX Omni: live order book, just now.

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 Binance live order book, 5 min ago	0.10 bp	5.9 bp −$6	12.1 bp −$121	52.8 bp −$5,284	doesn't fit
Sell ApeX Omni live order book, just now	5.09 bp	10.1 bp −$10	55.6 bp −$556	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	−0.0047%	4h	501.37	−0.020%	$102K	$243K	10x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0008%	1h	501.03	−0.088%	$685K	$454K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.46	−0.002%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.34	−0.026%	$342K	$905K	17x	as long as short
Binance MSFTUSDTlong	0.0000%	8h	501.47	long leg	$15.6M	$18.7M	20x
Bybit MSFTUSDT	0.0000%	8h	501.24	−0.046%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.51	+0.008%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.27	−0.040%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.42	−0.010%	$3.8M	$2.1M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.37	−0.019%	$1.3M	$690K	—	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	501.41	−0.011%	$19K	$293K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.19	+0.144%	$6K	$4.1M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.11	−0.072%	$27K	$41K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.38	−0.018%	$58K	$227K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.74	+0.054%	$2.2M	$760K	10x	as long as short
Nado MSFT-PERP	+0.0011%	1h	501.19	−0.056%	$414K	$64K	20x	as long as short
BloFin MSFT-USDT	+0.0020%	8h	501.42	−0.010%	$188K	$205K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.26	−0.042%	$617K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0044%	1h	501.37	−0.020%	$1.1M	$5.8M	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.29	−0.036%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	500.96	−0.102%	$22.1M	$9.2M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.04	−0.086%	$303K	$672K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.35	−0.024%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.92	−0.110%	$514K	$503K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0051%	8h	501.32	−0.029%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.09	−0.076%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.27	−0.040%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDTshort	+0.0100%	1h	500.87	−0.120%	$159K	$7K	50x
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.28	−0.038%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.26	−0.042%	$55	—	10x	as long as short
Lighter MSFT	+0.0112%	1h	501.48	+0.002%	$1.1M	$486K	20x	as long as short
Hotstuff MSFT-PERP	+0.0200%	1h	501.02	−0.090%	$32K	$8K	20x	as long as short
Arcus MSFT-USD	+0.0212%	1h	501.23	−0.048%	$97K	$109K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.76	+0.058%	$115K	$45K	30x	as long as short