Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0072%/8h= +7.9% APRpaid last 24h +0.025%

Price spread now: ApeX Omni against Bybit−0.086%7-day average −0.062% · you buy dearer than you sell

Net, funding: paid 7d − costs−$20as in the Funding arb table

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$410.408% of the position

Long on Bybit Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days+0.205%+$20 on $10k

Price spread, last 3 days (all we have)+0.008%+$1 · spread now −0.086%, 7d avg −0.062%

Together, before fees+0.213%+$21 on $10k · with fees, hour by hour

Funding pays, the price is against you. ApeX Omni is 0.023% cheaper against Bybit than usual: you would sell low and buy high (spread −0.086% now, against its 7-day average of −0.062%). If the spread goes back, that is −$2 on $10k: about 26 hours of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit MSFTUSDT	502.34	0.0028	pay 0.0028% / 8h	43m 11s	$7.4M	$1.7M	100x
Short	ApeX Omni MSFTUSDT	501.91	0.0100	get 0.0013% / 1h	43m 11s	$160K	$7K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Bybit. 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 BybitbpFee ApeX OmnibpOrdersPrice spread, now −0.086%Rate

Funding earned: $15.12
Price spread: −0.086% → −0.062%: −$2.32
Slippage, 4 orders: −$19.76
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$27.97
Costs to cover: 0.408%
Break-even: 19.9 days

Slippage from Bybit: live order book, 5 min ago; ApeX Omni: live order book, 33 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 Bybit live order book, 5 min ago	0.50 bp	9.1 bp −$9	16.8 bp −$168	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 33 min ago	5.08 bp	10.1 bp −$10	60.6 bp −$606	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	−0.0019%	1h	501.96	−0.077%	$414K	$64K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0016%	1h	501.76	−0.115%	$687K	$450K	10x	as long as short
BloFin MSFT-USDT	−0.0003%	8h	502.30	−0.008%	$188K	$209K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	502.21	−0.026%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	502.20	−0.027%	$337K	$392K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	502.27	−0.013%	$15.7M	$19.1M	20x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	502.31	−0.006%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	502.05	−0.058%	$3.2M	$1.6M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	502.29	−0.010%	$3.8M	$2.3M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	502.26	−0.015%	$1.3M	$702K	—	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	502.16	−0.035%	$18K	$300K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	503.06	+0.143%	$6K	$4.3M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	502.12	−0.044%	$59K	$227K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.39	+0.010%	$2.2M	$751K	10x	as long as short
Bybit MSFTUSDTlong	+0.0028%	8h	502.34	long leg	$7.4M	$1.7M	100x
Lighter RH MSFT	+0.0032%	1h	502.15	−0.038%	$638K	$2.1M	20x	as long as short
Hotstuff MSFT-PERP	+0.0032%	1h	501.87	−0.094%	$32K	$8K	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	502.13	−0.042%	—	$1K	25x	as long as short
QFEX MSFT-USD	+0.0049%	1h	502.18	−0.032%	$1.1M	$5.8M	10x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.88	−0.092%	$22.3M	$9.6M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.80	−0.107%	$303K	$678K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	502.20	−0.028%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.76	−0.115%	$529K	$494K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0054%	8h	502.20	−0.028%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.96	−0.076%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.74	−0.119%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDTshort	+0.0100%	1h	501.91	−0.086%	$160K	$7K	50x
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	502.17	−0.034%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	502.23	−0.023%	$55	—	10x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0109%	1h	502.10	−0.048%	$27K	$101K	10x	as long as short
Lighter MSFT	+0.0160%	1h	502.36	+0.004%	$1.1M	$585K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.57	+0.046%	$115K	$45K	30x	as long as short
Arcus MSFT-USD	+0.0286%	1h	502.17	−0.034%	$97K	$109K	10x	as long as short
edgeX MSFTUSDC	+0.0865%	4h	502.25	−0.017%	$102K	$244K	10x	as long as short