Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0064%/8h= +7.0% APRpaid last 24h +0.007%

Price spread now: OKX against Coinbase International+0.145%55s7-day average +0.111% · you sell dearer than you buy

Net, funding: paid 7d − costs−$30as 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−$340.343% of the position

Long on Coinbase International Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.042%+$4 on $10k

Price spread, last 4 days (all we have)−0.091%−$9 · spread now +0.145%, 7d avg +0.111%

Together, before fees−0.049%−$5 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and OKX is 0.034% dearer against Coinbase International than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.111%. The two prices were read 55 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	Coinbase International MSFT-PERP-INTX	503.76	−0.0064	get 0.0008% / 1h	13m 29s	$684K	$493K	10x
Short	OKX MSFT-USDT-SWAP	504.49	0	get 0.0000% / 8h	2h 13m	$3.0M	$2.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Coinbase International. 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 Coinbase InternationalbpFee OKXbpOrdersPrice spread, now +0.145%Rate

Funding earned: $13.44
Price spread: +0.145% → +0.111%: $3.39
Slippage, 4 orders: −$14.31
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$17.48
Costs to cover: 0.343%
Break-even: 16.1 days

Slippage from Coinbase International: live order book, 35 min ago; OKX: live order book, 4 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 Coinbase International live order book, 35 min ago	2.89 bp	8.2 bp −$8	10.8 bp −$108	doesn't fit	doesn't fit
Sell OKX live order book, 4 min ago	0.30 bp	7.4 bp −$7	14.2 bp −$142	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
Hotstuff MSFT-PERP	−0.0096%	1h	503.91	+0.030%	$33K	$8K	20x	as long as short
Coinbase International MSFT-PERP-INTXlong	−0.0064%	1h	503.76	long leg	$684K	$493K	10x
Nado MSFT-PERP	−0.0024%	1h	503.99	+0.045%	$415K	$68K	20x	as long as short
BloFin MSFT-USDT	−0.0021%	8h	504.40	+0.127%	$190K	$206K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	504.01	+0.049%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	504.23	+0.094%	$338K	$1.2M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	504.37	+0.121%	$15.8M	$19.5M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	504.11	+0.069%	$7.2M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAPshort	0.0000%	8h	504.49	+0.145%	$3.0M	$2.4M	20x
Gate MSFT_USDT	0.0000%	8h	504.17	+0.081%	$3.1M	$1.8M	100x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MSFTUSDT	0.0000%	8h	504.37	+0.121%	$3.8M	$3.0M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	504.27	+0.102%	$1.3M	$477K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	504.36	+0.119%	$18K	$323K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	505.21	+0.288%	$6K	$3.9M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	504.30	+0.107%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	504.71	+0.189%	$2.2M	$812K	10x	as long as short
Phoenix MSFT	+0.0016%	1h	504.07	+0.062%	$11K	$15K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	504.09	+0.066%	$693K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0036%	1h	504.26	+0.099%	$1.2M	$4.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	504.07	+0.062%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	504.23	+0.093%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	503.89	+0.026%	$22.4M	$9.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.95	+0.038%	$303K	$718K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	504.24	+0.095%	$61K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.75	−0.002%	$518K	$471K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0056%	8h	504.24	+0.095%	$222	—	5x	as long as short
Lighter MSFT	+0.0080%	1h	504.31	+0.109%	$1.2M	$516K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.64	−0.024%	$1.6M	$57K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.96	+0.040%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	504.19	+0.085%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	504.29	+0.105%	$55	—	10x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0187%	1h	504.18	+0.083%	$27K	$43K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	504.42	+0.131%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0633%	4h	504.28	+0.103%	$103K	$244K	10x	as long as short