Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.030%

Price spread now: ApeX Omni against HTX−0.115%76s7-day average −0.061% · you buy dearer than you sell

Net, funding: paid 7d − costs−$17as 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−$380.382% of the position

Long on HTX Short on ApeX Omni

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)+0.026%+$3 · spread now −0.115%, 7d avg −0.061%

Together, before fees+0.236%+$24 on $10k · with fees, hour by hour

Funding pays, the price is against you. ApeX Omni is 0.054% cheaper against HTX than usual: you would sell low and buy high (spread −0.115% now, against its 7-day average of −0.061%). If the spread goes back, that is −$5 on $10k: about 43 hours of funding at the current rate (+$3 a day). The two prices were read 76 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	HTX MSFT-USDT	504.37	0	get 0.0000% / 8h	7h 52m	$59K	$224K	20x
Short	ApeX Omni MSFTUSDT	503.79	0.0100	get 0.0013% / 1h	52m 19s	$160K	$7K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against HTX. 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 HTXbpFee ApeX OmnibpOrdersPrice spread, now −0.115%Rate

Funding earned: $21
Price spread: −0.115% → −0.061%: −$5.37
Slippage, 4 orders: −$16.16
Fee HTX: 6 bp × 2 orders: −$12
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$22.52
Costs to cover: 0.382%
Break-even: 14.5 days

Slippage from HTX: live order book, 44 min ago; ApeX Omni: live order book, 44 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 HTX live order book, 44 min ago	2.68 bp	9.3 bp −$9	19.2 bp −$192	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 44 min ago	5.07 bp	10.1 bp −$10	58.8 bp −$588	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	−0.0612%	4h	504.11	−0.052%	$103K	$243K	10x	as long as short
Nado MSFT-PERP	−0.0066%	1h	504.65	+0.055%	$415K	$67K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0056%	1h	504.06	−0.061%	$687K	$483K	10x	as long as short
Hotstuff MSFT-PERP	−0.0040%	1h	504.24	−0.026%	$33K	$8K	20x	as long as short
BloFin MSFT-USDT	−0.0014%	8h	504.93	+0.111%	$191K	$206K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	504.24	−0.025%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	504.35	−0.003%	$338K	$1.9M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	504.42	+0.009%	$15.9M	$19.1M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	504.16	−0.042%	$7.2M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	504.67	+0.059%	$3.0M	$2.4M	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate MSFT_USDT	0.0000%	8h	504.30	−0.014%	$3.1M	$1.8M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	504.37	0.000%	$3.9M	$2.9M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	503.97	−0.079%	$1.3M	$392K	—	as long as short
SunX MSFT-USDT	0.0000%	8h	505.30	+0.184%	$6K	$3.7M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	504.14	−0.046%	$27K	$44K	10x	as long as short
HTX MSFT-USDTlong	0.0000%	8h	504.37	long leg	$59K	$224K	20x
Phemex MSFTUSDT	0.0000%	8h	504.55	+0.036%	$2.2M	$825K	10x	as long as short
Phoenix MSFT	+0.0016%	1h	504.07	−0.059%	$11K	$15K	20x	as long as short
QFEX MSFT-USD	+0.0023%	1h	504.68	+0.061%	$1.1M	$4.6M	10x	as long as short
Lighter MSFT	+0.0032%	1h	504.26	−0.022%	$1.2M	$509K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	504.20	−0.034%	$706K	$1.8M	20x	as long as short
Arcus MSFT-USD	+0.0040%	1h	504.24	−0.026%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	504.68	+0.061%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	504.00	−0.073%	$22.5M	$8.8M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	504.15	−0.044%	$304K	$704K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	504.24	−0.026%	$61K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	504.35	−0.004%	$513K	$426K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0052%	8h	504.71	+0.067%	$222	—	5x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	504.09	−0.056%	$1.6M	$89K	20x	as long as short
ApeX Omni MSFTUSDTshort	+0.0100%	1h	503.79	−0.115%	$160K	$7K	50x
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	504.35	−0.004%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	504.38	+0.002%	$55	—	10x	as long as short
GRVT MSFT_USDT_Perp	+0.0108%	8h	504.34	−0.006%	$18K	$318K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	503.87	−0.099%	$115K	$45K	30x	as long as short