Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.030%

Price spread now: ApeX Omni against OKX−0.133%90s7-day average −0.073% · you buy dearer than you sell

Net, funding: paid 7d − costs−$21as 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−$410.407% of the position

Long on OKX Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days+0.196%+$20 on $10k

Price spread, last 4 days (all we have)+0.044%+$4 · spread now −0.133%, 7d avg −0.073%

Together, before fees+0.240%+$24 on $10k · with fees, hour by hour

Funding pays, the price is against you. ApeX Omni is 0.061% cheaper against OKX than usual: you would sell low and buy high (spread −0.133% now, against its 7-day average of −0.073%). If the spread goes back, that is −$6 on $10k: about 2.0 days of funding at the current rate (+$3 a day). The two prices were read 90 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	OKX MSFT-USDT-SWAP	502.32	0	get 0.0000% / 8h	3h 27m	$3.0M	$2.3M	20x
Short	ApeX Omni MSFTUSDT	501.65	0.0100	get 0.0013% / 1h	27m 58s	$160K	$7K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against OKX. 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 OKXbpFee ApeX OmnibpOrdersPrice spread, now −0.133%Rate

Funding earned: $21
Price spread: −0.133% → −0.073%: −$6.08
Slippage, 4 orders: −$20.7
Fee OKX: 5 bp × 2 orders: −$10
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$25.78
Costs to cover: 0.407%
Break-even: 15.6 days

Slippage from OKX: live order book, 4 min ago; ApeX Omni: live order book, 23 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 OKX live order book, 4 min ago	0.20 bp	7.1 bp −$7	14.7 bp −$147	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 23 min ago	7.49 bp	12.5 bp −$12	79.4 bp −$794	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	−0.0515%	4h	502.04	−0.056%	$102K	$244K	10x	as long as short
Hotstuff MSFT-PERP	−0.0152%	1h	501.90	−0.084%	$32K	$8K	20x	as long as short
Nado MSFT-PERP	−0.0099%	1h	502.15	−0.035%	$415K	$64K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0032%	1h	500.97	−0.269%	$677K	$447K	10x	as long as short
BloFin MSFT-USDT	−0.0028%	8h	502.10	−0.044%	$189K	$204K	20x	as long as short
tradeXYZ xyz:MSFT	−0.0005%	1h	501.95	−0.074%	$22.1M	$8.7M	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	502.35	+0.006%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	502.25	−0.013%	$337K	$881K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	502.40	+0.016%	$15.8M	$19.1M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	502.09	−0.046%	$7.2M	$2.2M	100x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX MSFT-USDT-SWAPlong	0.0000%	8h	502.32	long leg	$3.0M	$2.3M	20x
Gate MSFT_USDT	0.0000%	8h	502.03	−0.058%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.98	−0.068%	$4.5M	$2.5M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	502.04	−0.056%	$1.3M	$607K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	502.05	−0.054%	$18K	$297K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	503.12	+0.159%	$6K	$4.0M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	502.16	−0.032%	$27K	$42K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	502.65	+0.066%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.33	+0.002%	$2.2M	$775K	10x	as long as short
Lighter MSFT	+0.0032%	1h	502.36	+0.008%	$1.1M	$503K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	502.14	−0.036%	$679K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0035%	1h	502.30	−0.004%	$1.1M	$4.9M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.79	−0.106%	$96K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	502.21	−0.022%	—	$1K	25x	as long as short
Phoenix MSFT	+0.0048%	1h	501.61	−0.141%	$10K	$15K	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.96	−0.072%	$303K	$701K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	502.07	−0.050%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.82	−0.100%	$519K	$452K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0051%	8h	502.19	−0.025%	$221	—	5x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.83	−0.098%	$1.6M	$52K	20x	as long as short
ApeX Omni MSFTUSDTshort	+0.0100%	1h	501.65	−0.133%	$160K	$7K	50x
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	502.23	−0.018%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	502.26	−0.012%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.14	−0.036%	$115K	$45K	30x	as long as short