Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0531%/8h= +58.2% APRpaid last 24h +0.067%

Price spread now: Arcus against OKX−0.060%47s7-day average −0.030% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$330.332% of the position

Long on OKX Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.134%+$13 on $10k

Price spread, last 4 days (all we have)−0.070%−$7 · spread now −0.060%, 7d avg −0.030%

Together, before fees+0.065%+$6 on $10k · with fees, hour by hour

Funding pays, the price is against you. Arcus is 0.030% cheaper against OKX than usual: you would sell low and buy high (spread −0.060% now, against its 7-day average of −0.030%). If the spread goes back, that is −$3 on $10k: about 4 hours of funding at the current rate (+$16 a day). At the pace of the last 3 days (+0.134% in total) that is about 18 hours. The two prices were read 47 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.134% in total (about 14.8% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX MSFT-USDT-SWAP	501.81	0	get 0.0000% / 8h	2h 21m	$3.0M	$2.3M	20x
Short	Arcus MSFT-USD	501.51	0.0531	get 0.0066% / 1h	21m 48s	$109K	$90K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus 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 ArcusbpOrdersPrice spread, now −0.060%Rate

Funding earned: $111.61
Price spread: −0.060% → −0.030%: −$2.99
Slippage, 4 orders: −$18.65
Fee OKX: 5 bp × 2 orders: −$10
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: $75.48
Costs to cover: 0.332%
Break-even: 2.3 days

Slippage from OKX: live order book, just now; Arcus: live order book, 1 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, just now	1.20 bp	9.6 bp −$10	18.4 bp −$184	doesn't fit	doesn't fit
Sell Arcus live order book, 1 min ago	3.69 bp	8.0 bp −$8	8.6 bp −$86	17.6 bp −$1,756	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
Coinbase International MSFT-PERP-INTX	−0.0040%	1h	501.47	−0.068%	$690K	$434K	10x	as long as short
Nado MSFT-PERP	−0.0024%	1h	501.51	−0.061%	$414K	$64K	20x	as long as short
BloFin MSFT-USDT	0.0000%	8h	501.67	−0.028%	$189K	$209K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.86	+0.011%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.62	−0.038%	$372K	$369K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.69	−0.025%	$15.7M	$19.3M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.79	−0.004%	$7.4M	$1.7M	100x	as long as short
OKX MSFT-USDT-SWAPlong	0.0000%	8h	501.81	long leg	$3.0M	$2.3M	20x
Gate MSFT_USDT	0.0000%	8h	501.53	−0.056%	$3.1M	$1.5M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.69	−0.024%	$3.8M	$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
Variational Omni MSFT	0.0000%	8h	501.67	−0.028%	$1.3M	$726K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.75	−0.012%	$18K	$330K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.42	+0.122%	$6K	$4.4M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.55	−0.052%	$27K	$104K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.59	−0.044%	$59K	$230K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.82	+0.002%	$2.2M	$765K	10x	as long as short
Hotstuff MSFT-PERP	+0.0024%	1h	501.40	−0.082%	$32K	$8K	20x	as long as short
Lighter MSFT	+0.0032%	1h	501.67	−0.028%	$1.1M	$653K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.59	−0.044%	$652K	$2.2M	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.70	−0.022%	—	—	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.36	−0.090%	$22.2M	$10.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.27	−0.108%	$309K	$683K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.61	−0.040%	$60K	$3K	10x	as long as short
Paradex MSFT-USD-PERP	+0.0050%	8h	501.64	−0.034%	$221	—	5x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.25	−0.112%	$521K	$485K	15x	as long as short
QFEX MSFT-USD	+0.0050%	1h	501.69	−0.024%	$1.1M	$5.7M	10x	as long as short
Phoenix MSFT	+0.0096%	1h	501.45	−0.072%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.22	−0.118%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.53	−0.056%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.56	−0.050%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.61	−0.039%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.03	+0.044%	$115K	$45K	30x	as long as short
Arcus MSFT-USDshort	+0.0531%	1h	501.51	−0.060%	$109K	$90K	10x
edgeX MSFTUSDC	+0.0989%	4h	501.68	−0.025%	$102K	$242K	10x	as long as short