Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.008%

Price spread now: Coinbase International against OKX−0.083%7-day average −0.108% · you buy dearer than you sell

Net, funding: paid 7d − costs−$41as in the Funding arb table

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$370.375% of the position

Long on OKX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.039%−$4 on $10k

Price spread, last 4 days (all we have)+0.040%+$4 · spread now −0.083%, 7d avg −0.108%

Together, before fees0.000%$0 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Coinbase International is 0.025% dearer against OKX than usual: you sell high and buy low (spread −0.083% now, against its 7-day average of −0.108%): +$3 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 40 hours. At the pace of the last 7 days (−0.039% in total) that is about 4.5 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX MSFT-USDT-SWAP	504.03	0.0050	pay 0.0050% / 8h	5h 29m	$3.2M	$2.7M	20x
Short	Coinbase International MSFT-PERP-INTX	503.61	0	get 0.0000% / 1h	29m 13s	$717K	$563K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now −0.083%Rate

Funding earned: −$10.6
Price spread: −0.083% → −0.108%: $2.51
Slippage, 4 orders: −$17.5
Fee OKX: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$45.6
Costs to cover: 0.375%
Break-even: never at this rate

Slippage from OKX: live order book, 1 min ago; Coinbase International: live order book, 17 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, 1 min ago	0.10 bp	12.1 bp −$12	19.3 bp −$193	doesn't fit	doesn't fit
Sell Coinbase International live order book, 17 min ago	3.28 bp	9.3 bp −$9	11.0 bp −$110	doesn't fit	doesn't fit

MSFT on 34 exchanges

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	−0.1600%	1h	503.58	−0.089%	$32K	$8K	20x	as long as short
edgeX MSFTUSDC	−0.0284%	4h	503.93	−0.021%	$103K	$244K	10x	as long as short
Nado MSFT-PERP	−0.0058%	1h	503.85	−0.035%	$411K	$72K	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	−0.0008%	1h	503.47	−0.111%	$30K	$47K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.82	−0.041%	$166K	$118K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.76	−0.054%	$324K	$1.9M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	503.89	−0.028%	$16.3M	$21.3M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.65	−0.075%	$7.3M	$2.4M	100x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.72	−0.062%	$3.1M	$2.0M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	503.82	−0.042%	$4.0M	$3.0M	100x	as long as short

Show all 34 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni MSFT	0.0000%	8h	503.95	−0.017%	$1.3M	$373K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	503.98	−0.010%	$18K	$320K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	504.74	+0.141%	$6K	$3.5M	20x	as long as short
Coinbase International MSFT-PERP-INTXshort	0.0000%	1h	503.61	−0.083%	$717K	$563K	10x
HTX MSFT-USDT	0.0000%	8h	503.81	−0.044%	$49K	$247K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	504.16	+0.026%	$2.3M	$919K	10x	as long as short
BloFin MSFT-USDT	+0.0010%	8h	504.05	+0.004%	$202K	$218K	20x	as long as short
Lighter MSFT	+0.0032%	1h	503.73	−0.060%	$1.2M	$506K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.73	−0.060%	$689K	$1.8M	20x	as long as short
tradeXYZ xyz:MSFT	+0.0041%	1h	503.59	−0.087%	$22.4M	$9.3M	20x	as long as short
Ondo Perps MSFT-USD.P	+0.0046%	1h	503.52	−0.101%	$530K	$402K	15x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	504.07	+0.008%	—	$1K	25x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.66	−0.073%	$318K	$675K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.73	−0.060%	$60K	$3K	10x	as long as short
OKX MSFT-USDT-SWAPlong	+0.0050%	8h	504.03	long leg	$3.2M	$2.7M	20x
Paradex MSFT-USD-PERP	+0.0054%	8h	503.83	−0.039%	$222	—	5x	as long as short
QFEX MSFT-USD	+0.0058%	1h	503.88	−0.030%	$1.2M	$4.7M	10x	as long as short
Phoenix MSFT	+0.0079%	1h	503.69	−0.067%	$11K	$5K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.32	−0.141%	$1.6M	$245K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.72	−0.062%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.76	−0.054%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.78	−0.050%	$55	—	10x	as long as short
Arcus MSFT-USD	+0.0190%	1h	503.64	−0.077%	$93K	$83K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	503.66	−0.073%	$115K	$45K	30x	as long as short