Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.008%

Price spread now: Extended against OKX−0.045%7-day average −0.019% · you buy dearer than you sell

Net, funding: paid 7d − costs−$28as in the Funding arb table

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

costs, in and out, $10k−$280.278% of the position

Long on OKX Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.001%$0 on $10k

Price spread, last 4 days (all we have)−0.030%−$3 · spread now −0.045%, 7d avg −0.019%

Together, before fees−0.029%+ Points / potential airdropExtended: Active · farm board−$3 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Extended is 0.026% cheaper against OKX than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of −0.019%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX MSFT-USDT-SWAP	502.18	0	get 0.0000% / 8h	1h 29m	$3.0M	$2.3M	20x
Short	Extended MSFT_24_5-USD	501.96	0	get 0.0000% / 1h	29m 30s	$337K	$407K	17x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.045%Rate

Funding earned: $0
Price spread: −0.045% → −0.019%: −$2.6
Slippage, 4 orders: −$12.82
Fee OKX: 5 bp × 2 orders: −$10
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$30.42
Costs to cover: 0.278%
Break-even: never at this rate

Slippage from OKX: live order book, 3 min ago; Extended: live order book, 53 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, 3 min ago	1.49 bp	7.9 bp −$8	14.4 bp −$144	doesn't fit	doesn't fit
Sell Extended live order book, 53 min ago	0.60 bp	5.7 bp −$6	22.1 bp −$221	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	−0.0817%	4h	501.97	−0.042%	$102K	$243K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	502.00	−0.035%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USDshort	0.0000%	1h	501.96	−0.045%	$337K	$407K	17x
Binance MSFTUSDT	0.0000%	8h	502.05	−0.026%	$15.7M	$19.2M	20x	as long as short
OKX MSFT-USDT-SWAPlong	0.0000%	8h	502.18	long leg	$3.0M	$2.3M	20x
Gate MSFT_USDT	0.0000%	8h	501.82	−0.072%	$3.1M	$1.6M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.98	−0.039%	$1.3M	$708K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	502.02	−0.032%	$19K	$318K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.86	+0.135%	$6K	$4.4M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.76	−0.084%	$27K	$104K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International MSFT-PERP-INTX	0.0000%	1h	501.58	−0.119%	$688K	$449K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.93	−0.050%	$58K	$228K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.18	0.000%	$2.2M	$763K	10x	as long as short
BloFin MSFT-USDT	0.0000%	8h	502.04	−0.028%	$188K	$209K	20x	as long as short
Bitget MSFTUSDT	+0.0006%	8h	502.07	−0.022%	$3.8M	$2.2M	100x	as long as short
Bybit MSFTUSDT	+0.0021%	8h	502.03	−0.030%	$7.4M	$1.7M	100x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.92	−0.052%	$653K	$2.1M	20x	as long as short
QFEX MSFT-USD	+0.0040%	1h	501.95	−0.046%	$1.1M	$5.8M	10x	as long as short
Nado MSFT-PERP	+0.0041%	1h	501.70	−0.096%	$414K	$64K	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.74	−0.088%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.58	−0.119%	$22.3M	$9.9M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.56	−0.123%	$305K	$679K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.99	−0.038%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.62	−0.112%	$529K	$493K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0062%	8h	501.87	−0.061%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.88	−0.060%	$10K	$15K	20x	as long as short
Hotstuff MSFT-PERP	+0.0088%	1h	501.62	−0.112%	$32K	$8K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.57	−0.121%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.79	−0.078%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.91	−0.054%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.96	−0.045%	$55	—	10x	as long as short
Lighter MSFT	+0.0168%	1h	502.08	−0.020%	$1.1M	$590K	20x	as long as short
Arcus MSFT-USD	+0.0200%	1h	501.91	−0.054%	$98K	$109K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.17	−0.002%	$115K	$45K	30x	as long as short