Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: SunX against OKX+0.131%47s7-day average +0.166% · you sell dearer than you buy

Net, funding: paid 7d − costs−$233as 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−$2312.313% of the position

Long on OKX Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.014%−$1 on $10k

Price spread, last 4 days (all we have)+0.049%+$5 · spread now +0.131%, 7d avg +0.166%

Together, before fees+0.036%+$4 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: SunX is 0.035% 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 +0.166%. The two prices were read 47 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	504.08	0	get 0.0000% / 8h	1h 57m	$3.0M	$2.4M	20x
Short	SunX MSFT-USDT	504.74	0	get 0.0000% / 8h	1h 57m	$6K	$3.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.131%Rate

Funding earned: $0
Price spread: +0.131% → +0.166%: −$3.48
Slippage, 4 orders: −$213.29
Fee OKX: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$234.77
Costs to cover: 2.313%
Break-even: never at this rate

Slippage from OKX: live order book, 5 min ago; SunX: live order book, 11 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, 5 min ago	0.50 bp	9.3 bp −$9	16.1 bp −$161	doesn't fit	doesn't fit
Sell SunX live order book, 11 min ago	29.20 bp	102.8 bp −$103	doesn't fit	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	−0.0521%	4h	503.90	−0.035%	$103K	$242K	10x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0048%	1h	503.75	−0.065%	$683K	$494K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.70	−0.074%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.82	−0.051%	$341K	$1.2M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	503.97	−0.022%	$15.8M	$19.6M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.71	−0.073%	$7.3M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAPlong	0.0000%	8h	504.08	long leg	$3.0M	$2.4M	20x
Gate MSFT_USDT	0.0000%	8h	503.73	−0.069%	$3.1M	$1.8M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	503.92	−0.032%	$3.8M	$3.0M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	504.00	−0.016%	$1.3M	$499K	—	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT MSFT_USDT_Perp	0.0000%	8h	504.11	+0.006%	$19K	$323K	10x	as long as short
SunX MSFT-USDTshort	0.0000%	8h	504.74	+0.131%	$6K	$3.9M	20x
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	503.60	−0.095%	$27K	$43K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.91	−0.034%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	504.07	−0.002%	$2.2M	$816K	10x	as long as short
Nado MSFT-PERP	+0.0013%	1h	503.64	−0.088%	$415K	$67K	20x	as long as short
Phoenix MSFT	+0.0016%	1h	503.70	−0.075%	$11K	$15K	20x	as long as short
BloFin MSFT-USDT	+0.0019%	8h	503.96	−0.024%	$189K	$206K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.73	−0.069%	$709K	$1.9M	20x	as long as short
QFEX MSFT-USD	+0.0039%	1h	503.88	−0.040%	$1.1M	$4.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.73	−0.069%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.88	−0.040%	—	$1K	25x	as long as short
Lighter MSFT	+0.0048%	1h	503.88	−0.040%	$1.2M	$514K	20x	as long as short
Hotstuff MSFT-PERP	+0.0048%	1h	503.53	−0.109%	$32K	$8K	20x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	503.45	−0.125%	$22.4M	$9.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.58	−0.099%	$303K	$718K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.79	−0.058%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.52	−0.111%	$522K	$476K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0058%	8h	503.82	−0.052%	$222	—	5x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.43	−0.129%	$1.6M	$58K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.75	−0.065%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.78	−0.060%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.83	−0.050%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	504.48	+0.079%	$116K	$45K	30x	as long as short