Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: ApeX Omni against Orderly−0.115%70s7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Orderly Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: ApeX Omni is 0.115% cheaper against Orderly than usual: you would sell low and buy high, −$11 on $10k if it goes back to zero (this spread has no 7-day history yet). The two prices were read 70 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	Orderly PERP_MSFT_USDC_mythos	504.72	0.0100	pay 0.0100% / 8h	7h 02m	$8K	—	10x
Short	ApeX Omni MSFTUSDT	504.14	0.0100	get 0.0013% / 1h	2m 15s	$160K	$7K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Orderly. 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 OrderlybpFee ApeX OmnibpOrdersPrice spread, now −0.115%Rate

Funding earned: $0
Price spread: −0.115% → 0.000%: −$11.49
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$27.49
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; ApeX Omni: live order book, 29 min ago. Net counts fees only.

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 Orderly no order-book sample	—	—	—	—	—
Sell ApeX Omni live order book, 29 min ago	5.06 bp	10.1 bp −$10	62.4 bp −$624	doesn't fit	doesn't fit

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0838%	4h	504.53	−0.038%	$103K	$244K	10x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0056%	1h	504.35	−0.073%	$693K	$455K	10x	as long as short
BloFin MSFT-USDT	−0.0011%	8h	504.92	+0.040%	$191K	$206K	20x	as long as short
Nado MSFT-PERP	−0.0007%	1h	504.48	−0.048%	$415K	$67K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	504.59	−0.026%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	504.73	+0.003%	$336K	$1.9M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	504.87	+0.030%	$16.3M	$19.6M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	504.55	−0.034%	$7.2M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	504.89	+0.034%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	504.55	−0.034%	$3.1M	$1.9M	100x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MSFTUSDT	0.0000%	8h	504.81	+0.018%	$3.9M	$2.8M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	504.53	−0.037%	$1.3M	$394K	—	as long as short
SunX MSFT-USDT	0.0000%	8h	505.61	+0.176%	$6K	$3.5M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	504.49	−0.046%	$27K	$45K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	504.72	0.000%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	505.27	+0.109%	$2.2M	$862K	10x	as long as short
Phoenix MSFT	+0.0016%	1h	504.31	−0.081%	$11K	$15K	20x	as long as short
QFEX MSFT-USD	+0.0023%	1h	504.71	−0.002%	$1.1M	$4.6M	10x	as long as short
Lighter MSFT	+0.0032%	1h	504.61	−0.022%	$1.2M	$535K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	504.62	−0.020%	$698K	$1.9M	20x	as long as short
Arcus MSFT-USD	+0.0040%	1h	504.55	−0.034%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	504.65	−0.014%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	504.35	−0.073%	$22.4M	$8.9M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	504.46	−0.052%	$304K	$650K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	504.56	−0.032%	$61K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	504.35	−0.073%	$536K	$387K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0062%	8h	504.59	−0.025%	$222	—	5x	as long as short
Hotstuff MSFT-PERP	+0.0072%	1h	504.34	−0.075%	$33K	$8K	20x	as long as short
GRVT MSFT_USDT_Perp	+0.0072%	8h	504.59	−0.025%	$19K	$312K	10x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	504.07	−0.129%	$1.6M	$139K	20x	as long as short
ApeX Omni MSFTUSDTshort	+0.0100%	1h	504.14	−0.115%	$160K	$7K	50x
Orderly PERP_MSFT_USDC_mythoslong	+0.0100%	8h	504.72	long leg	$8K	—	10x
Aevo MSFT-PERP	+0.0104%	1h	504.64	−0.016%	$56	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	504.07	−0.129%	$115K	$45K	30x	as long as short