Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.030%

Price spread now: ApeX Omni against Phemex−0.150%7-day average −0.119% · you buy dearer than you sell

Net, funding: paid 7d − costs−$62as in the Funding arb table

Net, price: spread back to 7d avg − costs−$86as in the Price arb table

costs, in and out, $10k−$830.829% of the position

Long on Phemex Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days+0.210%+$21 on $10k

Price spread, last 4 days (all we have)−0.089%−$9 · spread now −0.150%, 7d avg −0.119%

Together, before fees+0.121%+$12 on $10k · with fees, hour by hour

Funding pays, the price is against you. ApeX Omni is 0.031% cheaper against Phemex than usual: you would sell low and buy high (spread −0.150% now, against its 7-day average of −0.119%). If the spread goes back, that is −$3 on $10k: about 25 hours of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex MSFTUSDT	501.53	0	get 0.0000% / 8h	5h 08m	$2.2M	$773K	10x
Short	ApeX Omni MSFTUSDT	500.78	0.0100	get 0.0013% / 1h	8m 45s	$159K	$7K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Phemex. 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 PhemexbpFee ApeX OmnibpOrdersPrice spread, now −0.150%Rate

Funding earned: $21
Price spread: −0.150% → −0.119%: −$3.08
Slippage, 4 orders: −$60.92
Fee Phemex: 6 bp × 2 orders: −$12
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$65
Costs to cover: 0.829%
Break-even: 28.7 days

Slippage from Phemex: live order book, 5 min ago; ApeX Omni: live order book, 52 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 Phemex live order book, 5 min ago	0.40 bp	31.3 bp −$31	doesn't fit	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 52 min ago	5.09 bp	10.1 bp −$10	56.3 bp −$563	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
Coinbase International MSFT-PERP-INTX	−0.0064%	1h	500.97	−0.112%	$678K	$458K	10x	as long as short
Nado MSFT-PERP	−0.0032%	1h	500.93	−0.120%	$414K	$64K	20x	as long as short
BloFin MSFT-USDT	−0.0002%	8h	501.22	−0.062%	$189K	$204K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.23	−0.060%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.03	−0.100%	$337K	$892K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.16	−0.074%	$15.7M	$19.0M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	500.88	−0.130%	$7.2M	$2.1M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.32	−0.042%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.03	−0.100%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.21	−0.064%	$4.5M	$2.5M	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	501.10	−0.086%	$1.3M	$647K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.24	−0.059%	$18K	$299K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	501.98	+0.090%	$6K	$4.1M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	500.93	−0.120%	$27K	$41K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.01	−0.104%	$58K	$226K	20x	as long as short
Phemex MSFTUSDTlong	0.0000%	8h	501.53	long leg	$2.2M	$773K	10x
Hotstuff MSFT-PERP	+0.0008%	1h	500.76	−0.154%	$32K	$8K	20x	as long as short
QFEX MSFT-USD	+0.0030%	1h	501.04	−0.098%	$1.1M	$5.6M	10x	as long as short
Lighter RH MSFT	+0.0032%	1h	500.93	−0.120%	$683K	$2.0M	20x	as long as short
Arcus MSFT-USD	+0.0040%	1h	500.99	−0.108%	$96K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.00	−0.106%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	500.74	−0.158%	$22.1M	$8.8M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	500.76	−0.154%	$301K	$648K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.04	−0.098%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.83	−0.140%	$516K	$494K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0057%	8h	501.06	−0.094%	$220	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	500.87	−0.132%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	500.98	−0.110%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDTshort	+0.0100%	1h	500.78	−0.150%	$159K	$7K	50x
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.04	−0.098%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.05	−0.095%	$55	—	10x	as long as short
Lighter MSFT	+0.0168%	1h	501.23	−0.060%	$1.1M	$479K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.73	+0.040%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0709%	4h	501.11	−0.085%	$102K	$242K	10x	as long as short