Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.015%

Price spread now: OKX against SoDEX+0.034%7-day average — · you sell dearer than you buy

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

Long on SoDEX Short on OKX

What this pair did over the last

the charts below follow

Funding, last 3 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

The price spread pays, funding is against you. OKX is 0.034% dearer against SoDEX than usual: you sell high and buy low (spread +0.034% now, against zero (this spread has no 7-day history yet)): +$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 2.3 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX MSFT-USD	502.96	0.0050	pay 0.0006% / 1h	22m 05s	$60K	$3K	10x
Short	OKX MSFT-USDT-SWAP	503.13	0	get 0.0000% / 8h	3h 22m	$3.0M	$2.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against SoDEX. 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 SoDEXbpFee OKXbpOrdersPrice spread, now +0.034%Rate

Funding earned: −$10.5
Price spread: +0.034% → 0.000%: $3.38
Slippage, 4 orders: no order book: not counted
Fee SoDEX: 4 bp × 2 orders: −$8
Fee OKX: 5 bp × 2 orders: −$10
Net: −$25.12
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: SoDEX: no order-book sample; OKX: live order book, 5 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 SoDEX no order-book sample	—	—	—	—	—
Sell OKX live order book, 5 min ago	0.10 bp	6.7 bp −$7	16.7 bp −$167	doesn't fit	doesn't fit

SoDEX: 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
Nado MSFT-PERP	−0.0103%	1h	503.03	+0.014%	$415K	$64K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0032%	1h	502.46	−0.099%	$680K	$448K	10x	as long as short
tradeXYZ xyz:MSFT	−0.0010%	1h	502.68	−0.056%	$22.2M	$8.8M	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.00	+0.008%	$162K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	502.98	+0.004%	$339K	$884K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	503.08	+0.024%	$15.8M	$19.2M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	502.90	−0.012%	$7.2M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAPshort	0.0000%	8h	503.13	+0.034%	$3.0M	$2.3M	20x
Gate MSFT_USDT	0.0000%	8h	502.93	−0.006%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	503.00	+0.008%	$4.4M	$2.6M	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	502.37	−0.117%	$1.3M	$607K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	502.63	−0.065%	$19K	$299K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	503.91	+0.189%	$6K	$4.0M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	502.90	−0.012%	$27K	$42K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	502.98	+0.004%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	503.05	+0.018%	$2.2M	$783K	10x	as long as short
BloFin MSFT-USDT	+0.0020%	8h	503.13	+0.034%	$189K	$204K	20x	as long as short
Lighter MSFT	+0.0032%	1h	503.20	+0.048%	$1.1M	$503K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	502.94	−0.004%	$681K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0035%	1h	502.95	−0.002%	$1.1M	$4.9M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	502.52	−0.087%	$96K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.13	+0.034%	—	$1K	25x	as long as short
Phoenix MSFT	+0.0048%	1h	502.52	−0.087%	$11K	$15K	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	502.76	−0.040%	$304K	$705K	10x	as long as short
SoDEX MSFT-USDlong	+0.0050%	1h	502.96	long leg	$60K	$3K	10x
Paradex MSFT-USD-PERP	+0.0050%	8h	503.06	+0.020%	$221	—	5x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	502.53	−0.085%	$511K	$461K	15x	as long as short
Hotstuff MSFT-PERP	+0.0080%	1h	502.74	−0.044%	$32K	$8K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	502.63	−0.066%	$1.6M	$55K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	502.18	−0.155%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.12	+0.032%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.05	+0.019%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.14	−0.163%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0614%	4h	502.32	−0.128%	$102K	$242K	10x	as long as short