Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.030%

Price spread now: ApeX Omni against SunX−0.213%73s7-day average −0.239% · you buy dearer than you sell

Net, funding: paid 7d − costs−$251as 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−$2722.717% of the position

Long on SunX 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 3 days (all we have)−0.068%−$7 · spread now −0.213%, 7d avg −0.239%

Together, before fees+0.142%+$14 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and ApeX Omni is 0.027% dearer against SunX than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.239%. The two prices were read 73 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	SunX MSFT-USDT	502.86	0	get 0.0000% / 8h	1h 29m	$6K	$4.4M	20x
Short	ApeX Omni MSFTUSDT	501.79	0.0100	get 0.0013% / 1h	29m 44s	$160K	$7K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against SunX. 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 SunXbpFee ApeX OmnibpOrdersPrice spread, now −0.213%Rate

Funding earned: $21
Price spread: −0.213% → −0.239%: $2.66
Slippage, 4 orders: −$253.74
Fee SunX: 4 bp × 2 orders: −$8
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$248.07
Costs to cover: 2.717%
Break-even: 89.7 days

Slippage from SunX: live order book, 8 min ago; ApeX Omni: live order book, 51 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 SunX live order book, 8 min ago	29.23 bp	111.6 bp −$112	doesn't fit	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 51 min ago	18.97 bp	31.8 bp −$32	95.1 bp −$951	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	−0.177%	$102K	$243K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	502.03	−0.165%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.96	−0.180%	$337K	$407K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	502.07	−0.157%	$15.7M	$19.3M	20x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	502.18	−0.135%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.82	−0.207%	$3.1M	$1.6M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.98	−0.175%	$1.3M	$708K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	502.01	−0.169%	$18K	$318K	10x	as long as short
SunX MSFT-USDTlong	0.0000%	8h	502.86	long leg	$6K	$4.4M	20x
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.76	−0.219%	$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	−0.255%	$688K	$449K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.93	−0.185%	$58K	$228K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.18	−0.135%	$2.2M	$763K	10x	as long as short
BloFin MSFT-USDT	0.0000%	8h	502.04	−0.163%	$188K	$209K	20x	as long as short
Bitget MSFTUSDT	+0.0006%	8h	502.06	−0.159%	$3.8M	$2.2M	100x	as long as short
Bybit MSFTUSDT	+0.0021%	8h	502.03	−0.165%	$7.4M	$1.7M	100x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.92	−0.187%	$653K	$2.1M	20x	as long as short
QFEX MSFT-USD	+0.0040%	1h	501.97	−0.177%	$1.1M	$5.8M	10x	as long as short
Nado MSFT-PERP	+0.0043%	1h	501.69	−0.232%	$414K	$64K	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.75	−0.221%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.59	−0.253%	$22.3M	$9.9M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.58	−0.255%	$305K	$680K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.99	−0.173%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.62	−0.247%	$529K	$493K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0062%	8h	501.87	−0.196%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.61	−0.249%	$10K	$15K	20x	as long as short
Hotstuff MSFT-PERP	+0.0088%	1h	501.62	−0.247%	$32K	$8K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.57	−0.257%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDTshort	+0.0100%	1h	501.79	−0.213%	$160K	$7K	50x
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.91	−0.189%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.96	−0.180%	$55	—	10x	as long as short
Lighter MSFT	+0.0168%	1h	502.08	−0.155%	$1.1M	$590K	20x	as long as short
Arcus MSFT-USD	+0.0200%	1h	501.91	−0.189%	$98K	$109K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.17	−0.137%	$115K	$45K	30x	as long as short