Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.027%

Price spread now: Bybit against ApeX Omni+0.070%7-day average +0.063% · you sell dearer than you buy

Net, funding: paid 7d − costs−$61as in the Funding arb table

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$400.404% of the position

Long on ApeX Omni Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.201%−$20 on $10k

Price spread, last 3 days (all we have)+0.007%+$1 · spread now +0.070%, 7d avg +0.063%

Together, before fees−0.195%−$19 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.063%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni MSFTUSDT	501.87	0.0100	pay 0.0013% / 1h	49m 01s	$160K	$7K	50x
Short	Bybit MSFTUSDT	502.22	0	get 0.0000% / 8h	7h 49m	$7.4M	$1.7M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against ApeX Omni. 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 ApeX OmnibpFee BybitbpOrdersPrice spread, now +0.070%Rate

Funding earned: −$21
Price spread: +0.070% → +0.063%: $0.71
Slippage, 4 orders: −$19.4
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$60.69
Costs to cover: 0.404%
Break-even: never at this rate

Slippage from ApeX Omni: live order book, 22 min ago; Bybit: live order book, 4 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 ApeX Omni live order book, 22 min ago	5.09 bp	10.1 bp −$10	63.0 bp −$630	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	0.70 bp	10.2 bp −$10	18.4 bp −$184	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
Nado MSFT-PERP	−0.0012%	1h	502.01	+0.029%	$415K	$64K	20x	as long as short
BloFin MSFT-USDT	−0.0010%	8h	502.22	+0.070%	$188K	$207K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0008%	1h	501.57	−0.060%	$680K	$450K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	502.14	+0.053%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	502.14	+0.054%	$337K	$507K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	502.13	+0.052%	$15.7M	$18.7M	20x	as long as short
Bybit MSFTUSDTshort	0.0000%	8h	502.22	+0.070%	$7.4M	$1.7M	100x
OKX MSFT-USDT-SWAP	0.0000%	8h	502.35	+0.096%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.96	+0.018%	$3.1M	$1.6M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	502.05	+0.036%	$3.8M	$2.2M	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	502.14	+0.053%	$1.3M	$690K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	502.04	+0.033%	$19K	$296K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	503.01	+0.227%	$6K	$4.2M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.97	+0.020%	$27K	$41K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	502.09	+0.044%	$58K	$227K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.47	+0.120%	$2.2M	$753K	10x	as long as short
Lighter RH MSFT	+0.0032%	1h	502.07	+0.040%	$618K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0044%	1h	502.12	+0.050%	$1.1M	$5.9M	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	502.11	+0.048%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.89	+0.004%	$22.3M	$9.1M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.88	+0.002%	$303K	$673K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	502.16	+0.058%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.60	−0.054%	$529K	$490K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0052%	8h	502.18	+0.062%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.96	+0.018%	$10K	$15K	20x	as long as short
Lighter MSFT	+0.0080%	1h	502.31	+0.088%	$1.1M	$486K	20x	as long as short
Hotstuff MSFT-PERP	+0.0080%	1h	501.98	+0.022%	$32K	$8K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.82	−0.010%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDTlong	+0.0100%	1h	501.87	long leg	$160K	$7K	50x
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	502.04	+0.034%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	502.02	+0.031%	$55	—	10x	as long as short
Arcus MSFT-USD	+0.0212%	1h	501.98	+0.022%	$97K	$110K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.20	+0.066%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0477%	4h	501.98	+0.023%	$102K	$243K	10x	as long as short