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 +0.027%

Price spread now: ApeX Omni against Bybit−0.036%7-day average −0.063% · you buy dearer than you sell

Net, funding: paid 7d − costs−$19as in the Funding arb table

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$390.391% of the position

Long on Bybit Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days+0.202%+$20 on $10k

Price spread, last 4 days (all we have)−0.073%−$7 · spread now −0.036%, 7d avg −0.063%

Together, before fees+0.129%+$13 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 Bybit than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.063%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit MSFTUSDT	501.01	0	get 0.0000% / 8h	5h 01m	$7.2M	$2.1M	100x
Short	ApeX Omni MSFTUSDT	500.83	0.0100	get 0.0013% / 1h	1m 11s	$159K	$7K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Bybit. 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 BybitbpFee ApeX OmnibpOrdersPrice spread, now −0.036%Rate

Funding earned: $21
Price spread: −0.036% → −0.063%: $2.7
Slippage, 4 orders: −$18.15
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$15.45
Costs to cover: 0.391%
Break-even: 12.1 days

Slippage from Bybit: live order book, 2 min ago; ApeX Omni: live order book, 60 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 Bybit live order book, 2 min ago	0.20 bp	10.1 bp −$10	19.9 bp −$199	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 60 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
Hotstuff MSFT-PERP	−0.0064%	1h	500.83	−0.036%	$32K	$8K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0064%	1h	500.97	−0.008%	$678K	$458K	10x	as long as short
Nado MSFT-PERP	−0.0032%	1h	500.93	−0.016%	$414K	$64K	20x	as long as short
BloFin MSFT-USDT	−0.0024%	8h	501.35	+0.068%	$190K	$203K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.38	+0.073%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.16	+0.030%	$337K	$888K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.32	+0.062%	$15.7M	$19.0M	20x	as long as short
Bybit MSFTUSDTlong	0.0000%	8h	501.01	long leg	$7.2M	$2.1M	100x
OKX MSFT-USDT-SWAP	0.0000%	8h	501.31	+0.060%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.14	+0.026%	$3.1M	$1.7M	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	501.28	+0.054%	$4.5M	$2.5M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.22	+0.041%	$1.3M	$617K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.10	+0.018%	$19K	$299K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.07	+0.212%	$6K	$4.0M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.06	+0.010%	$27K	$41K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.11	+0.020%	$58K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.43	+0.084%	$2.2M	$771K	10x	as long as short
QFEX MSFT-USD	+0.0030%	1h	501.15	+0.028%	$1.1M	$5.6M	10x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.12	+0.022%	$683K	$2.0M	20x	as long as short
Arcus MSFT-USD	+0.0040%	1h	500.90	−0.022%	$96K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.15	+0.028%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	500.91	−0.020%	$22.1M	$8.8M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	500.87	−0.028%	$301K	$648K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.15	+0.028%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.69	−0.064%	$516K	$442K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0056%	8h	501.11	+0.021%	$220	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	500.91	−0.020%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.10	+0.018%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDTshort	+0.0100%	1h	500.83	−0.036%	$159K	$7K	50x
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.19	+0.036%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.15	+0.028%	$55	—	10x	as long as short
Lighter MSFT	+0.0168%	1h	501.40	+0.078%	$1.1M	$479K	20x	as long as short
edgeX MSFTUSDC	+0.0179%	4h	501.04	+0.006%	$102K	$243K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.49	+0.096%	$115K	$45K	30x	as long as short