Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0253%/8h= +27.7% APRpaid last 24h +0.061%

Price spread now: OKX against edgeX+0.038%101s7-day average +0.002% · you sell dearer than you buy

Net, funding: paid 7d − costs−$37as 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−$360.358% of the position

Long on edgeX Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.017%−$2 on $10k

Price spread, last 4 days (all we have)−0.004%$0 · spread now +0.038%, 7d avg +0.002%

Together, before fees−0.021%+ Points / potential airdropedgeX: Active · farm board−$2 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and OKX is 0.037% dearer against edgeX than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.002%. The two prices were read 101 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.017% in total (about -0.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX MSFTUSDC	501.35	−0.0253	get 0.0127% / 4h	3h 43m	$102K	$244K	10x
Short	OKX MSFT-USDT-SWAP	501.54	0	get 0.0000% / 8h	3h 43m	$3.0M	$2.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against edgeX. 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 edgeXbpFee OKXbpOrdersPrice spread, now +0.038%Rate

Funding earned: $53.17
Price spread: +0.038% → +0.002%: $3.68
Slippage, 4 orders: −$16.77
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee OKX: 5 bp × 2 orders: −$10
Net: $21.09
Costs to cover: 0.358%
Break-even: 4.2 days

Slippage from edgeX: live order book, 8 min ago; OKX: live order book, 3 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 edgeX live order book, 8 min ago	5.19 bp	9.8 bp −$10	12.1 bp −$121	doesn't fit	doesn't fit
Sell OKX live order book, 3 min ago	0.90 bp	9.0 bp −$9	16.9 bp −$169	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 MSFTUSDClong	−0.0253%	4h	501.35	long leg	$102K	$244K	10x
Nado MSFT-PERP	−0.0116%	1h	501.29	−0.012%	$414K	$64K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0032%	1h	500.97	−0.075%	$677K	$450K	10x	as long as short
tradeXYZ xyz:MSFT	−0.0016%	1h	500.97	−0.075%	$22.1M	$8.7M	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.27	−0.015%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.31	−0.007%	$337K	$883K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.45	+0.021%	$15.8M	$19.0M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.17	−0.035%	$7.2M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAPshort	0.0000%	8h	501.54	+0.038%	$3.0M	$2.3M	20x
Gate MSFT_USDT	0.0000%	8h	501.24	−0.021%	$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	501.30	−0.009%	$4.5M	$2.5M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.34	−0.002%	$1.3M	$607K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.14	−0.041%	$19K	$300K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.17	+0.164%	$6K	$4.0M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.18	−0.033%	$27K	$42K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.35	+0.001%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.52	+0.035%	$2.2M	$770K	10x	as long as short
BloFin MSFT-USDT	+0.0006%	8h	501.40	+0.011%	$189K	$204K	20x	as long as short
Lighter MSFT	+0.0032%	1h	501.43	+0.017%	$1.1M	$503K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.18	−0.033%	$676K	$2.0M	20x	as long as short
Hotstuff MSFT-PERP	+0.0032%	1h	500.97	−0.075%	$32K	$8K	20x	as long as short
QFEX MSFT-USD	+0.0035%	1h	501.30	−0.009%	$1.1M	$4.9M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.10	−0.049%	$96K	$111K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.34	−0.001%	—	$1K	25x	as long as short
Phoenix MSFT	+0.0048%	1h	501.07	−0.055%	$10K	$15K	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.02	−0.065%	$302K	$697K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.24	−0.021%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.01	−0.067%	$518K	$452K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0053%	8h	501.31	−0.008%	$221	—	5x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	500.73	−0.123%	$1.6M	$52K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.15	−0.039%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.31	−0.007%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.33	−0.003%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.54	+0.038%	$115K	$45K	30x	as long as short