Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.030%

Price spread now: ApeX Omni against OKX−0.176%80s7-day average −0.072% · you buy dearer than you sell

Net, funding: paid 7d − costs−$14as 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−$340.341% of the position

Long on OKX Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days+0.196%+$20 on $10k

Price spread, last 4 days (all we have)+0.053%+$5 · spread now −0.176%, 7d avg −0.072%

Together, before fees+0.249%+$25 on $10k · with fees, hour by hour

Funding pays, the price is against you. ApeX Omni is 0.104% cheaper against OKX than usual: you would sell low and buy high (spread −0.176% now, against its 7-day average of −0.072%). If the spread goes back, that is −$10 on $10k: about 3.5 days of funding at the current rate (+$3 a day). The two prices were read 80 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	OKX MSFT-USDT-SWAP	505.18	0	get 0.0000% / 8h	6h 56m	$3.0M	$2.4M	20x
Short	ApeX Omni MSFTUSDT	504.29	0.0100	get 0.0013% / 1h	56m 13s	$161K	$7K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against OKX. 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 OKXbpFee ApeX OmnibpOrdersPrice spread, now −0.176%Rate

Funding earned: $21
Price spread: −0.176% → −0.072%: −$10.39
Slippage, 4 orders: −$14.08
Fee OKX: 5 bp × 2 orders: −$10
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$23.47
Costs to cover: 0.341%
Break-even: 14.8 days

Slippage from OKX: live order book, 1 min ago; ApeX Omni: live order book, 35 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 OKX live order book, 1 min ago	0.10 bp	6.8 bp −$7	14.6 bp −$146	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 35 min ago	5.06 bp	10.1 bp −$10	62.4 bp −$624	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	−0.0192%	4h	504.79	−0.078%	$103K	$242K	10x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0032%	1h	504.59	−0.117%	$692K	$455K	10x	as long as short
Nado MSFT-PERP	−0.0009%	1h	504.52	−0.131%	$415K	$67K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	504.81	−0.074%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	504.94	−0.048%	$326K	$1.9M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	505.08	−0.019%	$16.3M	$19.7M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	504.71	−0.093%	$7.3M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAPlong	0.0000%	8h	505.18	long leg	$3.0M	$2.4M	20x
Gate MSFT_USDT	0.0000%	8h	504.77	−0.081%	$3.1M	$1.8M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	504.92	−0.051%	$3.9M	$2.8M	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	504.71	−0.093%	$1.3M	$394K	—	as long as short
SunX MSFT-USDT	0.0000%	8h	505.85	+0.133%	$6K	$3.5M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	504.99	−0.038%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	505.37	+0.038%	$2.3M	$868K	10x	as long as short
Phoenix MSFT	+0.0016%	1h	504.40	−0.154%	$11K	$5K	20x	as long as short
BloFin MSFT-USDT	+0.0024%	8h	504.98	−0.040%	$191K	$207K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	504.83	−0.069%	$710K	$1.7M	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	504.96	−0.044%	—	$1K	25x	as long as short
Hotstuff MSFT-PERP	+0.0048%	1h	504.38	−0.158%	$33K	$8K	20x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	504.54	−0.127%	$22.5M	$9.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	504.63	−0.109%	$304K	$650K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	504.87	−0.061%	$61K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	504.43	−0.148%	$537K	$374K	15x	as long as short
Arcus MSFT-USD	+0.0052%	1h	504.75	−0.085%	$93K	$115K	10x	as long as short
QFEX MSFT-USD	+0.0061%	1h	504.91	−0.053%	$1.2M	$4.6M	10x	as long as short
Paradex MSFT-USD-PERP	+0.0062%	8h	504.79	−0.078%	$222	—	5x	as long as short
Lighter MSFT	+0.0072%	1h	504.84	−0.067%	$1.2M	$472K	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0087%	1h	504.74	−0.087%	$27K	$45K	10x	as long as short
GRVT MSFT_USDT_Perp	+0.0097%	8h	504.76	−0.083%	$19K	$312K	10x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	504.35	−0.164%	$1.6M	$145K	20x	as long as short
ApeX Omni MSFTUSDTshort	+0.0100%	1h	504.29	−0.176%	$161K	$7K	50x
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	504.81	−0.073%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	504.72	−0.090%	$56	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	505.86	+0.135%	$116K	$45K	30x	as long as short