Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0286%/8h= +31.3% APRpaid last 24h +0.076%

Price spread now: Arcus against OKX−0.026%7-day average −0.030% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

costs, in and out, $10k−$300.303% of the position

Long on OKX Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.144%+$14 on $10k

Price spread, last 4 days (all we have)−0.094%−$9 · spread now −0.026%, 7d avg −0.030%

Together, before fees+0.050%+$5 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.030%, so right now this pair is about funding alone: +$9 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX MSFT-USDT-SWAP	502.28	0	get 0.0000% / 8h	39m 05s	$3.0M	$2.3M	20x
Short	Arcus MSFT-USD	502.15	0.0286	get 0.0036% / 1h	39m 05s	$97K	$109K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus 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 ArcusbpOrdersPrice spread, now −0.026%Rate

Funding earned: $60.03
Price spread: −0.026% → −0.030%: $0.44
Slippage, 4 orders: −$15.81
Fee OKX: 5 bp × 2 orders: −$10
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: $30.17
Costs to cover: 0.303%
Break-even: 3.5 days

Slippage from OKX: live order book, 3 min ago; Arcus: live order book, 39 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, 3 min ago	0.10 bp	7.2 bp −$7	15.9 bp −$159	doesn't fit	doesn't fit
Sell Arcus live order book, 39 min ago	2.89 bp	8.5 bp −$9	9.9 bp −$99	19.5 bp −$1,947	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
BloFin MSFT-USDT	−0.0027%	8h	502.26	−0.004%	$188K	$209K	20x	as long as short
Nado MSFT-PERP	−0.0018%	1h	501.95	−0.065%	$414K	$64K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0016%	1h	501.76	−0.104%	$687K	$450K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	502.22	−0.011%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	502.17	−0.021%	$337K	$392K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	502.25	−0.006%	$15.7M	$19.1M	20x	as long as short
OKX MSFT-USDT-SWAPlong	0.0000%	8h	502.28	long leg	$3.0M	$2.3M	20x
Gate MSFT_USDT	0.0000%	8h	502.05	−0.046%	$3.2M	$1.6M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	502.26	−0.004%	$3.8M	$2.3M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	502.20	−0.015%	$1.3M	$692K	—	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT MSFT_USDT_Perp	0.0000%	8h	502.15	−0.026%	$18K	$300K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	503.01	+0.145%	$6K	$4.3M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	502.13	−0.030%	$59K	$227K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.33	+0.010%	$2.2M	$748K	10x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0029%	1h	502.05	−0.046%	$27K	$101K	10x	as long as short
Bybit MSFTUSDT	+0.0029%	8h	502.31	+0.006%	$7.4M	$1.7M	100x	as long as short
Lighter RH MSFT	+0.0032%	1h	502.13	−0.030%	$636K	$2.1M	20x	as long as short
Hotstuff MSFT-PERP	+0.0040%	1h	501.87	−0.082%	$32K	$8K	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	502.13	−0.030%	—	$1K	25x	as long as short
QFEX MSFT-USD	+0.0049%	1h	502.13	−0.030%	$1.1M	$5.8M	10x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.87	−0.082%	$22.3M	$9.4M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.76	−0.104%	$303K	$678K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	502.17	−0.022%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.91	−0.074%	$529K	$494K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0054%	8h	502.19	−0.019%	$221	—	5x	as long as short
edgeX MSFTUSDC	+0.0075%	4h	502.21	−0.015%	$102K	$242K	10x	as long as short
Phoenix MSFT	+0.0080%	1h	501.94	−0.068%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.71	−0.113%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.72	−0.111%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	502.19	−0.018%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	502.18	−0.019%	$55	—	10x	as long as short
Lighter MSFT	+0.0160%	1h	502.34	+0.012%	$1.1M	$585K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.57	+0.058%	$115K	$45K	30x	as long as short
Arcus MSFT-USDshort	+0.0286%	1h	502.15	−0.026%	$97K	$109K	10x