Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0048%/8h= −5.3% APRpaid last 24h −0.008%

Price spread now: Coinbase International against OKX−0.052%7-day average −0.111% · you buy dearer than you sell

Net, funding: paid 7d − costs−$37as in the Funding arb table

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$320.325% of the position

Long on OKX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.042%−$4 on $10k

Price spread, last 4 days (all we have)−0.006%−$1 · spread now −0.052%, 7d avg −0.111%

Together, before fees−0.048%−$5 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Coinbase International is 0.059% dearer against OKX than usual: you sell high and buy low (spread −0.052% now, against its 7-day average of −0.111%): +$6 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 4.1 days. At the pace of the last 7 days (−0.042% in total) that is about 9.8 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX MSFT-USDT-SWAP	503.92	0	get 0.0000% / 8h	1h 41m	$3.0M	$2.4M	20x
Short	Coinbase International MSFT-PERP-INTX	503.66	−0.0048	pay 0.0006% / 1h	41m 31s	$682K	$500K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now −0.052%Rate

Funding earned: −$10.08
Price spread: −0.052% → −0.111%: $5.89
Slippage, 4 orders: −$12.49
Fee OKX: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$36.68
Costs to cover: 0.325%
Break-even: never at this rate

Slippage from OKX: live order book, 6 min ago; Coinbase International: live order book, 2 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, 6 min ago	0.10 bp	6.8 bp −$7	13.9 bp −$139	doesn't fit	doesn't fit
Sell Coinbase International live order book, 2 min ago	2.48 bp	8.3 bp −$8	10.5 bp −$105	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
Coinbase International MSFT-PERP-INTXshort	−0.0048%	1h	503.66	−0.052%	$682K	$500K	10x
Aster MSFTUSDT	0.0000%	8h	503.76	−0.032%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.97	+0.009%	$341K	$1.2M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	504.08	+0.032%	$15.8M	$19.6M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.72	−0.040%	$7.3M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAPlong	0.0000%	8h	503.92	long leg	$3.0M	$2.4M	20x
Gate MSFT_USDT	0.0000%	8h	503.75	−0.034%	$3.1M	$1.8M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	504.02	+0.020%	$3.8M	$3.0M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	503.96	+0.007%	$1.3M	$499K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	503.99	+0.014%	$18K	$327K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX MSFT-USDT	0.0000%	8h	504.74	+0.163%	$6K	$3.9M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	503.73	−0.038%	$27K	$43K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.87	−0.010%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	504.14	+0.044%	$2.2M	$820K	10x	as long as short
Nado MSFT-PERP	+0.0011%	1h	503.71	−0.042%	$415K	$67K	20x	as long as short
BloFin MSFT-USDT	+0.0027%	8h	504.05	+0.026%	$190K	$206K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.86	−0.012%	$689K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0039%	1h	503.97	+0.010%	$1.1M	$4.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.73	−0.038%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.96	+0.008%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	503.59	−0.065%	$22.4M	$9.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.68	−0.048%	$303K	$718K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.79	−0.026%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.57	−0.069%	$522K	$476K	15x	as long as short
Hotstuff MSFT-PERP	+0.0056%	1h	503.60	−0.064%	$32K	$8K	20x	as long as short
Paradex MSFT-USD-PERP	+0.0058%	8h	503.89	−0.007%	$222	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	503.80	−0.024%	$11K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.48	−0.087%	$1.6M	$58K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.69	−0.046%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.91	−0.002%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.91	−0.003%	$55	—	10x	as long as short
Lighter MSFT	+0.0136%	1h	504.07	+0.030%	$1.2M	$514K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	504.21	+0.058%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0978%	4h	503.91	−0.001%	$103K	$244K	10x	as long as short