Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.030%

Price spread now: ApeX Omni against Phemex−0.249%7-day average −0.119% · you buy dearer than you sell

Net, funding: paid 7d − costs−$60as in the Funding arb table

Net, price: spread back to 7d avg − costs−$94as in the Price arb table

costs, in and out, $10k−$810.810% of the position

Long on Phemex Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days+0.210%+$21 on $10k

Price spread, last 3 days (all we have)+0.111%+$11 · spread now −0.249%, 7d avg −0.119%

Together, before fees+0.321%+$32 on $10k · with fees, hour by hour

Funding pays, the price is against you. ApeX Omni is 0.130% cheaper against Phemex than usual: you would sell low and buy high (spread −0.249% now, against its 7-day average of −0.119%). If the spread goes back, that is −$13 on $10k: about 4.3 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex MSFTUSDT	502.11	0	get 0.0000% / 8h	6h 36m	$2.2M	$764K	10x
Short	ApeX Omni MSFTUSDT	500.86	0.0100	get 0.0013% / 1h	36m 38s	$159K	$7K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Phemex. 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 PhemexbpFee ApeX OmnibpOrdersPrice spread, now −0.249%Rate

Funding earned: $21
Price spread: −0.249% → −0.119%: −$12.99
Slippage, 4 orders: −$59.01
Fee Phemex: 6 bp × 2 orders: −$12
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$73
Costs to cover: 0.810%
Break-even: 31.3 days

Slippage from Phemex: live order book, 2 min ago; ApeX Omni: live order book, 29 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 Phemex live order book, 2 min ago	1.00 bp	33.0 bp −$33	doesn't fit	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 29 min ago	5.09 bp	10.1 bp −$10	55.6 bp −$556	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	−0.0029%	4h	501.29	−0.163%	$102K	$242K	10x	as long as short
BloFin MSFT-USDT	−0.0028%	8h	501.33	−0.155%	$189K	$204K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0016%	1h	500.87	−0.247%	$684K	$451K	10x	as long as short
Nado MSFT-PERP	−0.0013%	1h	501.22	−0.177%	$414K	$64K	20x	as long as short
Hotstuff MSFT-PERP	−0.0008%	1h	500.94	−0.233%	$32K	$8K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.52	−0.117%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.35	−0.150%	$342K	$894K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.48	−0.125%	$15.6M	$18.8M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.27	−0.167%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.53	−0.116%	$3.0M	$2.3M	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate MSFT_USDT	0.0000%	8h	501.29	−0.163%	$3.1M	$1.6M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.40	−0.141%	$4.3M	$2.4M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.10	−0.202%	$1.3M	$677K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.39	−0.144%	$19K	$295K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.24	+0.026%	$5K	$4.1M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.15	−0.191%	$27K	$41K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.32	−0.157%	$59K	$226K	20x	as long as short
Phemex MSFTUSDTlong	0.0000%	8h	502.11	long leg	$2.2M	$764K	10x
Lighter RH MSFT	+0.0032%	1h	501.31	−0.159%	$618K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0038%	1h	501.25	−0.171%	$1.2M	$5.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.18	−0.185%	$97K	$109K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.25	−0.171%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.08	−0.205%	$22.1M	$9.2M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.10	−0.201%	$303K	$672K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.30	−0.161%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.93	−0.235%	$520K	$514K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0051%	8h	501.35	−0.151%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.15	−0.191%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.09	−0.203%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDTshort	+0.0100%	1h	500.86	−0.249%	$159K	$7K	50x
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.31	−0.159%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.32	−0.158%	$55	—	10x	as long as short
Lighter MSFT	+0.0136%	1h	501.59	−0.104%	$1.1M	$489K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.56	−0.110%	$115K	$45K	30x	as long as short