Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.030%

Price spread now: ApeX Omni against SunX−0.193%47s7-day average −0.239% · you buy dearer than you sell

Net, funding: paid 7d − costs−$220as 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−$2412.412% of the position

Long on SunX 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 4 days (all we have)−0.088%−$9 · spread now −0.193%, 7d avg −0.239%

Together, before fees+0.122%+$12 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and ApeX Omni is 0.046% dearer against SunX than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.239%. The two prices were read 47 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	SunX MSFT-USDT	503.88	0	get 0.0000% / 8h	3h 17m	$6K	$4.0M	20x
Short	ApeX Omni MSFTUSDT	502.91	0.0100	get 0.0013% / 1h	17m 26s	$160K	$7K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against SunX. 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 SunXbpFee ApeX OmnibpOrdersPrice spread, now −0.193%Rate

Funding earned: $21
Price spread: −0.193% → −0.239%: $4.63
Slippage, 4 orders: −$223.17
Fee SunX: 4 bp × 2 orders: −$8
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$215.54
Costs to cover: 2.412%
Break-even: 78.8 days

Slippage from SunX: live order book, 11 min ago; ApeX Omni: live order book, 33 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 SunX live order book, 11 min ago	29.11 bp	110.9 bp −$111	doesn't fit	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 33 min ago	7.49 bp	12.5 bp −$12	79.4 bp −$794	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	−0.0148%	4h	503.01	−0.173%	$102K	$243K	10x	as long as short
Nado MSFT-PERP	−0.0105%	1h	503.13	−0.149%	$415K	$64K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0032%	1h	502.82	−0.210%	$680K	$449K	10x	as long as short
tradeXYZ xyz:MSFT	−0.0010%	1h	502.77	−0.220%	$22.2M	$8.8M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	−0.0008%	1h	502.96	−0.183%	$27K	$42K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.14	−0.147%	$162K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.04	−0.168%	$339K	$884K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	503.20	−0.134%	$15.8M	$19.2M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	502.91	−0.193%	$7.2M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	503.22	−0.131%	$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	502.95	−0.185%	$3.1M	$1.8M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	503.08	−0.159%	$4.4M	$2.6M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	503.01	−0.173%	$1.3M	$606K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	503.14	−0.147%	$19K	$301K	10x	as long as short
SunX MSFT-USDTlong	0.0000%	8h	503.88	long leg	$6K	$4.0M	20x
HTX MSFT-USDT	0.0000%	8h	502.93	−0.189%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	503.19	−0.137%	$2.2M	$786K	10x	as long as short
BloFin MSFT-USDT	+0.0003%	8h	503.05	−0.165%	$189K	$205K	20x	as long as short
Lighter MSFT	+0.0032%	1h	503.23	−0.129%	$1.1M	$504K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	502.95	−0.185%	$679K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0035%	1h	503.01	−0.173%	$1.1M	$4.9M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	502.77	−0.220%	$96K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.23	−0.129%	—	$1K	25x	as long as short
Phoenix MSFT	+0.0048%	1h	502.88	−0.198%	$11K	$15K	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	502.80	−0.214%	$304K	$705K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	502.91	−0.193%	$60K	$3K	10x	as long as short
Paradex MSFT-USD-PERP	+0.0050%	8h	503.05	−0.164%	$221	—	5x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	502.58	−0.258%	$512K	$462K	15x	as long as short
Hotstuff MSFT-PERP	+0.0064%	1h	502.74	−0.226%	$32K	$8K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	502.72	−0.230%	$1.6M	$55K	20x	as long as short
ApeX Omni MSFTUSDTshort	+0.0100%	1h	502.91	−0.193%	$160K	$7K	50x
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.15	−0.145%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.06	−0.163%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.14	−0.345%	$115K	$45K	30x	as long as short