Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.019%

Price spread now: Binance against ApeX Omni+0.098%59s7-day average +0.075% · you sell dearer than you buy

Net, funding: paid 7d − costs−$88as 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−$690.694% of the position

Long on ApeX Omni Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.182%−$18 on $10k

Price spread, last 2 days (all we have)−0.019%−$2 · spread now +0.098%, 7d avg +0.075%

Together, before fees−0.201%−$20 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Binance is 0.023% dearer against ApeX Omni than usual: you sell high and buy low (spread +0.098% now, against its 7-day average of +0.075%): +$2 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 18 hours. The two prices were read 59 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	ApeX Omni MSFTUSDT	501.55	0.0100	pay 0.0013% / 1h	46m 42s	$160K	$7K	50x
Short	Binance MSFTUSDT	502.04	0	get 0.0000% / 8h	1h 46m	$15.7M	$19.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against ApeX Omni. 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 ApeX OmnibpFee BinancebpOrdersPrice spread, now +0.098%Rate

Funding earned: −$21
Price spread: +0.098% → +0.075%: $2.3
Slippage, 4 orders: −$49.4
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$88.1
Costs to cover: 0.694%
Break-even: never at this rate

Slippage from ApeX Omni: live order book, 34 min ago; Binance: live order book, 9 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 ApeX Omni live order book, 34 min ago	18.97 bp	24.0 bp −$24	104.4 bp −$1,044	doesn't fit	doesn't fit
Sell Binance live order book, 9 min ago	0.40 bp	6.9 bp −$7	10.6 bp −$106	46.4 bp −$4,636	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	−0.0510%	4h	502.15	+0.120%	$102K	$243K	10x	as long as short
BloFin MSFT-USDT	−0.0017%	8h	502.07	+0.104%	$188K	$210K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	502.01	+0.092%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.96	+0.082%	$372K	$369K	17x	as long as short
Binance MSFTUSDTshort	0.0000%	8h	502.04	+0.098%	$15.7M	$19.3M	20x
OKX MSFT-USDT-SWAP	0.0000%	8h	502.14	+0.118%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.80	+0.050%	$3.1M	$1.5M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	502.05	+0.100%	$3.8M	$2.2M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	502.15	+0.120%	$1.3M	$710K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	502.05	+0.100%	$19K	$321K	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	502.87	+0.263%	$6K	$4.4M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.60	+0.010%	$27K	$104K	10x	as long as short
Coinbase International MSFT-PERP-INTX	0.0000%	1h	501.58	+0.006%	$688K	$449K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.93	+0.076%	$59K	$229K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.28	+0.146%	$2.2M	$770K	10x	as long as short
Nado MSFT-PERP	+0.0002%	1h	501.74	+0.038%	$414K	$64K	20x	as long as short
Bybit MSFTUSDT	+0.0005%	8h	502.06	+0.102%	$7.4M	$1.7M	100x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.80	+0.050%	$653K	$2.1M	20x	as long as short
QFEX MSFT-USD	+0.0040%	1h	501.96	+0.082%	$1.2M	$5.8M	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.91	+0.072%	—	—	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.54	−0.002%	$22.3M	$10.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.64	+0.018%	$305K	$684K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.98	+0.086%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.79	+0.048%	$529K	$494K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0057%	8h	501.81	+0.052%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.75	+0.040%	$10K	$15K	20x	as long as short
Lighter MSFT	+0.0088%	1h	501.97	+0.084%	$1.1M	$589K	20x	as long as short
Hotstuff MSFT-PERP	+0.0096%	1h	501.68	+0.026%	$32K	$8K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.56	+0.002%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDTlong	+0.0100%	1h	501.55	long leg	$160K	$7K	50x
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.96	+0.082%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	502.04	+0.098%	$55	—	10x	as long as short
Arcus MSFT-USD	+0.0200%	1h	501.83	+0.056%	$110K	$90K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	503.17	+0.323%	$115K	$45K	30x	as long as short