Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.030%

Price spread now: Gate against ApeX Omni−0.006%51s7-day average +0.038% · you buy dearer than you sell

Net, funding: paid 7d − costs−$64as 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−$460.457% of the position

Long on ApeX Omni Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.183%−$18 on $10k

Price spread, last 4 days (all we have)+0.050%+$5 · spread now −0.006%, 7d avg +0.038%

Together, before fees−0.133%−$13 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Gate is 0.044% cheaper against ApeX Omni than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.038%). Swap the legs. The two prices were read 51 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	503.42	0.0100	pay 0.0013% / 1h	12m 33s	$160K	$7K	50x
Short	Gate MSFT_USDT	503.39	0	get 0.0000% / 8h	12m 33s	$3.1M	$1.9M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.006%Rate

Funding earned: −$21
Price spread: −0.006% → +0.038%: −$4.38
Slippage, 4 orders: −$20.68
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$71.06
Costs to cover: 0.457%
Break-even: never at this rate

Slippage from ApeX Omni: live order book, 23 min ago; Gate: live order book, 5 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, 23 min ago	5.07 bp	10.1 bp −$10	57.0 bp −$570	doesn't fit	doesn't fit
Sell Gate live order book, 5 min ago	4.77 bp	12.8 bp −$13	41.9 bp −$419	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
Nado MSFT-PERP	−0.0051%	1h	503.43	+0.003%	$414K	$67K	20x	as long as short
tradeXYZ xyz:MSFT	−0.0001%	1h	503.18	−0.048%	$22.4M	$8.9M	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.65	+0.046%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.51	+0.018%	$339K	$1.9M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	503.64	+0.044%	$15.8M	$19.1M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.37	−0.010%	$7.2M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	503.63	+0.042%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDTshort	0.0000%	8h	503.39	−0.006%	$3.1M	$1.9M	100x
Bitget MSFTUSDT	0.0000%	8h	503.62	+0.040%	$3.8M	$2.9M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	503.60	+0.035%	$1.3M	$403K	—	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	503.59	+0.034%	$19K	$320K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	504.41	+0.197%	$6K	$3.8M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	503.43	+0.002%	$27K	$44K	10x	as long as short
Coinbase International MSFT-PERP-INTX	0.0000%	1h	503.16	−0.052%	$681K	$447K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.53	+0.022%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	503.68	+0.052%	$2.2M	$817K	10x	as long as short
BloFin MSFT-USDT	+0.0003%	8h	503.60	+0.036%	$191K	$206K	20x	as long as short
Lighter MSFT	+0.0032%	1h	503.55	+0.026%	$1.2M	$532K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.44	+0.004%	$708K	$1.9M	20x	as long as short
QFEX MSFT-USD	+0.0037%	1h	503.48	+0.012%	$1.1M	$4.6M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.37	−0.010%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.72	+0.060%	—	$1K	25x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.32	−0.020%	$303K	$717K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.43	+0.002%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.20	−0.044%	$513K	$429K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0052%	8h	503.51	+0.018%	$222	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	503.35	−0.014%	$11K	$15K	20x	as long as short
Hotstuff MSFT-PERP	+0.0080%	1h	503.19	−0.046%	$32K	$8K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	502.95	−0.093%	$1.6M	$70K	20x	as long as short
ApeX Omni MSFTUSDTlong	+0.0100%	1h	503.42	long leg	$160K	$7K	50x
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.50	+0.016%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.53	+0.022%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	504.86	+0.286%	$116K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0506%	4h	503.57	+0.029%	$102K	$244K	10x	as long as short