Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC−0.0100%/8hpaid last 24h −0.030%

Price spread now: Phemex against ApeX Omni+0.074%7-day average +0.121% · you sell dearer than you buy

to open and close $10k−$83fees + slippage, both legs, in and out

costs, in % of the position0.833%what the two incomes have to cover

Long on ApeX Omni Short on Phemex

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)+0.056%+$6 · spread now +0.074%, 7d avg +0.121%

Together, before fees−0.154%−$15 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 Phemex is 0.047% cheaper against ApeX Omni than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.121%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni MSFTUSDT	498.51	0.0100	pay 0.0013% / 1h	52m 30s	$159K	$7K	50x
Short	Phemex MSFTUSDT	498.88	0	get 0.0000% / 8h	4h 52m	$2.1M	$692K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.074%Rate

Funding earned: −$21
Price spread: +0.074% → +0.121%: −$4.71
Slippage, 4 orders: −$61.29
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$108.99
Costs to cover: 0.833%
Break-even: never at this rate

Slippage from ApeX Omni: live order book, 40 min ago; Phemex: live order book, 7 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, 40 min ago	5.12 bp	10.1 bp −$10	66.0 bp −$660	doesn't fit	doesn't fit
Sell Phemex live order book, 7 min ago	2.91 bp	28.4 bp −$28	doesn't fit	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	−0.0464%	4h	498.79	+0.056%	$101K	$244K	10x	as long as short
Hotstuff MSFT-PERP	−0.0048%	1h	498.75	+0.048%	$40K	—	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0016%	1h	498.66	+0.030%	$685K	$366K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	498.94	+0.086%	$156K	$87K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	499.00	+0.099%	$373K	$398K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	499.05	+0.108%	$15.6M	$17.4M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	499.08	+0.114%	$7.3M	$1.5M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	498.66	+0.030%	$3.0M	$2.1M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	498.81	+0.060%	$3.0M	$1.4M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	499.17	+0.133%	$1.3M	$704K	—	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	498.83	+0.064%	$18K	$344K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	499.41	+0.181%	$6K	$4.4M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	498.61	+0.020%	$27K	$114K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	498.50	−0.002%	$58K	$231K	20x	as long as short
Phemex MSFTUSDTshort	0.0000%	8h	498.88	+0.074%	$2.1M	$692K	10x
Nado MSFT-PERP	+0.0006%	1h	498.61	+0.020%	$445K	$25K	20x	as long as short
BloFin MSFT-USDT	+0.0015%	8h	498.69	+0.036%	$192K	$197K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	498.99	+0.096%	$661K	$2.1M	20x	as long as short
Bitget MSFTUSDT	+0.0038%	8h	498.90	+0.078%	$3.7M	$1.8M	100x	as long as short
QFEX MSFT-USD	+0.0045%	1h	499.03	+0.104%	$1.2M	$5.1M	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	498.90	+0.078%	—	—	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	498.80	+0.058%	$22.2M	$8.9M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	498.66	+0.030%	$298K	$448K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	498.71	+0.040%	$60K	$3K	10x	as long as short
Paradex MSFT-USD-PERP	+0.0050%	8h	499.00	+0.098%	$220	—	5x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	498.30	−0.042%	$510K	$454K	15x	as long as short
Lighter MSFT	+0.0056%	1h	499.15	+0.128%	$1.1M	$618K	20x	as long as short
Phoenix MSFT	+0.0080%	1h	498.09	−0.084%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	498.56	+0.010%	$1.5M	$11K	20x	as long as short
ApeX Omni MSFTUSDTlong	+0.0100%	1h	498.51	long leg	$159K	$7K	50x
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	498.69	+0.036%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	498.78	+0.055%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	498.81	+0.060%	$114K	$45K	30x	as long as short
Arcus MSFT-USD	+0.0553%	1h	498.97	+0.092%	$111K	$76K	10x	as long as short