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: SunX against ApeX Omni+0.272%7-day average +0.239% · you sell dearer than you buy

Net, funding: paid 7d − costs−$261as in the Funding arb table

Net, price: spread back to 7d avg − costs−$237as in the Price arb table

costs, in and out, $10k−$2402.401% of the position

Long on ApeX Omni Short on SunX

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)+0.008%+$1 · spread now +0.272%, 7d avg +0.239%

Together, before fees−0.202%−$20 on $10k · with fees, hour by hour

The price spread pays, funding is against you. SunX is 0.033% dearer against ApeX Omni than usual: you sell high and buy low (spread +0.272% now, against its 7-day average of +0.239%): +$3 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 27 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni MSFTUSDT	503.14	0.0100	pay 0.0013% / 1h	6m 41s	$160K	$7K	50x
Short	SunX MSFT-USDT	504.51	0	get 0.0000% / 8h	3h 06m	$6K	$4.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.272%Rate

Funding earned: −$21
Price spread: +0.272% → +0.239%: $3.35
Slippage, 4 orders: −$222.11
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$257.76
Costs to cover: 2.401%
Break-even: never at this rate

Slippage from ApeX Omni: live order book, 44 min ago; SunX: live order book, 12 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, 44 min ago	7.49 bp	12.5 bp −$12	80.1 bp −$801	doesn't fit	doesn't fit
Sell SunX live order book, 12 min ago	29.07 bp	104.7 bp −$105	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
Hotstuff MSFT-PERP	−0.0112%	1h	503.30	+0.032%	$32K	$8K	20x	as long as short
Nado MSFT-PERP	−0.0102%	1h	503.53	+0.078%	$414K	$65K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0032%	1h	503.14	0.000%	$681K	$452K	10x	as long as short
BloFin MSFT-USDT	−0.0023%	8h	503.83	+0.137%	$189K	$205K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.59	+0.089%	$162K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.72	+0.116%	$339K	$885K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	503.81	+0.133%	$15.8M	$19.1M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.48	+0.068%	$7.2M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	503.83	+0.137%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.58	+0.087%	$3.1M	$1.8M	100x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MSFTUSDT	0.0000%	8h	503.80	+0.131%	$4.5M	$2.6M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	502.85	−0.058%	$1.3M	$490K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	503.55	+0.081%	$18K	$300K	10x	as long as short
SunX MSFT-USDTshort	0.0000%	8h	504.51	+0.272%	$6K	$4.0M	20x
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	503.58	+0.087%	$27K	$42K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.63	+0.097%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	503.83	+0.137%	$2.2M	$781K	10x	as long as short
tradeXYZ xyz:MSFT	+0.0012%	1h	503.39	+0.050%	$22.3M	$8.8M	20x	as long as short
Lighter MSFT	+0.0032%	1h	503.75	+0.121%	$1.1M	$514K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.52	+0.076%	$680K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0035%	1h	503.64	+0.099%	$1.1M	$4.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.29	+0.030%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.58	+0.087%	—	$1K	25x	as long as short
Phoenix MSFT	+0.0048%	1h	503.14	0.000%	$11K	$15K	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.27	+0.026%	$304K	$712K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.62	+0.095%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.25	+0.022%	$512K	$459K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0051%	8h	503.65	+0.101%	$222	—	5x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.20	+0.012%	$1.6M	$56K	20x	as long as short
ApeX Omni MSFTUSDTlong	+0.0100%	1h	503.14	long leg	$160K	$7K	50x
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.64	+0.099%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.66	+0.103%	$55	—	10x	as long as short
edgeX MSFTUSDC	+0.0208%	4h	503.56	+0.084%	$102K	$243K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	503.08	−0.012%	$115K	$45K	30x	as long as short