Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0040%/8h= −4.4% APRpaid last 24h −0.081%

Price spread now: OKX against Arcus+0.078%7-day average +0.031% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$360.363% of the position

Long on Arcus Short on OKX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.151%−$15 on $10k

Price spread, last 4 days (all we have)+0.052%+$5 · spread now +0.078%, 7d avg +0.031%

Together, before fees−0.099%−$10 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 0.046% dearer against Arcus than usual: you sell high and buy low (spread +0.078% now, against its 7-day average of +0.031%): +$5 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 3.8 days. At the pace of the last 4 days (−0.151% in total) that is about 26 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Arcus MSFT-USD	501.18	0.0040	pay 0.0005% / 1h	13m 26s	$96K	$111K	10x
Short	OKX MSFT-USDT-SWAP	501.57	0	get 0.0000% / 8h	4h 13m	$3.0M	$2.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Arcus. 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 ArcusbpFee OKXbpOrdersPrice spread, now +0.078%Rate

Funding earned: −$8.46
Price spread: +0.078% → +0.031%: $4.64
Slippage, 4 orders: −$21.76
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee OKX: 5 bp × 2 orders: −$10
Net: −$40.08
Costs to cover: 0.363%
Break-even: never at this rate

Slippage from Arcus: live order book, 44 min ago; OKX: live order book, 4 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 Arcus live order book, 44 min ago	3.29 bp	8.6 bp −$9	13.1 bp −$131	doesn't fit	doesn't fit
Sell OKX live order book, 4 min ago	0.10 bp	9.0 bp −$9	16.3 bp −$163	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	−0.0330%	4h	501.40	+0.044%	$102K	$244K	10x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0040%	1h	500.97	−0.042%	$677K	$456K	10x	as long as short
Nado MSFT-PERP	−0.0012%	1h	501.17	−0.002%	$414K	$64K	20x	as long as short
BloFin MSFT-USDT	−0.0004%	8h	501.52	+0.068%	$189K	$204K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.18	+0.001%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.22	+0.007%	$337K	$890K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.30	+0.024%	$15.8M	$19.0M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.01	−0.034%	$7.2M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAPshort	0.0000%	8h	501.57	+0.078%	$3.0M	$2.3M	20x
Gate MSFT_USDT	0.0000%	8h	501.13	−0.010%	$3.1M	$1.7M	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	501.39	+0.042%	$4.5M	$2.5M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.46	+0.056%	$1.3M	$615K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.48	+0.060%	$19K	$302K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.21	+0.206%	$6K	$4.0M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.03	−0.030%	$27K	$41K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.32	+0.028%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.41	+0.046%	$2.2M	$770K	10x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.13	−0.010%	$675K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0036%	1h	501.25	+0.014%	$1.2M	$5.2M	10x	as long as short
Arcus MSFT-USDlong	+0.0040%	1h	501.18	long leg	$96K	$111K	10x
Vest MSFT-USD-PERP	+0.0046%	1h	501.33	+0.030%	—	$1K	25x	as long as short
Phoenix MSFT	+0.0048%	1h	501.13	−0.010%	$10K	$15K	20x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	500.79	−0.078%	$22.0M	$8.7M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	500.95	−0.046%	$302K	$722K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.21	+0.006%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.90	−0.056%	$528K	$444K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0057%	8h	501.22	+0.008%	$221	—	5x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.02	−0.032%	$1.5M	$20K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.20	+0.004%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.18	0.000%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.31	+0.025%	$55	—	10x	as long as short
Lighter MSFT	+0.0112%	1h	501.37	+0.038%	$1.1M	$499K	20x	as long as short
Hotstuff MSFT-PERP	+0.0176%	1h	500.99	−0.038%	$32K	$8K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.76	+0.116%	$115K	$45K	30x	as long as short