Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.027%

Price spread now: ApeX Omni against Bybit+0.087%7-day average −0.058% · you sell dearer than you buy

Net, funding: paid 7d − costs−$22as in the Funding arb table

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$420.425% of the position

Long on Bybit Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days+0.202%+$20 on $10k

Price spread, last 4 days (all we have)−0.167%−$17 · spread now +0.087%, 7d avg −0.058%

Together, before fees+0.034%+$3 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and ApeX Omni is 0.145% dearer against Bybit than usual: you sell high and buy low: +$15 more if the spread goes back to its 7-day average of −0.058%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit MSFTUSDT	502.86	0	get 0.0000% / 8h	5h 46m	$7.3M	$2.3M	100x
Short	ApeX Omni MSFTUSDT	503.30	0.0100	get 0.0013% / 1h	46m 48s	$160K	$7K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Bybit. 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 BybitbpFee ApeX OmnibpOrdersPrice spread, now +0.087%Rate

Funding earned: $21
Price spread: +0.087% → −0.058%: $14.52
Slippage, 4 orders: −$21.49
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$6.97
Costs to cover: 0.425%
Break-even: 9.3 days

Slippage from Bybit: live order book, 4 min ago; ApeX Omni: live order book, 62 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 Bybit live order book, 4 min ago	1.39 bp	10.1 bp −$10	18.7 bp −$187	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 62 min ago	5.06 bp	10.1 bp −$10	61.3 bp −$613	doesn't fit	doesn't fit

MSFT on 34 exchanges

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	−0.1600%	1h	503.33	+0.093%	$32K	$8K	20x	as long as short
Nado MSFT-PERP	−0.0060%	1h	502.96	+0.020%	$411K	$72K	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	−0.0048%	1h	502.82	−0.008%	$30K	$47K	10x	as long as short
Ondo Perps MSFT-USD.P	−0.0033%	1h	502.68	−0.036%	$532K	$382K	15x	as long as short
BloFin MSFT-USDT	−0.0027%	8h	503.10	+0.048%	$202K	$215K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.81	+0.188%	$166K	$118K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	502.99	+0.027%	$326K	$1.9M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	503.16	+0.060%	$16.3M	$20.9M	20x	as long as short
Bybit MSFTUSDTlong	0.0000%	8h	502.86	long leg	$7.3M	$2.3M	100x
Gate MSFT_USDT	0.0000%	8h	502.89	+0.006%	$3.1M	$1.9M	100x	as long as short

Show all 34 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MSFTUSDT	0.0000%	8h	503.10	+0.048%	$3.9M	$2.9M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	503.26	+0.079%	$1.3M	$396K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	503.25	+0.078%	$18K	$318K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	503.85	+0.197%	$6K	$3.5M	20x	as long as short
Coinbase International MSFT-PERP-INTX	0.0000%	1h	502.80	−0.012%	$702K	$522K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	502.96	+0.020%	$48K	$246K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	503.43	+0.113%	$2.3M	$910K	10x	as long as short
tradeXYZ xyz:MSFT	+0.0013%	1h	502.71	−0.030%	$22.4M	$9.2M	20x	as long as short
Lighter MSFT	+0.0032%	1h	502.99	+0.026%	$1.2M	$480K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	502.99	+0.026%	$690K	$1.8M	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.00	+0.028%	—	$1K	25x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	502.76	−0.020%	$318K	$675K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	502.90	+0.008%	$60K	$3K	10x	as long as short
OKX MSFT-USDT-SWAP	+0.0054%	8h	503.18	+0.064%	$3.2M	$2.7M	20x	as long as short
Paradex MSFT-USD-PERP	+0.0056%	8h	503.03	+0.034%	$221	—	5x	as long as short
QFEX MSFT-USD	+0.0058%	1h	503.01	+0.030%	$1.1M	$4.7M	10x	as long as short
Phoenix MSFT	+0.0079%	1h	503.21	+0.070%	$11K	$5K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	502.80	−0.012%	$1.6M	$224K	20x	as long as short
ApeX Omni MSFTUSDTshort	+0.0100%	1h	503.30	+0.087%	$160K	$7K	50x
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	502.98	+0.024%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.00	+0.029%	$55	—	10x	as long as short
Arcus MSFT-USD	+0.0190%	1h	502.85	−0.002%	$93K	$83K	10x	as long as short
edgeX MSFTUSDC	+0.0195%	4h	503.42	+0.111%	$102K	$243K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	503.61	+0.149%	$115K	$45K	30x	as long as short