Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.030%

Price spread now: ApeX Omni against OKX−0.050%7-day average −0.073% · you buy dearer than you sell

Net, funding: paid 7d − costs−$17as in the Funding arb table

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$370.366% of the position

Long on OKX Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days+0.196%+$20 on $10k

Price spread, last 4 days (all we have)−0.040%−$4 · spread now −0.050%, 7d avg −0.073%

Together, before fees+0.157%+$16 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 0.023% dearer against OKX than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of −0.073%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX MSFT-USDT-SWAP	503.75	0	get 0.0000% / 8h	1h 25m	$3.0M	$2.4M	20x
Short	ApeX Omni MSFTUSDT	503.50	0.0100	get 0.0013% / 1h	25m 35s	$160K	$7K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against OKX. 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 OKXbpFee ApeX OmnibpOrdersPrice spread, now −0.050%Rate

Funding earned: $21
Price spread: −0.050% → −0.073%: $2.35
Slippage, 4 orders: −$16.55
Fee OKX: 5 bp × 2 orders: −$10
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$13.2
Costs to cover: 0.366%
Break-even: 11.4 days

Slippage from OKX: live order book, 2 min ago; ApeX Omni: live order book, 15 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 OKX live order book, 2 min ago	0.10 bp	8.0 bp −$8	20.0 bp −$200	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 15 min ago	5.07 bp	10.1 bp −$10	64.8 bp −$648	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
Coinbase International MSFT-PERP-INTX	−0.0048%	1h	503.66	−0.018%	$682K	$500K	10x	as long as short
Hotstuff MSFT-PERP	−0.0016%	1h	503.17	−0.115%	$32K	$8K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.39	−0.072%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.54	−0.042%	$338K	$1.2M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	503.68	−0.014%	$15.8M	$19.6M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.39	−0.071%	$7.3M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAPlong	0.0000%	8h	503.75	long leg	$3.0M	$2.4M	20x
Gate MSFT_USDT	0.0000%	8h	503.51	−0.048%	$3.1M	$1.8M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	503.68	−0.014%	$3.8M	$3.0M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	503.61	−0.027%	$1.3M	$499K	—	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	503.88	+0.026%	$19K	$328K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	504.56	+0.161%	$6K	$3.9M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.47	−0.056%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	503.79	+0.008%	$2.2M	$821K	10x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0008%	1h	503.40	−0.069%	$27K	$43K	10x	as long as short
BloFin MSFT-USDT	+0.0013%	8h	503.89	+0.028%	$191K	$207K	20x	as long as short
Nado MSFT-PERP	+0.0017%	1h	503.26	−0.097%	$414K	$67K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.38	−0.073%	$701K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0039%	1h	503.61	−0.028%	$1.1M	$4.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.53	−0.044%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.64	−0.022%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	503.17	−0.115%	$22.4M	$9.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.35	−0.079%	$303K	$718K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.52	−0.046%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.25	−0.099%	$522K	$476K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0056%	8h	503.46	−0.058%	$222	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	503.69	−0.012%	$11K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.11	−0.127%	$1.6M	$60K	20x	as long as short
ApeX Omni MSFTUSDTshort	+0.0100%	1h	503.50	−0.050%	$160K	$7K	50x
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.59	−0.032%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.63	−0.024%	$55	—	10x	as long as short
Lighter MSFT	+0.0136%	1h	503.64	−0.022%	$1.2M	$514K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	504.21	+0.091%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0931%	4h	503.77	+0.003%	$102K	$242K	10x	as long as short