Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0212%/8h= +23.2% APRpaid last 24h +0.079%

Price spread now: Arcus against OKX−0.066%47s7-day average −0.030% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$360.360% of the position

Long on OKX Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.144%+$14 on $10k

Price spread, last 4 days (all we have)−0.054%−$5 · spread now −0.066%, 7d avg −0.030%

Together, before fees+0.090%+$9 on $10k · with fees, hour by hour

Funding pays, the price is against you. Arcus is 0.035% cheaper against OKX than usual: you would sell low and buy high (spread −0.066% now, against its 7-day average of −0.030%). If the spread goes back, that is −$4 on $10k: about 13 hours of funding at the current rate (+$6 a day). The two prices were read 47 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX MSFT-USDT-SWAP	502.28	0	get 0.0000% / 8h	7h 49m	$3.0M	$2.3M	20x
Short	Arcus MSFT-USD	501.95	0.0212	get 0.0026% / 1h	49m 51s	$97K	$110K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus 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 ArcusbpOrdersPrice spread, now −0.066%Rate

Funding earned: $44.47
Price spread: −0.066% → −0.030%: −$3.54
Slippage, 4 orders: −$21.54
Fee OKX: 5 bp × 2 orders: −$10
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: $4.9
Costs to cover: 0.360%
Break-even: 6.2 days

Slippage from OKX: live order book, 2 min ago; Arcus: live order book, 23 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	10.2 bp −$10	18.1 bp −$181	doesn't fit	doesn't fit
Sell Arcus live order book, 23 min ago	2.39 bp	8.7 bp −$9	9.2 bp −$92	20.3 bp −$2,033	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
BloFin MSFT-USDT	−0.0016%	8h	502.21	−0.014%	$188K	$207K	20x	as long as short
Nado MSFT-PERP	−0.0011%	1h	501.90	−0.077%	$414K	$64K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0008%	1h	501.57	−0.141%	$680K	$450K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	502.10	−0.037%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	502.15	−0.026%	$342K	$482K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	502.28	−0.001%	$15.7M	$18.7M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	502.17	−0.022%	$7.4M	$1.7M	100x	as long as short
OKX MSFT-USDT-SWAPlong	0.0000%	8h	502.28	long leg	$3.0M	$2.3M	20x
Gate MSFT_USDT	0.0000%	8h	501.93	−0.070%	$3.1M	$1.6M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	502.05	−0.046%	$3.8M	$2.2M	100x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni MSFT	0.0000%	8h	502.14	−0.028%	$1.3M	$690K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	502.04	−0.049%	$19K	$296K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.98	+0.139%	$6K	$4.2M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.96	−0.064%	$27K	$41K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	502.09	−0.038%	$58K	$227K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.34	+0.012%	$2.2M	$753K	10x	as long as short
Lighter RH MSFT	+0.0032%	1h	502.03	−0.050%	$618K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0044%	1h	502.08	−0.040%	$1.1M	$5.9M	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	502.06	−0.044%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.98	−0.060%	$22.3M	$9.1M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.78	−0.100%	$303K	$673K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	502.09	−0.038%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.60	−0.135%	$529K	$490K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0052%	8h	502.05	−0.045%	$221	—	5x	as long as short
Hotstuff MSFT-PERP	+0.0064%	1h	501.80	−0.096%	$32K	$8K	20x	as long as short
Lighter MSFT	+0.0072%	1h	502.40	+0.024%	$1.1M	$486K	20x	as long as short
Phoenix MSFT	+0.0080%	1h	501.83	−0.090%	$11K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.80	−0.096%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.61	−0.133%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	502.01	−0.054%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.90	−0.075%	$55	—	10x	as long as short
Arcus MSFT-USDshort	+0.0212%	1h	501.95	−0.066%	$97K	$110K	10x
Injective MSFT/USDC PERP	+0.0220%	1h	502.20	−0.016%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0477%	4h	501.98	−0.059%	$102K	$243K	10x	as long as short