Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.011%

Price spread now: Binance against OKX−0.026%7-day average +0.013% · you buy dearer than you sell

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$320.318% of the position

Long on OKX Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.015%+$1 on $10k

Price spread, last 2 days (all we have)+0.043%+$4 · spread now −0.026%, 7d avg +0.013%

Together, before fees+0.058%+$6 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Binance is 0.039% cheaper against OKX than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of +0.013%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX MSFT-USDT-SWAP	502.21	0	get 0.0000% / 8h	1h 47m	$3.0M	$2.3M	20x
Short	Binance MSFTUSDT	502.08	0	get 0.0000% / 8h	1h 47m	$15.7M	$19.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now −0.026%Rate

Funding earned: $0
Price spread: −0.026% → +0.013%: −$3.86
Slippage, 4 orders: −$11.78
Fee OKX: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$35.64
Costs to cover: 0.318%
Break-even: never at this rate

Slippage from OKX: live order book, 5 min ago; Binance: live order book, 9 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, 5 min ago	0.80 bp	8.4 bp −$8	17.2 bp −$172	doesn't fit	doesn't fit
Sell Binance live order book, 9 min ago	0.40 bp	6.9 bp −$7	10.6 bp −$106	46.4 bp −$4,636	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	−0.0510%	4h	502.15	−0.012%	$102K	$243K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	502.01	−0.040%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.98	−0.047%	$372K	$369K	17x	as long as short
Binance MSFTUSDTshort	0.0000%	8h	502.08	−0.026%	$15.7M	$19.3M	20x
OKX MSFT-USDT-SWAPlong	0.0000%	8h	502.21	long leg	$3.0M	$2.3M	20x
Gate MSFT_USDT	0.0000%	8h	501.79	−0.084%	$3.1M	$1.5M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	502.04	−0.034%	$3.8M	$2.2M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	502.15	−0.011%	$1.3M	$710K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	502.05	−0.032%	$19K	$321K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.87	+0.131%	$6K	$4.4M	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.60	−0.121%	$27K	$104K	10x	as long as short
Coinbase International MSFT-PERP-INTX	0.0000%	1h	501.58	−0.125%	$688K	$449K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.89	−0.064%	$59K	$229K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.28	+0.014%	$2.2M	$770K	10x	as long as short
Nado MSFT-PERP	+0.0002%	1h	501.74	−0.094%	$414K	$64K	20x	as long as short
Bybit MSFTUSDT	+0.0004%	8h	502.08	−0.026%	$7.4M	$1.7M	100x	as long as short
BloFin MSFT-USDT	+0.0022%	8h	502.12	−0.018%	$188K	$210K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.98	−0.046%	$653K	$2.1M	20x	as long as short
QFEX MSFT-USD	+0.0040%	1h	502.00	−0.042%	$1.1M	$5.8M	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.91	−0.060%	—	—	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.64	−0.113%	$22.3M	$10.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.64	−0.113%	$305K	$684K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.98	−0.046%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.79	−0.084%	$530K	$494K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0056%	8h	501.97	−0.047%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.75	−0.092%	$10K	$15K	20x	as long as short
Lighter MSFT	+0.0096%	1h	502.15	−0.012%	$1.1M	$589K	20x	as long as short
Hotstuff MSFT-PERP	+0.0096%	1h	501.68	−0.106%	$32K	$8K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.55	−0.131%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.55	−0.131%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.96	−0.050%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	502.04	−0.033%	$55	—	10x	as long as short
Arcus MSFT-USD	+0.0200%	1h	501.94	−0.054%	$110K	$90K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	503.17	+0.191%	$115K	$45K	30x	as long as short