Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0891%/8h= −97.6% APRpaid last 24h −0.061%

Price spread now: edgeX against OKX+0.001%91s7-day average −0.002% · you sell dearer than you buy

Net, funding: paid 7d − costs−$37as in the Funding arb table

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

costs, in and out, $10k−$380.383% of the position

Long on OKX Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.017%+$2 on $10k

Price spread, last 4 days (all we have)−0.028%−$3 · spread now +0.001%, 7d avg −0.002%

Together, before fees−0.011%+ Points / potential airdropedgeX: Active · farm board−$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.002%, so right now this pair is about funding alone: −$27 a day on $10k at the current rate. The two prices were read 91 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.017% in total (about 0.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX MSFT-USDT-SWAP	503.51	0	get 0.0000% / 8h	58m 02s	$3.0M	$2.4M	20x
Short	edgeX MSFTUSDC	503.52	−0.0891	pay 0.0446% / 4h	58m 02s	$102K	$244K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now +0.001%Rate

Funding earned: −$187.16
Price spread: +0.001% → −0.002%: $0.36
Slippage, 4 orders: −$19.3
Fee OKX: 5 bp × 2 orders: −$10
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$225.1
Costs to cover: 0.383%
Break-even: never at this rate

Slippage from OKX: live order book, 4 min ago; edgeX: live order book, 44 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, 4 min ago	0.60 bp	10.6 bp −$11	21.0 bp −$210	doesn't fit	doesn't fit
Sell edgeX live order book, 44 min ago	5.26 bp	9.9 bp −$10	12.3 bp −$123	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 MSFTUSDCshort	−0.0891%	4h	503.52	+0.001%	$102K	$244K	10x
Nado MSFT-PERP	−0.0124%	1h	503.46	−0.010%	$414K	$67K	20x	as long as short
tradeXYZ xyz:MSFT	−0.0021%	1h	503.16	−0.070%	$22.4M	$8.9M	20x	as long as short
BloFin MSFT-USDT	−0.0001%	8h	503.60	+0.018%	$190K	$206K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.46	−0.009%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.43	−0.016%	$338K	$1.6M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	503.57	+0.012%	$15.8M	$19.4M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.32	−0.038%	$7.3M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAPlong	0.0000%	8h	503.51	long leg	$3.0M	$2.4M	20x
Gate MSFT_USDT	0.0000%	8h	503.28	−0.046%	$3.1M	$1.8M	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	503.54	+0.006%	$3.8M	$2.9M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	503.65	+0.027%	$1.3M	$414K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	503.66	+0.030%	$19K	$328K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	504.33	+0.163%	$6K	$3.9M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	503.30	−0.042%	$27K	$44K	10x	as long as short
Coinbase International MSFT-PERP-INTX	0.0000%	1h	503.66	+0.030%	$682K	$462K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.38	−0.026%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	503.64	+0.026%	$2.2M	$823K	10x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.35	−0.032%	$695K	$1.9M	20x	as long as short
QFEX MSFT-USD	+0.0039%	1h	503.54	+0.006%	$1.2M	$4.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.33	−0.036%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.71	+0.040%	—	$1K	25x	as long as short
Hotstuff MSFT-PERP	+0.0048%	1h	503.21	−0.060%	$32K	$8K	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.22	−0.058%	$303K	$717K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.37	−0.028%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.22	−0.058%	$512K	$439K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0056%	8h	503.46	−0.010%	$222	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	503.38	−0.026%	$11K	$15K	20x	as long as short
Lighter MSFT	+0.0064%	1h	503.54	+0.006%	$1.2M	$518K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	502.96	−0.109%	$1.6M	$61K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.41	−0.020%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.48	−0.006%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.46	−0.010%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	503.98	+0.093%	$115K	$45K	30x	as long as short