Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.008%

Price spread now: Extended against OKX−0.003%7-day average −0.020% · you buy dearer than you sell

Net, funding: paid 7d − costs−$31as in the Funding arb table

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$310.309% of the position

Long on OKX Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.001%$0 on $10k

Price spread, last 4 days (all we have)−0.061%−$6 · spread now −0.003%, 7d avg −0.020%

Together, before fees−0.060%+ Points / potential airdropExtended: Active · farm board−$6 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX MSFT-USDT-SWAP	501.28	0	get 0.0000% / 8h	7h 02m	$3.0M	$2.3M	20x
Short	Extended MSFT_24_5-USD	501.26	0	get 0.0000% / 1h	2m 07s	$342K	$905K	17x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.003%Rate

Funding earned: $0
Price spread: −0.003% → −0.020%: $1.65
Slippage, 4 orders: −$15.88
Fee OKX: 5 bp × 2 orders: −$10
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$29.23
Costs to cover: 0.309%
Break-even: never at this rate

Slippage from OKX: live order book, 5 min ago; Extended: live order book, 6 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	0.10 bp	8.2 bp −$8	15.1 bp −$151	doesn't fit	doesn't fit
Sell Extended live order book, 6 min ago	0.70 bp	5.8 bp −$6	34.2 bp −$342	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 MSFTUSDC	−0.0047%	4h	501.37	+0.018%	$102K	$243K	10x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0008%	1h	500.76	−0.104%	$684K	$449K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.48	+0.040%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USDshort	0.0000%	1h	501.26	−0.003%	$342K	$905K	17x
Binance MSFTUSDT	0.0000%	8h	501.36	+0.017%	$15.6M	$18.7M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.18	−0.020%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAPlong	0.0000%	8h	501.28	long leg	$3.0M	$2.3M	20x
Gate MSFT_USDT	0.0000%	8h	501.22	−0.012%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.37	+0.018%	$3.8M	$2.1M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.37	+0.018%	$1.3M	$690K	—	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	501.46	+0.036%	$19K	$293K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.11	+0.166%	$6K	$4.1M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.04	−0.048%	$27K	$41K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.19	−0.018%	$58K	$227K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.55	+0.054%	$2.2M	$759K	10x	as long as short
Nado MSFT-PERP	+0.0009%	1h	501.10	−0.035%	$414K	$64K	20x	as long as short
BloFin MSFT-USDT	+0.0024%	8h	501.32	+0.008%	$188K	$205K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.17	−0.022%	$617K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0044%	1h	501.29	+0.002%	$1.1M	$5.8M	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.24	−0.008%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	500.89	−0.078%	$22.1M	$9.2M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	500.93	−0.070%	$303K	$672K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.21	−0.014%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.98	−0.060%	$514K	$504K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0051%	8h	501.18	−0.020%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.09	−0.038%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.23	−0.010%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.14	−0.028%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.26	−0.004%	$8K	—	10x	as long as short
Lighter MSFT	+0.0104%	1h	501.37	+0.018%	$1.1M	$486K	20x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.19	−0.019%	$55	—	10x	as long as short
Hotstuff MSFT-PERP	+0.0144%	1h	500.85	−0.086%	$32K	$8K	20x	as long as short
Arcus MSFT-USD	+0.0212%	1h	501.18	−0.020%	$97K	$109K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.76	+0.096%	$115K	$45K	30x	as long as short