Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h +0.015%

Price spread now: Ondo Perps against OKX−0.123%7-day average −0.091% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on OKX Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.102%+$10 on $10k

Price spread, last 4 days (all we have)−0.003%$0 · spread now −0.123%, 7d avg −0.091%

Together, before fees+0.099%+ Points / potential airdropOndo Perps: Active · farm board+$10 on $10k · with fees, hour by hour

Funding pays, the price is against you. Ondo Perps is 0.032% cheaper against OKX than usual: you would sell low and buy high (spread −0.123% now, against its 7-day average of −0.091%). If the spread goes back, that is −$3 on $10k: about 2.1 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX MSFT-USDT-SWAP	503.87	0	get 0.0000% / 8h	1h 26m	$3.0M	$2.4M	20x
Short	Ondo Perps MSFT-USD.P	503.25	0.0050	get 0.0006% / 1h	26m 21s	$522K	$476K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps 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 Ondo PerpsbpOrdersPrice spread, now −0.123%Rate

Funding earned: $10.58
Price spread: −0.123% → −0.091%: −$3.18
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$7.6
Costs to cover: 0.150%
Break-even: 12.0 days

Slippage unknown: OKX: live order book, 6 min ago; Ondo Perps: no order-book sample. Net counts fees only.

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, 6 min ago	0.40 bp	9.3 bp −$9	19.3 bp −$193	doesn't fit	doesn't fit
Sell Ondo Perps no order-book sample	—	—	—	—	—

Ondo Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0742%	4h	503.96	+0.017%	$103K	$242K	10x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0048%	1h	503.66	−0.042%	$682K	$500K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.45	−0.083%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.55	−0.063%	$338K	$1.2M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	503.67	−0.040%	$15.8M	$19.6M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.43	−0.087%	$7.3M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAPlong	0.0000%	8h	503.87	long leg	$3.0M	$2.4M	20x
Gate MSFT_USDT	0.0000%	8h	503.56	−0.062%	$3.1M	$1.8M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	503.71	−0.032%	$3.8M	$3.0M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	503.94	+0.014%	$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	503.99	+0.024%	$18K	$327K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	504.56	+0.137%	$6K	$3.9M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.47	−0.079%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	503.79	−0.016%	$2.2M	$821K	10x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0008%	1h	503.40	−0.093%	$27K	$43K	10x	as long as short
BloFin MSFT-USDT	+0.0013%	8h	503.89	+0.004%	$191K	$207K	20x	as long as short
Nado MSFT-PERP	+0.0017%	1h	503.50	−0.074%	$414K	$67K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.42	−0.089%	$701K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0039%	1h	503.71	−0.032%	$1.2M	$4.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.60	−0.054%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.66	−0.042%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	503.23	−0.127%	$22.4M	$9.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.35	−0.103%	$303K	$718K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.52	−0.069%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.Pshort	+0.0050%	1h	503.25	−0.123%	$522K	$476K	15x
Paradex MSFT-USD-PERP	+0.0056%	8h	503.63	−0.048%	$222	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	503.69	−0.036%	$11K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.20	−0.133%	$1.6M	$60K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.39	−0.095%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.59	−0.056%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.63	−0.048%	$55	—	10x	as long as short
Lighter MSFT	+0.0136%	1h	503.70	−0.034%	$1.2M	$514K	20x	as long as short
Hotstuff MSFT-PERP	+0.0144%	1h	503.41	−0.091%	$32K	$8K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	504.21	+0.067%	$115K	$45K	30x	as long as short