Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h +0.012%

Price spread now: tradeXYZ against OKX−0.082%7-day average −0.125% · you buy dearer than you sell

Net, funding: paid 7d − costs−$32as in the Funding arb table

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$370.371% of the position

Long on OKX Short on tradeXYZ

What this pair did over the last

the charts below follow

Funding, last 7 days+0.050%+$5 on $10k

Price spread, last 7 days−0.026%−$3 · spread now −0.082%, 7d avg −0.125%

Together, before fees+0.025%+ Points / potential airdroptradeXYZ: Active · farm board+$2 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and tradeXYZ is 0.043% dearer against OKX than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.125%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX MSFT-USDT-SWAP	501.24	0	get 0.0000% / 8h	7h 00m	$3.0M	$2.3M	20x
Short	tradeXYZ xyz:MSFT	500.83	0.0050	get 0.0006% / 1h	0m 26s	$22.1M	$9.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

tradeXYZ 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 tradeXYZbpOrdersPrice spread, now −0.082%Rate

Funding earned: $10.5
Price spread: −0.082% → −0.125%: $4.29
Slippage, 4 orders: −$9.08
Fee OKX: 5 bp × 2 orders: −$10
Fee tradeXYZ: 9 bp × 2 orders: −$18
Net: −$22.29
Costs to cover: 0.371%
Break-even: 21.9 days

Slippage from OKX: live order book, 2 min ago; tradeXYZ: 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, 2 min ago	0.10 bp	9.4 bp −$9	19.4 bp −$194	doesn't fit	doesn't fit
Sell tradeXYZ live order book, 9 min ago	0.50 bp	10.6 bp −$11	doesn't fit	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
Coinbase International MSFT-PERP-INTX	−0.0008%	1h	500.76	−0.096%	$684K	$449K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.35	+0.022%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.08	−0.032%	$342K	$905K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.25	+0.002%	$15.6M	$18.7M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.12	−0.024%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAPlong	0.0000%	8h	501.24	long leg	$3.0M	$2.3M	20x
Gate MSFT_USDT	0.0000%	8h	501.11	−0.026%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.37	+0.026%	$3.8M	$2.1M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.26	+0.003%	$1.3M	$690K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.46	+0.044%	$19K	$293K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX MSFT-USDT	0.0000%	8h	502.10	+0.172%	$6K	$4.1M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.00	−0.048%	$27K	$41K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.24	0.000%	$58K	$227K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.40	+0.032%	$2.2M	$758K	10x	as long as short
BloFin MSFT-USDT	+0.0002%	8h	501.37	+0.026%	$188K	$205K	20x	as long as short
Nado MSFT-PERP	+0.0006%	1h	501.18	−0.012%	$414K	$64K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.18	−0.012%	$617K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0044%	1h	501.24	0.000%	$1.1M	$5.8M	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.19	−0.010%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFTshort	+0.0050%	1h	500.83	−0.082%	$22.1M	$9.2M	20x
Polymarket Perps MSFT-USD	+0.0050%	1h	500.83	−0.082%	$303K	$672K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.21	−0.006%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.98	−0.052%	$514K	$504K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0051%	8h	501.01	−0.045%	$220	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.05	−0.038%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.13	−0.022%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	500.82	−0.084%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.06	−0.036%	$8K	—	10x	as long as short
Lighter MSFT	+0.0104%	1h	501.34	+0.020%	$1.1M	$486K	20x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.08	−0.033%	$55	—	10x	as long as short
Hotstuff MSFT-PERP	+0.0160%	1h	500.90	−0.068%	$32K	$8K	20x	as long as short
edgeX MSFTUSDC	+0.0163%	4h	501.29	+0.009%	$102K	$243K	10x	as long as short
Arcus MSFT-USD	+0.0212%	1h	501.14	−0.020%	$97K	$109K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.76	+0.104%	$115K	$45K	30x	as long as short