Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.030%

Price spread now: ApeX Omni against Phemex−0.074%7-day average −0.118% · you buy dearer than you sell

Net, funding: paid 7d − costs−$70as in the Funding arb table

Net, price: spread back to 7d avg − costs−$87as in the Price arb table

costs, in and out, $10k−$910.913% of the position

Long on Phemex Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days+0.210%+$21 on $10k

Price spread, last 4 days (all we have)−0.064%−$6 · spread now −0.074%, 7d avg −0.118%

Together, before fees+0.146%+$15 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and ApeX Omni is 0.044% dearer against Phemex than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.118%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex MSFTUSDT	501.52	0	get 0.0000% / 8h	3h 44m	$2.2M	$770K	10x
Short	ApeX Omni MSFTUSDT	501.15	0.0100	get 0.0013% / 1h	44m 37s	$160K	$7K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Phemex. 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 PhemexbpFee ApeX OmnibpOrdersPrice spread, now −0.074%Rate

Funding earned: $21
Price spread: −0.074% → −0.118%: $4.44
Slippage, 4 orders: −$69.33
Fee Phemex: 6 bp × 2 orders: −$12
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$65.89
Costs to cover: 0.913%
Break-even: 29.0 days

Slippage from Phemex: live order book, 4 min ago; ApeX Omni: 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 Phemex live order book, 4 min ago	1.10 bp	32.1 bp −$32	doesn't fit	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 6 min ago	7.49 bp	12.5 bp −$12	79.4 bp −$794	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	−0.0253%	4h	501.35	−0.034%	$102K	$244K	10x	as long as short
Nado MSFT-PERP	−0.0117%	1h	501.29	−0.046%	$414K	$64K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0032%	1h	500.97	−0.110%	$677K	$450K	10x	as long as short
tradeXYZ xyz:MSFT	−0.0018%	1h	500.97	−0.110%	$22.1M	$8.7M	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.26	−0.051%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.27	−0.049%	$337K	$883K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.41	−0.023%	$15.8M	$19.0M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.17	−0.070%	$7.2M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.54	+0.004%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.24	−0.056%	$3.1M	$1.7M	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	501.30	−0.044%	$4.5M	$2.5M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.34	−0.036%	$1.3M	$607K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.14	−0.076%	$19K	$300K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.17	+0.130%	$6K	$4.0M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.18	−0.068%	$27K	$42K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.26	−0.052%	$58K	$225K	20x	as long as short
Phemex MSFTUSDTlong	0.0000%	8h	501.52	long leg	$2.2M	$770K	10x
BloFin MSFT-USDT	+0.0006%	8h	501.40	−0.024%	$189K	$204K	20x	as long as short
Lighter MSFT	+0.0032%	1h	501.39	−0.026%	$1.1M	$503K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.18	−0.068%	$676K	$2.0M	20x	as long as short
Hotstuff MSFT-PERP	+0.0032%	1h	500.97	−0.110%	$32K	$8K	20x	as long as short
QFEX MSFT-USD	+0.0035%	1h	501.30	−0.044%	$1.1M	$4.9M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.10	−0.084%	$96K	$111K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.30	−0.044%	—	$1K	25x	as long as short
Phoenix MSFT	+0.0048%	1h	501.07	−0.090%	$10K	$15K	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.02	−0.100%	$302K	$697K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.20	−0.064%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.01	−0.102%	$518K	$452K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0053%	8h	501.31	−0.043%	$221	—	5x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	500.74	−0.156%	$1.6M	$52K	20x	as long as short
ApeX Omni MSFTUSDTshort	+0.0100%	1h	501.15	−0.074%	$160K	$7K	50x
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.31	−0.042%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.32	−0.040%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.54	+0.004%	$115K	$45K	30x	as long as short