Funding arb · Price arb /

MSFT

RWAall MSFT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.030%

Price spread now: ApeX Omni against SunX−0.257%73s7-day average −0.239% · you buy dearer than you sell

Net, funding: paid 7d − costs−$214as 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−$2352.346% of the position

Long on SunX 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 3 days (all we have)−0.009%−$1 · spread now −0.257%, 7d avg −0.239%

Together, before fees+0.201%+$20 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.239%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate. The two prices were read 73 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX MSFT-USDT	502.53	0	get 0.0000% / 8h	6h 18m	$6K	$4.1M	20x
Short	ApeX Omni MSFTUSDT	501.24	0.0100	get 0.0013% / 1h	18m 00s	$160K	$7K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against SunX. 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 SunXbpFee ApeX OmnibpOrdersPrice spread, now −0.257%Rate

Funding earned: $21
Price spread: −0.257% → −0.239%: −$1.72
Slippage, 4 orders: −$216.63
Fee SunX: 4 bp × 2 orders: −$8
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$215.35
Costs to cover: 2.346%
Break-even: 78.8 days

Slippage from SunX: live order book, 10 min ago; ApeX Omni: live order book, 48 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 SunX live order book, 10 min ago	29.16 bp	110.5 bp −$111	doesn't fit	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 48 min ago	5.09 bp	10.1 bp −$10	55.6 bp −$556	doesn't fit	doesn't fit

MSFT on 33 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	−0.0016%	1h	501.22	−0.261%	$679K	$457K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.83	−0.139%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.63	−0.179%	$337K	$899K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.78	−0.149%	$15.6M	$18.8M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.67	−0.171%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.91	−0.123%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.61	−0.183%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.66	−0.173%	$4.5M	$2.5M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.69	−0.167%	$1.3M	$682K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.56	−0.193%	$19K	$295K	10x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX MSFT-USDTlong	0.0000%	8h	502.53	long leg	$6K	$4.1M	20x
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.64	−0.177%	$27K	$41K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.69	−0.167%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.02	−0.101%	$2.2M	$765K	10x	as long as short
Nado MSFT-PERP	+0.0001%	1h	501.59	−0.186%	$414K	$64K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.61	−0.183%	$622K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0038%	1h	501.60	−0.185%	$1.1M	$5.7M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.50	−0.205%	$97K	$109K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.69	−0.167%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.41	−0.223%	$22.1M	$9.3M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.37	−0.231%	$303K	$671K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.64	−0.177%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.46	−0.213%	$522K	$519K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0055%	8h	501.65	−0.175%	$221	—	5x	as long as short
Hotstuff MSFT-PERP	+0.0064%	1h	501.43	−0.219%	$32K	$8K	20x	as long as short
Phoenix MSFT	+0.0080%	1h	501.46	−0.213%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.48	−0.209%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDTshort	+0.0100%	1h	501.24	−0.257%	$160K	$7K	50x
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.69	−0.167%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.64	−0.176%	$55	—	10x	as long as short
Lighter MSFT	+0.0168%	1h	501.86	−0.133%	$1.1M	$489K	20x	as long as short
edgeX MSFTUSDC	+0.0215%	4h	501.70	−0.166%	$102K	$243K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.78	−0.149%	$115K	$45K	30x	as long as short