Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0030%/8h= +3.3% APRpaid last 24h +0.002%

Price spread now: QFEX against Binance−0.048%7-day average −0.052% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$270.272% of the position

Long on Binance Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.009%−$1 on $10k

Price spread, last 7 days+0.029%+$3 · spread now −0.048%, 7d avg −0.052%

Together, before fees+0.020%+$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.052%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance MSFTUSDT	501.95	0	get 0.0000% / 8h	5h 36m	$15.7M	$18.9M	20x
Short	QFEX MSFT-USD	501.71	0.0030	get 0.0004% / 1h	36m 44s	$1.2M	$5.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against Binance. 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 BinancebpFee QFEXbpOrdersPrice spread, now −0.048%Rate

Funding earned: $6.32
Price spread: −0.048% → −0.052%: $0.43
Slippage, 4 orders: −$7.22
Fee Binance: 5 bp × 2 orders: −$10
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$20.47
Costs to cover: 0.272%
Break-even: 29.7 days

Slippage from Binance: live order book, 4 min ago; QFEX: live order book, 7 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 Binance live order book, 4 min ago	0.20 bp	6.9 bp −$7	13.3 bp −$133	45.6 bp −$4,559	doesn't fit
Sell QFEX live order book, 7 min ago	1.79 bp	6.8 bp −$7	7.6 bp −$76	14.1 bp −$1,410	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	−0.0064%	1h	501.24	−0.141%	$679K	$456K	10x	as long as short
Nado MSFT-PERP	−0.0047%	1h	501.47	−0.096%	$414K	$64K	20x	as long as short
Hotstuff MSFT-PERP	−0.0008%	1h	501.35	−0.120%	$32K	$8K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.68	−0.054%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.77	−0.035%	$338K	$891K	17x	as long as short
Binance MSFTUSDTlong	0.0000%	8h	501.95	long leg	$15.7M	$18.9M	20x
Bybit MSFTUSDT	0.0000%	8h	501.85	−0.020%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	502.04	+0.018%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.79	−0.032%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.91	−0.008%	$4.5M	$2.5M	100x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni MSFT	0.0000%	8h	501.90	−0.011%	$1.3M	$650K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.90	−0.010%	$19K	$297K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.68	+0.145%	$6K	$4.1M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.74	−0.042%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.95	0.000%	$2.2M	$770K	10x	as long as short
BloFin MSFT-USDT	+0.0028%	8h	501.85	−0.020%	$189K	$204K	20x	as long as short
QFEX MSFT-USDshort	+0.0030%	1h	501.71	−0.048%	$1.2M	$5.7M	10x
Lighter RH MSFT	+0.0032%	1h	501.60	−0.070%	$683K	$2.0M	20x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.62	−0.066%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.61	−0.068%	—	$1K	25x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0049%	1h	501.53	−0.084%	$27K	$41K	10x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.42	−0.106%	$22.1M	$9.1M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.45	−0.100%	$302K	$648K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.79	−0.032%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.40	−0.110%	$524K	$487K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0060%	8h	501.62	−0.065%	$221	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	501.58	−0.074%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.58	−0.074%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.43	−0.104%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.73	−0.044%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.71	−0.048%	$55	—	10x	as long as short
Lighter MSFT	+0.0144%	1h	501.89	−0.012%	$1.1M	$458K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	503.24	+0.257%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0622%	4h	501.92	−0.006%	$102K	$242K	10x	as long as short