Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0036%/8h= +3.9% APRpaid last 24h +0.012%

Price spread now: QFEX against Bitget−0.028%7-day average −0.045% · 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−$29as in the Price arb table

costs, in and out, $10k−$310.312% of the position

Long on Bitget Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.004%$0 on $10k

Price spread, last 7 days+0.019%+$2 · spread now −0.028%, 7d avg −0.045%

Together, before fees+0.024%+$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.045%, 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	Bitget MSFTUSDT	501.33	0	get 0.0000% / 8h	4h 47m	$4.5M	$2.5M	100x
Short	QFEX MSFT-USD	501.19	0.0036	get 0.0004% / 1h	47m 28s	$1.1M	$5.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against Bitget. 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 BitgetbpFee QFEXbpOrdersPrice spread, now −0.028%Rate

Funding earned: $7.46
Price spread: −0.028% → −0.045%: $1.67
Slippage, 4 orders: −$9.17
Fee Bitget: 6 bp × 2 orders: −$12
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$22.03
Costs to cover: 0.312%
Break-even: 27.7 days

Slippage from Bitget: live order book, 6 min ago; QFEX: live order book, 11 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 Bitget live order book, 6 min ago	0.80 bp	8.3 bp −$8	12.4 bp −$124	55.4 bp −$5,539	doesn't fit
Sell QFEX live order book, 11 min ago	1.20 bp	6.2 bp −$6	6.9 bp −$69	13.6 bp −$1,359	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	−0.0325%	4h	501.27	−0.012%	$102K	$243K	10x	as long as short
Nado MSFT-PERP	−0.0044%	1h	501.06	−0.053%	$414K	$64K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0040%	1h	500.97	−0.072%	$678K	$458K	10x	as long as short
BloFin MSFT-USDT	−0.0019%	8h	501.44	+0.022%	$190K	$204K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.07	−0.053%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.18	−0.030%	$341K	$893K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.31	−0.004%	$15.7M	$19.0M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.05	−0.056%	$7.2M	$2.1M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.40	+0.014%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.16	−0.034%	$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 MSFTUSDTlong	0.0000%	8h	501.33	long leg	$4.5M	$2.5M	100x
Variational Omni MSFT	0.0000%	8h	501.05	−0.056%	$1.3M	$617K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.29	−0.008%	$19K	$300K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.18	+0.170%	$6K	$4.0M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.32	−0.002%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.58	+0.050%	$2.2M	$775K	10x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0029%	1h	501.12	−0.042%	$27K	$41K	10x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.07	−0.052%	$680K	$2.0M	20x	as long as short
QFEX MSFT-USDshort	+0.0036%	1h	501.19	−0.028%	$1.1M	$5.6M	10x
Hotstuff MSFT-PERP	+0.0040%	1h	500.91	−0.084%	$32K	$8K	20x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.02	−0.062%	$96K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.10	−0.046%	—	$1K	25x	as long as short
Phoenix MSFT	+0.0048%	1h	501.06	−0.054%	$10K	$15K	20x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	500.85	−0.096%	$22.1M	$8.8M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	500.91	−0.084%	$295K	$673K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.28	−0.010%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.99	−0.068%	$516K	$456K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0056%	8h	501.24	−0.017%	$221	—	5x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	500.87	−0.092%	$1.5M	$20K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	500.81	−0.104%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.17	−0.032%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.17	−0.032%	$55	—	10x	as long as short
Lighter MSFT	+0.0120%	1h	501.40	+0.014%	$1.1M	$489K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.34	+0.002%	$115K	$45K	30x	as long as short