Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0043%/8h= +4.7% APRpaid last 24h −0.002%

Price spread now: QFEX against BloFin−0.032%7-day average −0.030% · 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−$30as in the Price arb table

costs, in and out, $10k−$290.295% of the position

Long on BloFin Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.021%−$2 on $10k

Price spread, last 4 days (all we have)−0.022%−$2 · spread now −0.032%, 7d avg −0.030%

Together, before fees−0.043%−$4 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.030%, 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	BloFin MSFT-USDT	501.57	−0.0007	get 0.0007% / 8h	4h 21m	$189K	$204K	20x
Short	QFEX MSFT-USD	501.41	0.0036	get 0.0004% / 1h	21m 07s	$1.2M	$5.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against BloFin. 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 BloFinbpFee QFEXbpOrdersPrice spread, now −0.032%Rate

Funding earned: $8.97
Price spread: −0.032% → −0.030%: −$0.16
Slippage, 4 orders: −$7.49
Fee BloFin: 6 bp × 2 orders: −$12
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$20.67
Costs to cover: 0.295%
Break-even: 23.1 days

Slippage from BloFin: live order book, 10 min ago; QFEX: live order book, 8 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 BloFin live order book, 10 min ago	0.20 bp	7.3 bp −$7	9.5 bp −$95	doesn't fit	doesn't fit
Sell QFEX live order book, 8 min ago	1.60 bp	6.6 bp −$7	6.6 bp −$66	12.0 bp −$1,199	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	−0.0509%	4h	501.49	−0.017%	$102K	$243K	10x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0040%	1h	500.97	−0.120%	$678K	$455K	10x	as long as short
BloFin MSFT-USDTlong	−0.0007%	8h	501.57	long leg	$189K	$204K	20x
Nado MSFT-PERP	−0.0006%	1h	501.19	−0.076%	$414K	$64K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.31	−0.051%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.43	−0.028%	$337K	$893K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.56	−0.002%	$15.8M	$19.0M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.24	−0.066%	$7.2M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.57	0.000%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.32	−0.050%	$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	501.39	−0.036%	$4.5M	$2.5M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.34	−0.045%	$1.3M	$616K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.54	−0.006%	$19K	$302K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.33	+0.152%	$6K	$4.0M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.46	−0.022%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.67	+0.020%	$2.2M	$774K	10x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.31	−0.052%	$678K	$2.0M	20x	as long as short
QFEX MSFT-USDshort	+0.0036%	1h	501.41	−0.032%	$1.2M	$5.4M	10x
Arcus MSFT-USD	+0.0040%	1h	501.23	−0.068%	$96K	$111K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.36	−0.042%	—	$1K	25x	as long as short
Phoenix MSFT	+0.0048%	1h	501.08	−0.098%	$10K	$15K	20x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.05	−0.104%	$22.1M	$8.7M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.20	−0.074%	$302K	$722K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.31	−0.052%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.07	−0.100%	$528K	$443K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0058%	8h	501.48	−0.019%	$221	—	5x	as long as short
Hotstuff MSFT-PERP	+0.0088%	1h	501.05	−0.104%	$32K	$8K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.14	−0.086%	$1.5M	$20K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	500.92	−0.130%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.45	−0.024%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.45	−0.023%	$55	—	10x	as long as short
Lighter MSFT	+0.0128%	1h	501.54	−0.006%	$1.1M	$499K	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0169%	1h	501.41	−0.032%	$27K	$41K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.63	+0.012%	$115K	$45K	30x	as long as short