Funding arb · Price arb /

MSFT

RWAall MSFT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0019%/8h= +2.1% APRpaid last 24h +0.006%

Price spread now: QFEX against Bybit−0.024%53s7-day average −0.006% · 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—prices read too far apart to compare

costs, in and out, $10k−$350.346% of the position

Long on Bybit Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.012%+$1 on $10k

Price spread, last 7 days+0.050%+$5 · spread now −0.024%, 7d avg −0.006%

Together, before fees+0.062%+$6 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.006%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate. The two prices were read 53 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	Bybit MSFTUSDT	502.07	0.0021	pay 0.0021% / 8h	1h 28m	$7.4M	$1.7M	100x
Short	QFEX MSFT-USD	501.95	0.0040	get 0.0005% / 1h	28m 49s	$1.1M	$5.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against Bybit. 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 BybitbpFee QFEXbpOrdersPrice spread, now −0.024%Rate

Funding earned: $4.07
Price spread: −0.024% → −0.006%: −$1.8
Slippage, 4 orders: −$13.61
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$32.33
Costs to cover: 0.346%
Break-even: 62.5 days

Slippage from Bybit: live order book, 4 min ago; QFEX: live order book, 5 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 Bybit live order book, 4 min ago	0.80 bp	10.0 bp −$10	17.5 bp −$175	doesn't fit	doesn't fit
Sell QFEX live order book, 5 min ago	1.20 bp	6.2 bp −$6	6.2 bp −$62	11.3 bp −$1,125	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	−0.0817%	4h	501.97	−0.020%	$102K	$243K	10x	as long as short
BloFin MSFT-USDT	−0.0009%	8h	502.04	−0.006%	$188K	$209K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	502.15	+0.015%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	502.07	0.000%	$337K	$407K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	502.17	+0.020%	$15.7M	$19.3M	20x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	502.18	+0.022%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.86	−0.042%	$3.1M	$1.6M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.98	−0.017%	$1.3M	$708K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	502.02	−0.010%	$19K	$318K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.85	+0.155%	$6K	$4.4M	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International MSFT-PERP-INTX	0.0000%	1h	501.58	−0.098%	$688K	$449K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.92	−0.030%	$58K	$228K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.20	+0.026%	$2.2M	$763K	10x	as long as short
Bitget MSFTUSDT	+0.0006%	8h	502.08	+0.002%	$3.8M	$2.2M	100x	as long as short
Bybit MSFTUSDTlong	+0.0021%	8h	502.07	long leg	$7.4M	$1.7M	100x
Lighter RH MSFT	+0.0032%	1h	501.98	−0.018%	$653K	$2.1M	20x	as long as short
QFEX MSFT-USDshort	+0.0040%	1h	501.95	−0.024%	$1.1M	$5.8M	10x
Nado MSFT-PERP	+0.0041%	1h	501.70	−0.074%	$414K	$64K	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.74	−0.066%	—	$1K	25x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0049%	1h	501.86	−0.042%	$27K	$104K	10x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.74	−0.066%	$22.3M	$9.9M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.56	−0.102%	$305K	$679K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.99	−0.016%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.62	−0.090%	$529K	$493K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0062%	8h	501.87	−0.039%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.88	−0.038%	$10K	$15K	20x	as long as short
Hotstuff MSFT-PERP	+0.0088%	1h	501.62	−0.090%	$32K	$8K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.58	−0.098%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.79	−0.056%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.91	−0.032%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.96	−0.021%	$55	—	10x	as long as short
Lighter MSFT	+0.0168%	1h	502.17	+0.020%	$1.1M	$590K	20x	as long as short
Arcus MSFT-USD	+0.0200%	1h	501.91	−0.032%	$98K	$109K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.17	+0.020%	$115K	$45K	30x	as long as short