Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0049%/8h= −5.4% APRpaid last 24h +0.012%

Price spread now: QFEX against GRVT+0.019%7-day average −0.017% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$260.263% of the position

Long on GRVT Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.019%+$2 on $10k

Price spread, last 4 days (all we have)+0.029%+$3 · spread now +0.019%, 7d avg −0.017%

Together, before fees+0.048%+ Points / potential airdropGRVT: Active · farm board+$5 on $10k · with fees, hour by hour

The price spread pays, funding is against you. QFEX is 0.037% dearer against GRVT than usual: you sell high and buy low (spread +0.019% now, against its 7-day average of −0.017%): +$4 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 2.5 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT MSFT_USDT_Perp	504.59	0.0072	pay 0.0072% / 8h	7h 03m	$19K	$312K	10x
Short	QFEX MSFT-USD	504.69	0.0023	get 0.0003% / 1h	3m 34s	$1.1M	$4.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against GRVT. 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 GRVTbpFee QFEXbpOrdersPrice spread, now +0.019%Rate

Funding earned: −$10.37
Price spread: +0.019% → −0.017%: $3.67
Slippage, 4 orders: −$7.31
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$33.01
Costs to cover: 0.263%
Break-even: never at this rate

Slippage from GRVT: live order book, 29 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 GRVT live order book, 29 min ago	1.29 bp	6.9 bp −$7	15.3 bp −$153	doesn't fit	doesn't fit
Sell QFEX live order book, 5 min ago	1.09 bp	6.1 bp −$6	6.2 bp −$62	11.9 bp −$1,191	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	−0.0838%	4h	504.53	−0.013%	$103K	$244K	10x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0056%	1h	504.11	−0.096%	$685K	$442K	10x	as long as short
BloFin MSFT-USDT	−0.0024%	8h	504.65	+0.011%	$191K	$205K	20x	as long as short
Nado MSFT-PERP	−0.0007%	1h	504.43	−0.032%	$415K	$67K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	504.56	−0.007%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	504.71	+0.024%	$336K	$1.9M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	504.79	+0.039%	$16.3M	$19.6M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	504.51	−0.016%	$7.2M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	504.94	+0.069%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	504.50	−0.018%	$3.1M	$1.9M	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	504.84	+0.049%	$3.9M	$2.8M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	504.53	−0.012%	$1.3M	$394K	—	as long as short
SunX MSFT-USDT	0.0000%	8h	505.36	+0.152%	$6K	$3.5M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	504.23	−0.072%	$27K	$45K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	504.48	−0.022%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	504.64	+0.009%	$2.2M	$860K	10x	as long as short
Phoenix MSFT	+0.0016%	1h	504.31	−0.056%	$11K	$15K	20x	as long as short
QFEX MSFT-USDshort	+0.0023%	1h	504.69	+0.019%	$1.1M	$4.6M	10x
Lighter MSFT	+0.0032%	1h	504.58	−0.003%	$1.2M	$534K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	504.55	−0.008%	$698K	$1.9M	20x	as long as short
Arcus MSFT-USD	+0.0040%	1h	504.50	−0.018%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	504.62	+0.005%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	504.34	−0.050%	$22.4M	$8.9M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	504.44	−0.030%	$304K	$650K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	504.33	−0.052%	$61K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	504.35	−0.048%	$536K	$387K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0062%	8h	504.60	+0.002%	$222	—	5x	as long as short
Hotstuff MSFT-PERP	+0.0072%	1h	504.29	−0.060%	$33K	$8K	20x	as long as short
GRVT MSFT_USDT_Perplong	+0.0072%	8h	504.59	long leg	$19K	$312K	10x
KuCoin MSFTUSDTM	+0.0100%	8h	503.98	−0.121%	$1.6M	$138K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	504.14	−0.090%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	504.52	−0.014%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	504.52	−0.015%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	504.07	−0.104%	$115K	$45K	30x	as long as short