Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

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

Price spread now: QFEX against HTX+0.032%7-day average −0.003% · 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−$74as in the Price arb table

costs, in and out, $10k−$780.778% of the position

Long on HTX Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.018%+$2 on $10k

Price spread, last 3 days (all we have)−0.055%−$5 · spread now +0.032%, 7d avg −0.003%

Together, before fees−0.037%−$4 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and QFEX is 0.034% dearer against HTX than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.003%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX MSFT-USDT	501.67	0	get 0.0000% / 8h	7h 59m	$59K	$228K	20x
Short	QFEX MSFT-USD	501.83	0.0049	get 0.0006% / 1h	59m 13s	$1.2M	$5.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against HTX. 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 HTXbpFee QFEXbpOrdersPrice spread, now +0.032%Rate

Funding earned: $10.32
Price spread: +0.032% → −0.003%: $3.45
Slippage, 4 orders: −$55.76
Fee HTX: 6 bp × 2 orders: −$12
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$64
Costs to cover: 0.778%
Break-even: 50.4 days

Slippage from HTX: live order book, 12 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 HTX live order book, 12 min ago	2.69 bp	8.7 bp −$9	17.0 bp −$170	doesn't fit	doesn't fit
Sell QFEX live order book, 5 min ago	13.74 bp	41.6 bp −$42	42.7 bp −$427	47.7 bp −$4,773	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	−0.0298%	4h	501.64	−0.006%	$102K	$244K	10x	as long as short
Hotstuff MSFT-PERP	−0.0024%	1h	501.50	−0.034%	$32K	$8K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0008%	1h	501.76	+0.018%	$687K	$448K	10x	as long as short
Nado MSFT-PERP	−0.0006%	1h	501.61	−0.012%	$414K	$64K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.87	+0.041%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.77	+0.020%	$337K	$385K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.83	+0.031%	$15.7M	$19.1M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.95	+0.056%	$7.4M	$1.7M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.98	+0.062%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.70	+0.006%	$3.1M	$1.6M	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	501.96	+0.058%	$3.8M	$2.2M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.66	−0.003%	$1.3M	$692K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.74	+0.014%	$18K	$294K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.67	+0.199%	$6K	$4.3M	20x	as long as short
HTX MSFT-USDTlong	0.0000%	8h	501.67	long leg	$59K	$228K	20x
Phemex MSFTUSDT	0.0000%	8h	502.12	+0.090%	$2.2M	$748K	10x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0009%	1h	501.76	+0.018%	$27K	$102K	10x	as long as short
BloFin MSFT-USDT	+0.0011%	8h	502.04	+0.074%	$188K	$208K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.70	+0.006%	$621K	$2.0M	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.66	−0.002%	—	$1K	25x	as long as short
QFEX MSFT-USDshort	+0.0049%	1h	501.83	+0.032%	$1.2M	$5.9M	10x
tradeXYZ xyz:MSFT	+0.0050%	1h	501.53	−0.028%	$22.3M	$9.4M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.55	−0.024%	$303K	$675K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.75	+0.016%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.16	−0.102%	$529K	$493K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0051%	8h	501.78	+0.022%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.37	−0.060%	$10K	$15K	20x	as long as short
Lighter MSFT	+0.0096%	1h	501.87	+0.040%	$1.1M	$486K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.30	−0.074%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.37	−0.060%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.73	+0.012%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.73	+0.011%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.31	+0.128%	$115K	$45K	30x	as long as short
Arcus MSFT-USD	+0.0286%	1h	501.62	−0.010%	$97K	$109K	10x	as long as short