Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0060%/8h= −6.6% APRpaid last 24h −0.019%

Price spread now: QFEX against KuCoin+0.098%7-day average +0.052% · 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−$379as in the Price arb table

costs, in and out, $10k−$3843.837% of the position

Long on KuCoin Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.083%−$8 on $10k

Price spread, last 7 days−0.032%−$3 · spread now +0.098%, 7d avg +0.052%

Together, before fees−0.115%−$11 on $10k · with fees, hour by hour

The price spread pays, funding is against you. QFEX is 0.045% dearer against KuCoin than usual: you sell high and buy low (spread +0.098% now, against its 7-day average of +0.052%): +$5 on $10k if it goes back. Holding the pair costs −$2 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	KuCoin MSFTUSDTM	501.53	0.0100	pay 0.0100% / 8h	1h 07m	$1.5M	$19K	20x
Short	QFEX MSFT-USD	502.02	0.0040	get 0.0005% / 1h	7m 32s	$1.1M	$5.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against KuCoin. 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 KuCoinbpFee QFEXbpOrdersPrice spread, now +0.098%Rate

Funding earned: −$12.6
Price spread: +0.098% → +0.052%: $4.54
Slippage, 4 orders: −$361.72
Fee KuCoin: 6 bp × 2 orders: −$12
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$391.77
Costs to cover: 3.837%
Break-even: never at this rate

Slippage from KuCoin: live order book, 3 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 KuCoin live order book, 3 min ago	7.38 bp	176.4 bp −$176	doesn't fit	doesn't fit	doesn't fit
Sell QFEX live order book, 11 min ago	1.39 bp	6.4 bp −$6	6.4 bp −$64	10.9 bp −$1,093	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
BloFin MSFT-USDT	−0.0015%	8h	502.06	+0.106%	$188K	$209K	20x	as long as short
Nado MSFT-PERP	−0.0001%	1h	501.86	+0.065%	$414K	$64K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	502.15	+0.124%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	502.05	+0.103%	$337K	$392K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	502.14	+0.122%	$15.7M	$19.1M	20x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	502.28	+0.150%	$3.0M	$2.3M	20x	as long as short
Hotstuff MSFT-PERP	0.0000%	1h	501.66	+0.026%	$32K	$8K	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.88	+0.070%	$3.1M	$1.6M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	502.12	+0.118%	$3.8M	$2.2M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	502.07	+0.107%	$1.3M	$702K	—	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT MSFT_USDT_Perp	0.0000%	8h	502.07	+0.107%	$19K	$309K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.91	+0.275%	$6K	$4.3M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.70	+0.034%	$27K	$101K	10x	as long as short
Coinbase International MSFT-PERP-INTX	0.0000%	1h	501.58	+0.010%	$688K	$449K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.99	+0.092%	$59K	$228K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.34	+0.162%	$2.2M	$755K	10x	as long as short
Bybit MSFTUSDT	+0.0018%	8h	502.18	+0.130%	$7.4M	$1.7M	100x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.92	+0.078%	$648K	$2.1M	20x	as long as short
QFEX MSFT-USDshort	+0.0040%	1h	502.02	+0.098%	$1.1M	$5.8M	10x
Vest MSFT-USD-PERP	+0.0046%	1h	501.91	+0.076%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.66	+0.026%	$22.3M	$9.6M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.61	+0.016%	$305K	$674K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	502.05	+0.104%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.73	+0.040%	$529K	$493K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0057%	8h	501.98	+0.090%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.86	+0.066%	$11K	$15K	20x	as long as short
KuCoin MSFTUSDTMlong	+0.0100%	8h	501.53	long leg	$1.5M	$19K	20x
ApeX Omni MSFTUSDT	+0.0100%	1h	501.95	+0.084%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.98	+0.090%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	502.03	+0.099%	$55	—	10x	as long as short
Lighter MSFT	+0.0120%	1h	502.11	+0.116%	$1.1M	$590K	20x	as long as short
Arcus MSFT-USD	+0.0200%	1h	501.99	+0.092%	$98K	$109K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.30	+0.154%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0793%	4h	502.06	+0.105%	$102K	$242K	10x	as long as short