Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h +0.011%

Price spread now: QFEX against OKX−0.012%7-day average −0.048% · 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−$24as in the Price arb table

costs, in and out, $10k−$280.279% of the position

Long on OKX Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.015%+$1 on $10k

Price spread, last 7 days0.000%$0 · spread now −0.012%, 7d avg −0.048%

Together, before fees+0.015%+$1 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and QFEX is 0.036% dearer against OKX than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.048%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX MSFT-USDT-SWAP	501.78	0	get 0.0000% / 8h	2h 11m	$3.0M	$2.3M	20x
Short	QFEX MSFT-USD	501.72	0.0050	get 0.0006% / 1h	11m 03s	$1.2M	$5.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against OKX. 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 OKXbpFee QFEXbpOrdersPrice spread, now −0.012%Rate

Funding earned: $10.58
Price spread: −0.012% → −0.048%: $3.57
Slippage, 4 orders: −$7.88
Fee OKX: 5 bp × 2 orders: −$10
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$13.72
Costs to cover: 0.279%
Break-even: 16.1 days

Slippage from OKX: live order book, 1 min ago; QFEX: live order book, 13 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 OKX live order book, 1 min ago	0.20 bp	6.5 bp −$6	15.6 bp −$156	doesn't fit	doesn't fit
Sell QFEX live order book, 13 min ago	1.20 bp	6.2 bp −$6	6.4 bp −$64	13.5 bp −$1,352	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
Hotstuff MSFT-PERP	−0.0048%	1h	501.39	−0.078%	$32K	$8K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0040%	1h	501.47	−0.062%	$690K	$433K	10x	as long as short
Nado MSFT-PERP	−0.0005%	1h	501.39	−0.079%	$414K	$64K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.94	+0.033%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.74	−0.009%	$372K	$369K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.80	+0.004%	$15.7M	$19.3M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.89	+0.022%	$7.4M	$1.7M	100x	as long as short
OKX MSFT-USDT-SWAPlong	0.0000%	8h	501.78	long leg	$3.0M	$2.3M	20x
Gate MSFT_USDT	0.0000%	8h	501.60	−0.036%	$3.1M	$1.5M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.84	+0.012%	$3.8M	$2.2M	100x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni MSFT	0.0000%	8h	501.80	+0.004%	$1.3M	$726K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.70	−0.016%	$19K	$328K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.60	+0.163%	$6K	$4.4M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.66	−0.024%	$59K	$230K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.95	+0.034%	$2.2M	$767K	10x	as long as short
BloFin MSFT-USDT	+0.0022%	8h	501.82	+0.008%	$189K	$210K	20x	as long as short
Lighter MSFT	+0.0032%	1h	501.71	−0.014%	$1.1M	$654K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.62	−0.032%	$652K	$2.2M	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.61	−0.034%	—	—	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.40	−0.076%	$22.2M	$10.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.32	−0.092%	$309K	$683K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.76	−0.004%	$60K	$3K	10x	as long as short
Paradex MSFT-USD-PERP	+0.0050%	8h	501.70	−0.016%	$221	—	5x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.27	−0.102%	$521K	$485K	15x	as long as short
QFEX MSFT-USDshort	+0.0050%	1h	501.72	−0.012%	$1.2M	$5.7M	10x
Phoenix MSFT	+0.0096%	1h	501.61	−0.034%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.22	−0.112%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.40	−0.076%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.71	−0.014%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.79	+0.002%	$55	—	10x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0149%	1h	501.69	−0.018%	$27K	$104K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.89	+0.022%	$115K	$45K	30x	as long as short
Arcus MSFT-USD	+0.0531%	1h	501.61	−0.034%	$109K	$90K	10x	as long as short
edgeX MSFTUSDC	+0.0559%	4h	501.81	+0.005%	$102K	$244K	10x	as long as short