Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0070%/8h= −7.7% APRpaid last 24h −0.017%

Price spread now: QFEX against Orderly+0.006%46s7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Orderly Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$2 a day on $10k at the current rate. The two prices were read 46 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	Orderly PERP_MSFT_USDC_mythos	501.73	0.0100	pay 0.0100% / 8h	5h 32m	$8K	—	10x
Short	QFEX MSFT-USD	501.76	0.0030	get 0.0004% / 1h	32m 34s	$1.1M	$5.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against Orderly. 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 OrderlybpFee QFEXbpOrdersPrice spread, now +0.006%Rate

Funding earned: −$14.68
Price spread: +0.006% → 0.000%: $0.6
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$30.09
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; QFEX: live order book, 6 min ago. Net counts fees only.

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 Orderly no order-book sample	—	—	—	—	—
Sell QFEX live order book, 6 min ago	1.20 bp	6.2 bp −$6	6.5 bp −$65	12.7 bp −$1,267	doesn't fit

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Coinbase International MSFT-PERP-INTX	−0.0064%	1h	501.24	−0.098%	$679K	$456K	10x	as long as short
Nado MSFT-PERP	−0.0037%	1h	501.62	−0.022%	$414K	$64K	20x	as long as short
Hotstuff MSFT-PERP	−0.0024%	1h	501.42	−0.062%	$32K	$8K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.83	+0.020%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.72	−0.001%	$338K	$891K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.86	+0.027%	$15.7M	$18.9M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.76	+0.006%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.96	+0.046%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.73	0.000%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.79	+0.012%	$4.5M	$2.5M	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	501.82	+0.017%	$1.3M	$650K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.83	+0.020%	$18K	$297K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.57	+0.167%	$6K	$4.1M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.63	−0.020%	$27K	$41K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.82	+0.018%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.01	+0.056%	$2.2M	$769K	10x	as long as short
BloFin MSFT-USDT	+0.0024%	8h	501.97	+0.048%	$189K	$204K	20x	as long as short
QFEX MSFT-USDshort	+0.0030%	1h	501.76	+0.006%	$1.1M	$5.6M	10x
Lighter RH MSFT	+0.0032%	1h	501.64	−0.018%	$685K	$2.0M	20x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.63	−0.020%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.70	−0.006%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.35	−0.076%	$22.1M	$9.1M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.49	−0.048%	$302K	$648K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.82	+0.018%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.26	−0.094%	$525K	$486K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0062%	8h	501.71	−0.005%	$221	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	501.58	−0.030%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.59	−0.028%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.19	−0.108%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythoslong	+0.0100%	8h	501.73	long leg	$8K	—	10x
Aevo MSFT-PERP	+0.0104%	1h	501.81	+0.015%	$55	—	10x	as long as short
Lighter MSFT	+0.0168%	1h	501.95	+0.044%	$1.1M	$458K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	503.24	+0.301%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0610%	4h	501.74	+0.001%	$102K	$243K	10x	as long as short