Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0044%/8h= +4.9% APRpaid last 24h +0.012%

Price spread now: QFEX against Phemex−0.066%7-day average −0.058% · 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−$78as in the Price arb table

costs, in and out, $10k−$770.768% of the position

Long on Phemex 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)+0.003%$0 · spread now −0.066%, 7d avg −0.058%

Together, before fees+0.021%+$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.058%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex MSFTUSDT	502.02	0	get 0.0000% / 8h	7h 36m	$2.2M	$758K	10x
Short	QFEX MSFT-USD	501.69	0.0044	get 0.0006% / 1h	36m 18s	$1.1M	$5.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against Phemex. 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 PhemexbpFee QFEXbpOrdersPrice spread, now −0.066%Rate

Funding earned: $9.32
Price spread: −0.066% → −0.058%: −$0.77
Slippage, 4 orders: −$54.79
Fee Phemex: 6 bp × 2 orders: −$12
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$68.23
Costs to cover: 0.768%
Break-even: 58.2 days

Slippage from Phemex: live order book, 2 min ago; QFEX: live order book, 7 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 Phemex live order book, 2 min ago	0.20 bp	32.5 bp −$33	doesn't fit	doesn't fit	doesn't fit
Sell QFEX live order book, 7 min ago	1.39 bp	6.4 bp −$6	7.2 bp −$72	13.5 bp −$1,350	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	−0.0276%	4h	501.71	−0.062%	$102K	$242K	10x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0008%	1h	501.50	−0.104%	$679K	$451K	10x	as long as short
Nado MSFT-PERP	−0.0003%	1h	501.42	−0.120%	$414K	$64K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.65	−0.073%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.71	−0.062%	$337K	$927K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.69	−0.066%	$15.7M	$18.7M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.58	−0.088%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.96	−0.012%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.46	−0.112%	$3.1M	$1.6M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.76	−0.052%	$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	501.74	−0.055%	$1.3M	$690K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.86	−0.031%	$19K	$295K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.57	+0.110%	$6K	$4.2M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.44	−0.116%	$27K	$41K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.57	−0.090%	$58K	$227K	20x	as long as short
Phemex MSFTUSDTlong	0.0000%	8h	502.02	long leg	$2.2M	$758K	10x
BloFin MSFT-USDT	+0.0029%	8h	501.89	−0.026%	$188K	$206K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.56	−0.092%	$619K	$2.0M	20x	as long as short
QFEX MSFT-USDshort	+0.0044%	1h	501.69	−0.066%	$1.1M	$5.9M	10x
Vest MSFT-USD-PERP	+0.0046%	1h	501.62	−0.080%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.42	−0.120%	$22.3M	$9.1M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.38	−0.127%	$303K	$675K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.72	−0.060%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.08	−0.187%	$527K	$488K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0051%	8h	501.57	−0.089%	$221	—	5x	as long as short
Hotstuff MSFT-PERP	+0.0064%	1h	501.53	−0.098%	$32K	$8K	20x	as long as short
Phoenix MSFT	+0.0080%	1h	501.66	−0.072%	$10K	$15K	20x	as long as short
Lighter MSFT	+0.0088%	1h	501.75	−0.054%	$1.1M	$486K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.60	−0.084%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.52	−0.100%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.65	−0.074%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.67	−0.070%	$55	—	10x	as long as short
Arcus MSFT-USD	+0.0212%	1h	501.64	−0.076%	$97K	$109K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.40	+0.076%	$115K	$45K	30x	as long as short