Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0038%/8h= −4.1% APRpaid last 24h −0.002%

Price spread now: Binance against QFEX+0.014%53s7-day average +0.025% · 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—prices read too far apart to compare

costs, in and out, $10k−$270.271% of the position

Long on QFEX Short on Binance

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.010%+$1 on $10k

Price spread, last 2 days (all we have)+0.020%+$2 · spread now +0.014%, 7d avg +0.025%

Together, before fees+0.029%+$3 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.025%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate. The two prices were read 53 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	QFEX MSFT-USD	501.50	0.0038	pay 0.0005% / 1h	23m 40s	$1.1M	$5.8M	10x
Short	Binance MSFTUSDT	501.57	0	get 0.0000% / 8h	6h 23m	$15.6M	$18.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against QFEX. 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 QFEXbpFee BinancebpOrdersPrice spread, now +0.014%Rate

Funding earned: −$7.91
Price spread: +0.014% → +0.025%: −$1.13
Slippage, 4 orders: −$7.14
Fee QFEX: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$36.19
Costs to cover: 0.271%
Break-even: never at this rate

Slippage from QFEX: live order book, 5 min ago; Binance: live order book, 2 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 QFEX live order book, 5 min ago	1.40 bp	6.4 bp −$6	6.9 bp −$69	14.1 bp −$1,407	doesn't fit
Sell Binance live order book, 2 min ago	0.40 bp	7.2 bp −$7	12.8 bp −$128	46.9 bp −$4,687	doesn't fit

MSFT on 33 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	−0.0016%	1h	500.87	−0.126%	$684K	$451K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.54	+0.008%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.44	−0.013%	$337K	$899K	17x	as long as short
Binance MSFTUSDTshort	0.0000%	8h	501.57	+0.014%	$15.6M	$18.8M	20x
Bybit MSFTUSDT	0.0000%	8h	501.51	+0.002%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.70	+0.040%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.44	−0.012%	$3.1M	$1.6M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.61	+0.022%	$4.5M	$2.5M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.54	+0.007%	$1.3M	$682K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.52	+0.004%	$18K	$295K	10x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX MSFT-USDT	0.0000%	8h	502.42	+0.183%	$6K	$4.1M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.48	−0.004%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.57	+0.014%	$2.2M	$765K	10x	as long as short
Nado MSFT-PERP	+0.0009%	1h	501.33	−0.034%	$414K	$64K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.44	−0.012%	$619K	$2.0M	20x	as long as short
QFEX MSFT-USDlong	+0.0038%	1h	501.50	long leg	$1.1M	$5.8M	10x
Arcus MSFT-USD	+0.0040%	1h	501.37	−0.026%	$97K	$109K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.36	−0.028%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.25	−0.050%	$22.1M	$9.2M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.24	−0.052%	$303K	$671K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.50	0.000%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.29	−0.042%	$521K	$518K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0056%	8h	501.46	−0.007%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.33	−0.034%	$10K	$15K	20x	as long as short
Hotstuff MSFT-PERP	+0.0096%	1h	501.23	−0.054%	$32K	$8K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.21	−0.058%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.07	−0.086%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.43	−0.014%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.53	+0.005%	$55	—	10x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0149%	1h	501.45	−0.010%	$27K	$41K	10x	as long as short
Lighter MSFT	+0.0176%	1h	501.73	+0.046%	$1.1M	$489K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.78	+0.056%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0992%	4h	501.51	+0.001%	$102K	$242K	10x	as long as short