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 −0.005%

Price spread now: Bybit against QFEX+0.028%7-day average +0.006% · 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−$30as in the Price arb table

costs, in and out, $10k−$320.317% of the position

Long on QFEX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.011%−$1 on $10k

Price spread, last 7 days−0.057%−$6 · spread now +0.028%, 7d avg +0.006%

Together, before fees−0.068%−$7 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.022% dearer against QFEX than usual: you sell high and buy low (spread +0.028% now, against its 7-day average of +0.006%): +$2 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 35 hours. At the pace of the last 3 days (−0.011% in total) that is about 6.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX MSFT-USD	501.69	0.0050	pay 0.0006% / 1h	27m 32s	$1.2M	$5.7M	10x
Short	Bybit MSFTUSDT	501.83	0	get 0.0000% / 8h	2h 27m	$7.4M	$1.7M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.028%Rate

Funding earned: −$10.58
Price spread: +0.028% → +0.006%: $2.22
Slippage, 4 orders: −$10.74
Fee QFEX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$40.1
Costs to cover: 0.317%
Break-even: never at this rate

Slippage from QFEX: live order book, 6 min ago; Bybit: live order book, 6 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, 6 min ago	1.20 bp	6.2 bp −$6	6.2 bp −$62	11.6 bp −$1,164	doesn't fit
Sell Bybit live order book, 6 min ago	0.30 bp	10.7 bp −$11	18.1 bp −$181	doesn't fit	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
Coinbase International MSFT-PERP-INTX	−0.0040%	1h	501.53	−0.032%	$689K	$433K	10x	as long as short
Hotstuff MSFT-PERP	−0.0032%	1h	501.37	−0.064%	$32K	$8K	20x	as long as short
Nado MSFT-PERP	−0.0024%	1h	501.48	−0.041%	$414K	$64K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	502.01	+0.064%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.61	−0.015%	$372K	$369K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.70	+0.002%	$15.7M	$19.2M	20x	as long as short
Bybit MSFTUSDTshort	0.0000%	8h	501.83	+0.028%	$7.4M	$1.7M	100x
OKX MSFT-USDT-SWAP	0.0000%	8h	501.69	0.000%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.54	−0.030%	$3.1M	$1.5M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.78	+0.018%	$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	501.82	+0.026%	$1.3M	$726K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.67	−0.004%	$18K	$330K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.46	+0.153%	$6K	$4.4M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.62	−0.014%	$27K	$104K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.60	−0.018%	$58K	$230K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.24	+0.110%	$2.2M	$762K	10x	as long as short
BloFin MSFT-USDT	+0.0025%	8h	501.81	+0.024%	$189K	$209K	20x	as long as short
Lighter MSFT	+0.0032%	1h	501.69	0.000%	$1.1M	$653K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.57	−0.024%	$662K	$2.2M	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.69	0.000%	—	—	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.37	−0.064%	$22.2M	$10.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.35	−0.068%	$309K	$683K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.66	−0.006%	$60K	$3K	10x	as long as short
Paradex MSFT-USD-PERP	+0.0050%	8h	501.70	+0.002%	$221	—	5x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.25	−0.088%	$515K	$485K	15x	as long as short
QFEX MSFT-USDlong	+0.0050%	1h	501.69	long leg	$1.2M	$5.7M	10x
Phoenix MSFT	+0.0096%	1h	501.57	−0.024%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.24	−0.090%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.29	−0.080%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.61	−0.016%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.64	−0.010%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.03	+0.068%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0333%	4h	501.77	+0.015%	$102K	$244K	10x	as long as short
Arcus MSFT-USD	+0.0531%	1h	501.58	−0.022%	$109K	$90K	10x	as long as short