Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0982%/8h= −107.5% APRpaid last 24h −0.078%

Price spread now: edgeX against QFEX+0.053%7-day average +0.011% · 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−$29as in the Price arb table

costs, in and out, $10k−$330.329% of the position

Long on QFEX Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.110%−$11 on $10k

Price spread, last 4 days (all we have)−0.109%−$11 · spread now +0.053%, 7d avg +0.011%

Together, before fees−0.219%+ Points / potential airdropedgeX: Active · farm board−$22 on $10k · with fees, hour by hour

The price spread pays, funding is against you. edgeX is 0.043% dearer against QFEX than usual: you sell high and buy low (spread +0.053% now, against its 7-day average of +0.011%): +$4 on $10k if it goes back. Holding the pair costs −$29 a day in funding at the current rate, which eats that in about 3 hours. At the pace of the last 4 days (−0.110% in total) that is about 35 hours.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.110% in total (about -10.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX MSFT-USD	504.19	0.0023	pay 0.0003% / 1h	45m 07s	$1.1M	$4.6M	10x
Short	edgeX MSFTUSDC	504.46	−0.0960	pay 0.0480% / 4h	3h 45m	$103K	$244K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now +0.053%Rate

Funding earned: −$206.25
Price spread: +0.053% → +0.011%: $4.28
Slippage, 4 orders: −$13.87
Fee QFEX: 5 bp × 2 orders: −$10
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$234.84
Costs to cover: 0.329%
Break-even: never at this rate

Slippage from QFEX: live order book, 4 min ago; edgeX: live order book, 52 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, 4 min ago	1.49 bp	6.5 bp −$6	7.4 bp −$74	14.8 bp −$1,479	doesn't fit
Sell edgeX live order book, 52 min ago	5.26 bp	9.9 bp −$10	12.2 bp −$122	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
edgeX MSFTUSDCshort	−0.0960%	4h	504.46	+0.053%	$103K	$244K	10x
Nado MSFT-PERP	−0.0076%	1h	504.01	−0.037%	$415K	$67K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0056%	1h	503.83	−0.071%	$682K	$493K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	504.26	+0.013%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	504.05	−0.029%	$338K	$1.9M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	504.17	−0.004%	$15.9M	$19.1M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.86	−0.065%	$7.2M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	504.39	+0.040%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.98	−0.042%	$3.1M	$1.8M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	504.16	−0.006%	$3.9M	$3.0M	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	504.21	+0.004%	$1.3M	$401K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	504.57	+0.075%	$18K	$318K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	505.10	+0.180%	$6K	$3.6M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	503.86	−0.065%	$27K	$44K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	504.09	−0.020%	$59K	$224K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	504.48	+0.058%	$2.2M	$828K	10x	as long as short
BloFin MSFT-USDT	+0.0006%	8h	504.38	+0.038%	$191K	$205K	20x	as long as short
Phoenix MSFT	+0.0016%	1h	504.00	−0.038%	$11K	$15K	20x	as long as short
QFEX MSFT-USDlong	+0.0023%	1h	504.19	long leg	$1.1M	$4.6M	10x
Lighter MSFT	+0.0032%	1h	503.99	−0.040%	$1.2M	$510K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.95	−0.048%	$697K	$1.9M	20x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.99	−0.040%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	504.19	0.000%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0048%	1h	503.68	−0.101%	$22.4M	$9.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.77	−0.083%	$303K	$679K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.94	−0.050%	$61K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	504.00	−0.038%	$514K	$411K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0052%	8h	504.09	−0.020%	$222	—	5x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.88	−0.061%	$1.6M	$98K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	504.10	−0.018%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	504.08	−0.022%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	504.02	−0.034%	$55	—	10x	as long as short
Hotstuff MSFT-PERP	+0.0112%	1h	503.84	−0.069%	$33K	$8K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	505.94	+0.347%	$116K	$45K	30x	as long as short