Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0035%/8h= −3.8% APRpaid last 24h −0.013%

Price spread now: GRVT against QFEX+0.011%57s7-day average +0.017% · 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−$280.284% of the position

Long on QFEX Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.017%−$2 on $10k

Price spread, last 4 days (all we have)−0.024%−$2 · spread now +0.011%, 7d avg +0.017%

Together, before fees−0.041%+ Points / potential airdropGRVT: Active · farm board−$4 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.017%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate. The two prices were read 57 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	501.24	0.0035	pay 0.0004% / 1h	51m 44s	$1.1M	$4.9M	10x
Short	GRVT MSFT_USDT_Perp	501.30	0	get 0.0000% / 8h	3h 51m	$19K	$300K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now +0.011%Rate

Funding earned: −$7.31
Price spread: +0.011% → +0.017%: −$0.56
Slippage, 4 orders: −$9.44
Fee QFEX: 5 bp × 2 orders: −$10
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$36.31
Costs to cover: 0.284%
Break-even: never at this rate

Slippage from QFEX: live order book, 7 min ago; GRVT: live order book, 1 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, 7 min ago	1.10 bp	6.5 bp −$6	6.5 bp −$65	11.0 bp −$1,097	doesn't fit
Sell GRVT live order book, 1 min ago	1.20 bp	7.5 bp −$8	10.8 bp −$108	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 MSFTUSDC	−0.0270%	4h	501.26	+0.003%	$102K	$243K	10x	as long as short
Nado MSFT-PERP	−0.0122%	1h	501.19	−0.010%	$414K	$64K	20x	as long as short
tradeXYZ xyz:MSFT	−0.0035%	1h	500.90	−0.068%	$22.1M	$8.7M	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0032%	1h	500.97	−0.054%	$677K	$450K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.21	−0.005%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.19	−0.010%	$337K	$883K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.31	+0.015%	$15.7M	$19.0M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.10	−0.028%	$7.2M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.32	+0.016%	$3.0M	$2.3M	20x	as long as short
Hotstuff MSFT-PERP	0.0000%	1h	500.92	−0.064%	$32K	$8K	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate MSFT_USDT	0.0000%	8h	501.21	−0.006%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.25	+0.002%	$4.5M	$2.5M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.25	+0.001%	$1.3M	$607K	—	as long as short
GRVT MSFT_USDT_Perpshort	0.0000%	8h	501.30	+0.011%	$19K	$300K	10x
SunX MSFT-USDT	0.0000%	8h	502.10	+0.172%	$6K	$4.0M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.06	−0.036%	$27K	$42K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.22	−0.004%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.46	+0.044%	$2.2M	$770K	10x	as long as short
BloFin MSFT-USDT	+0.0022%	8h	501.32	+0.016%	$189K	$204K	20x	as long as short
Lighter MSFT	+0.0032%	1h	501.35	+0.022%	$1.1M	$498K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.08	−0.032%	$677K	$2.0M	20x	as long as short
QFEX MSFT-USDlong	+0.0035%	1h	501.24	long leg	$1.1M	$4.9M	10x
Arcus MSFT-USD	+0.0040%	1h	501.04	−0.040%	$96K	$111K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.33	+0.018%	—	$1K	25x	as long as short
Phoenix MSFT	+0.0048%	1h	501.06	−0.036%	$10K	$15K	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	500.94	−0.060%	$302K	$697K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.20	−0.008%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.94	−0.060%	$518K	$452K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0054%	8h	501.25	+0.002%	$221	—	5x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	500.74	−0.100%	$1.6M	$50K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.20	−0.008%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.22	−0.004%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.25	+0.003%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.54	+0.060%	$115K	$45K	30x	as long as short