Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0049%/8h= −5.4% APRpaid last 24h −0.012%

Price spread now: HTX against QFEX−0.046%7-day average +0.003% · 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−$35as in the Price arb table

costs, in and out, $10k−$300.304% of the position

Long on QFEX Short on HTX

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)+0.069%+$7 · spread now −0.046%, 7d avg +0.003%

Together, before fees+0.051%+$5 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and HTX is 0.048% cheaper against QFEX than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.003%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX MSFT-USD	502.05	0.0049	pay 0.0006% / 1h	20m 05s	$1.2M	$5.9M	10x
Short	HTX MSFT-USDT	501.82	0	get 0.0000% / 8h	20m 05s	$59K	$228K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.046%Rate

Funding earned: −$10.32
Price spread: −0.046% → +0.003%: −$4.84
Slippage, 4 orders: −$8.39
Fee QFEX: 5 bp × 2 orders: −$10
Fee HTX: 6 bp × 2 orders: −$12
Net: −$45.55
Costs to cover: 0.304%
Break-even: never at this rate

Slippage from QFEX: live order book, 4 min ago; HTX: live order book, 56 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	1.20 bp	6.2 bp −$6	6.2 bp −$62	10.7 bp −$1,068	doesn't fit
Sell HTX live order book, 56 min ago	2.89 bp	8.9 bp −$9	11.3 bp −$113	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	−0.0223%	4h	502.05	0.000%	$102K	$243K	10x	as long as short
BloFin MSFT-USDT	−0.0029%	8h	502.08	+0.006%	$188K	$209K	20x	as long as short
Nado MSFT-PERP	−0.0019%	1h	501.83	−0.043%	$414K	$64K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0016%	1h	501.76	−0.058%	$687K	$449K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	502.17	+0.025%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.93	−0.023%	$337K	$392K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	502.04	−0.002%	$15.7M	$19.0M	20x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	502.14	+0.018%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.78	−0.054%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	502.05	0.000%	$3.8M	$2.3M	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	502.00	−0.011%	$1.3M	$692K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	502.05	0.000%	$19K	$298K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.79	+0.147%	$6K	$4.3M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.79	−0.052%	$27K	$101K	10x	as long as short
HTX MSFT-USDTshort	0.0000%	8h	501.82	−0.046%	$59K	$228K	20x
Phemex MSFTUSDT	0.0000%	8h	502.23	+0.036%	$2.2M	$747K	10x	as long as short
Bybit MSFTUSDT	+0.0031%	8h	502.17	+0.024%	$7.4M	$1.7M	100x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.94	−0.022%	$619K	$2.1M	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.93	−0.024%	—	$1K	25x	as long as short
QFEX MSFT-USDlong	+0.0049%	1h	502.05	long leg	$1.2M	$5.9M	10x
tradeXYZ xyz:MSFT	+0.0050%	1h	501.62	−0.086%	$22.3M	$9.4M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.63	−0.084%	$303K	$678K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.94	−0.022%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.67	−0.076%	$529K	$493K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0052%	8h	501.98	−0.014%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.79	−0.052%	$10K	$15K	20x	as long as short
Hotstuff MSFT-PERP	+0.0080%	1h	501.74	−0.062%	$32K	$8K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.58	−0.094%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.77	−0.056%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.99	−0.012%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.97	−0.017%	$55	—	10x	as long as short
Lighter MSFT	+0.0168%	1h	502.15	+0.020%	$1.1M	$585K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.46	+0.082%	$115K	$45K	30x	as long as short
Arcus MSFT-USD	+0.0286%	1h	501.95	−0.020%	$97K	$109K	10x	as long as short