Funding arb · Price arb /

MSFT

RWAall MSFT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0063%/8h= +6.9% APRpaid last 24h +0.018%

Price spread now: KuCoin against QFEX−0.111%7-day average −0.051% · 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−$139as in the Price arb table

costs, in and out, $10k−$1331.332% of the position

Long on QFEX Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.089%+$9 on $10k

Price spread, last 7 days+0.129%+$13 · spread now −0.111%, 7d avg −0.051%

Together, before fees+0.217%+$22 on $10k · with fees, hour by hour

Funding pays, the price is against you. KuCoin is 0.060% cheaper against QFEX than usual: you would sell low and buy high (spread −0.111% now, against its 7-day average of −0.051%). If the spread goes back, that is −$6 on $10k: about 3.2 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX MSFT-USD	503.49	0.0037	pay 0.0005% / 1h	15m 25s	$1.1M	$4.6M	10x
Short	KuCoin MSFTUSDTM	502.93	0.0100	get 0.0100% / 8h	15m 25s	$1.6M	$69K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.111%Rate

Funding earned: $13.17
Price spread: −0.111% → −0.051%: −$6.03
Slippage, 4 orders: −$111.2
Fee QFEX: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$126.06
Costs to cover: 1.332%
Break-even: 74.0 days

Slippage from QFEX: live order book, 3 min ago; KuCoin: live order book, 10 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, 3 min ago	1.29 bp	6.3 bp −$6	6.4 bp −$64	12.4 bp −$1,239	doesn't fit
Sell KuCoin live order book, 10 min ago	5.67 bp	81.1 bp −$81	doesn't fit	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	−0.0111%	4h	503.51	+0.004%	$102K	$244K	10x	as long as short
Nado MSFT-PERP	−0.0050%	1h	503.52	+0.006%	$414K	$67K	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	−0.0028%	1h	503.39	−0.020%	$27K	$44K	10x	as long as short
BloFin MSFT-USDT	−0.0023%	8h	503.65	+0.032%	$191K	$206K	20x	as long as short
tradeXYZ xyz:MSFT	−0.0001%	1h	503.19	−0.060%	$22.4M	$8.9M	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.70	+0.041%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.49	−0.001%	$339K	$1.9M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	503.63	+0.027%	$15.8M	$19.1M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.34	−0.030%	$7.2M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	503.66	+0.034%	$3.0M	$2.4M	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	503.38	−0.022%	$3.1M	$1.9M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	503.62	+0.026%	$3.8M	$2.9M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	503.60	+0.021%	$1.3M	$403K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	503.58	+0.018%	$19K	$322K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	504.42	+0.185%	$6K	$3.8M	20x	as long as short
Coinbase International MSFT-PERP-INTX	0.0000%	1h	503.16	−0.066%	$681K	$447K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.58	+0.018%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	503.76	+0.054%	$2.2M	$818K	10x	as long as short
Lighter MSFT	+0.0032%	1h	503.61	+0.024%	$1.2M	$532K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.48	−0.002%	$708K	$1.9M	20x	as long as short
QFEX MSFT-USDlong	+0.0037%	1h	503.49	long leg	$1.1M	$4.6M	10x
Arcus MSFT-USD	+0.0040%	1h	503.35	−0.028%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.75	+0.052%	—	$1K	25x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.27	−0.044%	$303K	$717K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.52	+0.006%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.24	−0.050%	$513K	$429K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0052%	8h	503.51	+0.004%	$222	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	503.47	−0.004%	$11K	$15K	20x	as long as short
Hotstuff MSFT-PERP	+0.0072%	1h	503.18	−0.062%	$32K	$8K	20x	as long as short
KuCoin MSFTUSDTMshort	+0.0100%	8h	502.93	−0.111%	$1.6M	$69K	20x
ApeX Omni MSFTUSDT	+0.0100%	1h	503.26	−0.046%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.46	−0.006%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.57	+0.017%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	504.86	+0.272%	$116K	$45K	30x	as long as short