Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0008%/8h= −0.9% APRpaid last 24h −0.012%

Price spread now: OKX against QFEX+0.115%7-day average +0.047% · 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−$25as in the Price arb table

costs, in and out, $10k−$320.323% of the position

Long on QFEX Short on OKX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.021%−$2 on $10k

Price spread, last 7 days−0.052%−$5 · spread now +0.115%, 7d avg +0.047%

Together, before fees−0.073%−$7 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: OKX is 0.068% dearer against QFEX than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of +0.047%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX MSFT-USD	503.71	0.0058	pay 0.0007% / 1h	27m 27s	$1.1M	$4.7M	10x
Short	OKX MSFT-USDT-SWAP	504.29	0.0050	get 0.0050% / 8h	5h 27m	$3.2M	$2.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.115%Rate

Funding earned: −$1.66
Price spread: +0.115% → +0.047%: $6.77
Slippage, 4 orders: −$12.27
Fee QFEX: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$27.15
Costs to cover: 0.323%
Break-even: never at this rate

Slippage from QFEX: live order book, 9 min ago; OKX: live order book, 3 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, 9 min ago	1.19 bp	6.2 bp −$6	6.2 bp −$62	11.8 bp −$1,175	doesn't fit
Sell OKX live order book, 3 min ago	0.10 bp	7.8 bp −$8	16.2 bp −$162	doesn't fit	doesn't fit

MSFT on 34 exchanges

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
Hotstuff MSFT-PERP	−0.1600%	1h	503.64	−0.014%	$32K	$8K	20x	as long as short
Nado MSFT-PERP	−0.0061%	1h	504.14	+0.086%	$411K	$72K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	504.06	+0.069%	$166K	$118K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.61	−0.021%	$324K	$1.9M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	504.17	+0.092%	$16.3M	$21.4M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	504.00	+0.058%	$7.3M	$2.4M	100x	as long as short
Gate MSFT_USDT	0.0000%	8h	504.03	+0.064%	$3.1M	$2.0M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	504.29	+0.115%	$4.0M	$3.0M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	503.95	+0.047%	$1.3M	$373K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	503.98	+0.054%	$18K	$320K	10x	as long as short

Show all 34 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX MSFT-USDT	0.0000%	8h	504.72	+0.201%	$6K	$3.5M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	503.72	+0.002%	$30K	$47K	10x	as long as short
Coinbase International MSFT-PERP-INTX	0.0000%	1h	503.61	−0.020%	$717K	$563K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.83	+0.024%	$49K	$247K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	504.21	+0.099%	$2.3M	$921K	10x	as long as short
BloFin MSFT-USDT	+0.0010%	8h	504.05	+0.067%	$202K	$218K	20x	as long as short
Lighter MSFT	+0.0032%	1h	503.66	−0.010%	$1.2M	$506K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.63	−0.016%	$689K	$1.8M	20x	as long as short
tradeXYZ xyz:MSFT	+0.0040%	1h	503.84	+0.026%	$22.4M	$9.3M	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	504.18	+0.093%	—	$1K	25x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.75	+0.008%	$318K	$675K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.73	+0.004%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.69	−0.004%	$530K	$403K	15x	as long as short
OKX MSFT-USDT-SWAPshort	+0.0050%	8h	504.29	+0.115%	$3.2M	$2.8M	20x
Paradex MSFT-USD-PERP	+0.0054%	8h	503.62	−0.018%	$222	—	5x	as long as short
QFEX MSFT-USDlong	+0.0058%	1h	503.71	long leg	$1.1M	$4.7M	10x
Phoenix MSFT	+0.0079%	1h	503.70	−0.002%	$11K	$5K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.38	−0.066%	$1.6M	$247K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.46	−0.050%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	504.08	+0.073%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.97	+0.052%	$55	—	10x	as long as short
Arcus MSFT-USD	+0.0190%	1h	503.73	+0.004%	$93K	$83K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	503.66	−0.010%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0946%	4h	503.87	+0.031%	$102K	$242K	10x	as long as short