Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0042%/8h= +4.6% APRpaid last 24h +0.018%

Price spread now: Orderly against QFEX−0.008%46s7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on QFEX Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: +$1 a day on $10k at the current rate. The two prices were read 46 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	503.88	0.0058	pay 0.0007% / 1h	29m 29s	$1.2M	$4.7M	10x
Short	Orderly PERP_MSFT_USDC_mythos	503.84	0.0100	get 0.0100% / 8h	5h 29m	$8K	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.008%Rate

Funding earned: $8.75
Price spread: −0.008% → 0.000%: −$0.79
Slippage, 4 orders: no order book: not counted
Fee QFEX: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$8.04
Costs to cover: 0.160%
Break-even: 13.4 days

Slippage unknown: QFEX: live order book, 7 min ago; Orderly: no order-book sample. Net counts fees only.

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	1.19 bp	6.2 bp −$6	6.2 bp −$62	11.8 bp −$1,175	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	503.58	−0.060%	$32K	$8K	20x	as long as short
edgeX MSFTUSDC	−0.0284%	4h	503.93	+0.009%	$103K	$244K	10x	as long as short
Nado MSFT-PERP	−0.0058%	1h	503.85	−0.005%	$411K	$72K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.91	+0.005%	$166K	$118K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.78	−0.020%	$324K	$1.9M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	503.96	+0.016%	$16.3M	$21.3M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.71	−0.034%	$7.3M	$2.4M	100x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.72	−0.032%	$3.1M	$2.0M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	503.93	+0.010%	$4.0M	$3.0M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	503.95	+0.013%	$1.3M	$373K	—	as long as short

Show all 34 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT MSFT_USDT_Perp	0.0000%	8h	503.98	+0.020%	$18K	$320K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	504.75	+0.173%	$6K	$3.5M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	503.71	−0.034%	$30K	$47K	10x	as long as short
Coinbase International MSFT-PERP-INTX	0.0000%	1h	503.61	−0.054%	$717K	$563K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.88	0.000%	$49K	$247K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	504.37	+0.097%	$2.3M	$918K	10x	as long as short
BloFin MSFT-USDT	+0.0008%	8h	504.05	+0.034%	$202K	$217K	20x	as long as short
Lighter MSFT	+0.0032%	1h	503.83	−0.010%	$1.2M	$506K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.80	−0.016%	$689K	$1.8M	20x	as long as short
tradeXYZ xyz:MSFT	+0.0041%	1h	503.60	−0.056%	$22.4M	$9.3M	20x	as long as short
Ondo Perps MSFT-USD.P	+0.0046%	1h	503.52	−0.071%	$530K	$402K	15x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	504.06	+0.036%	—	$1K	25x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.63	−0.050%	$318K	$675K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.73	−0.030%	$60K	$3K	10x	as long as short
OKX MSFT-USDT-SWAP	+0.0051%	8h	504.03	+0.030%	$3.2M	$2.7M	20x	as long as short
Paradex MSFT-USD-PERP	+0.0054%	8h	503.83	−0.010%	$222	—	5x	as long as short
QFEX MSFT-USDlong	+0.0058%	1h	503.88	long leg	$1.2M	$4.7M	10x
Phoenix MSFT	+0.0079%	1h	503.69	−0.038%	$11K	$5K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.39	−0.097%	$1.6M	$245K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.72	−0.032%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythosshort	+0.0100%	8h	503.84	−0.008%	$8K	—	10x
Aevo MSFT-PERP	+0.0104%	1h	503.82	−0.013%	$55	—	10x	as long as short
Arcus MSFT-USD	+0.0190%	1h	503.64	−0.048%	$93K	$83K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	503.66	−0.044%	$115K	$45K	30x	as long as short