Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0038%/8h= −4.1% APRpaid last 24h −0.013%

Price spread now: Phemex against QFEX+0.054%7-day average +0.058% · 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−$77as in the Price arb table

costs, in and out, $10k−$770.765% of the position

Long on QFEX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.019%−$2 on $10k

Price spread, last 3 days (all we have)+0.015%+$1 · spread now +0.054%, 7d avg +0.058%

Together, before fees−0.004%$0 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.058%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX MSFT-USD	501.41	0.0038	pay 0.0005% / 1h	59m 40s	$1.1M	$5.7M	10x
Short	Phemex MSFTUSDT	501.68	0	get 0.0000% / 8h	5h 59m	$2.2M	$763K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.054%Rate

Funding earned: −$7.91
Price spread: +0.054% → +0.058%: −$0.39
Slippage, 4 orders: −$54.54
Fee QFEX: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$84.85
Costs to cover: 0.765%
Break-even: never at this rate

Slippage from QFEX: live order book, 4 min ago; Phemex: live order book, 4 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	1.69 bp	6.7 bp −$7	6.8 bp −$68	12.7 bp −$1,273	doesn't fit
Sell Phemex live order book, 4 min ago	0.40 bp	35.3 bp −$35	doesn't fit	doesn't fit	doesn't fit

MSFT on 33 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
Deribit MSFT_USDC-PERPETUAL	−0.0129%	1h	501.25	−0.032%	$27K	$41K	10x	as long as short
Nado MSFT-PERP	−0.0039%	1h	501.51	+0.019%	$414K	$64K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0016%	1h	501.24	−0.034%	$679K	$457K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.73	+0.063%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.44	+0.006%	$337K	$889K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.54	+0.026%	$15.6M	$18.8M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.58	+0.034%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.67	+0.052%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.35	−0.012%	$3.1M	$1.6M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.61	+0.040%	$4.5M	$2.5M	100x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni MSFT	0.0000%	8h	501.60	+0.037%	$1.3M	$650K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.58	+0.034%	$19K	$295K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.31	+0.179%	$6K	$4.1M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.41	0.000%	$58K	$226K	20x	as long as short
Phemex MSFTUSDTshort	0.0000%	8h	501.68	+0.054%	$2.2M	$763K	10x
tradeXYZ xyz:MSFT	+0.0003%	1h	501.17	−0.048%	$22.1M	$9.3M	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.40	−0.002%	$651K	$2.1M	20x	as long as short
QFEX MSFT-USDlong	+0.0038%	1h	501.41	long leg	$1.1M	$5.7M	10x
Arcus MSFT-USD	+0.0040%	1h	501.42	+0.002%	$97K	$109K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.55	+0.028%	—	$1K	25x	as long as short
Hotstuff MSFT-PERP	+0.0048%	1h	501.22	−0.038%	$32K	$8K	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.20	−0.042%	$303K	$671K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.41	0.000%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.21	−0.040%	$522K	$483K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0053%	8h	501.51	+0.020%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.41	0.000%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.33	−0.016%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.46	+0.010%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.48	+0.014%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.42	+0.003%	$55	—	10x	as long as short
Lighter MSFT	+0.0120%	1h	501.65	+0.048%	$1.1M	$454K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.87	+0.092%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0361%	4h	501.62	+0.043%	$102K	$243K	10x	as long as short