Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0023%/8h= +2.5% APRpaid last 24h +0.012%

Price spread now: QFEX against SunX−0.271%7-day average −0.178% · 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−$237as in the Price arb table

costs, in and out, $10k−$2282.277% of the position

Long on SunX Short on QFEX

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 4 days (all we have)+0.075%+$7 · spread now −0.271%, 7d avg −0.178%

Together, before fees+0.096%+$10 on $10k · with fees, hour by hour

Funding pays, the price is against you. QFEX is 0.093% cheaper against SunX than usual: you would sell low and buy high (spread −0.271% now, against its 7-day average of −0.178%). If the spread goes back, that is −$9 on $10k: about 14 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX MSFT-USDT	505.37	0	get 0.0000% / 8h	7h 55m	$6K	$3.7M	20x
Short	QFEX MSFT-USD	504.00	0.0023	get 0.0003% / 1h	55m 22s	$1.2M	$4.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against SunX. 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 SunXbpFee QFEXbpOrdersPrice spread, now −0.271%Rate

Funding earned: $4.75
Price spread: −0.271% → −0.178%: −$9.3
Slippage, 4 orders: −$209.67
Fee SunX: 4 bp × 2 orders: −$8
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$232.22
Costs to cover: 2.277%
Break-even: 348.9 days

Slippage from SunX: live order book, 3 min ago; QFEX: 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 SunX live order book, 3 min ago	29.33 bp	110.8 bp −$111	doesn't fit	doesn't fit	doesn't fit
Sell QFEX live order book, 3 min ago	0.40 bp	5.4 bp −$5	6.2 bp −$62	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
Nado MSFT-PERP	−0.0060%	1h	503.78	−0.314%	$415K	$67K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0056%	1h	503.71	−0.328%	$689K	$477K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	504.17	−0.238%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	504.28	−0.216%	$339K	$1.9M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	504.38	−0.196%	$15.9M	$19.1M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	504.19	−0.233%	$7.2M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	504.52	−0.168%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	504.08	−0.255%	$3.1M	$1.8M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	504.46	−0.180%	$3.9M	$2.9M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	503.97	−0.277%	$1.3M	$392K	—	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT MSFT_USDT_Perp	0.0000%	8h	503.46	−0.378%	$19K	$318K	10x	as long as short
SunX MSFT-USDTlong	0.0000%	8h	505.37	long leg	$6K	$3.7M	20x
HTX MSFT-USDT	0.0000%	8h	504.34	−0.204%	$59K	$224K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	504.76	−0.121%	$2.2M	$823K	10x	as long as short
BloFin MSFT-USDT	+0.0017%	8h	504.30	−0.212%	$192K	$205K	20x	as long as short
QFEX MSFT-USDshort	+0.0023%	1h	504.00	−0.271%	$1.2M	$4.6M	10x
Hotstuff MSFT-PERP	+0.0024%	1h	503.09	−0.451%	$32K	$8K	20x	as long as short
Lighter MSFT	+0.0032%	1h	504.32	−0.208%	$1.2M	$509K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	504.26	−0.220%	$706K	$1.8M	20x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.79	−0.313%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	504.16	−0.239%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	503.76	−0.319%	$22.5M	$8.9M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.80	−0.311%	$303K	$704K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	504.15	−0.241%	$61K	$3K	10x	as long as short
edgeX MSFTUSDC	+0.0050%	4h	503.74	−0.322%	$102K	$242K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.58	−0.354%	$513K	$430K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0051%	8h	503.78	−0.314%	$222	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	503.05	−0.459%	$11K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.52	−0.366%	$1.6M	$87K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	502.95	−0.479%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	504.09	−0.253%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	504.15	−0.241%	$55	—	10x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0127%	1h	504.34	−0.204%	$27K	$44K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	503.87	−0.297%	$115K	$45K	30x	as long as short