Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0035%/8h= +3.8% APRpaid last 24h +0.009%

Price spread now: QFEX against Variational Omni−0.005%7-day average −0.040% · you buy dearer than you sell

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

Long on Variational Omni Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.012%+$1 on $10k

Price spread, last 7 days−0.007%−$1 · spread now −0.005%, 7d avg −0.040%

Together, before fees+0.006%+ Points / potential airdropVariational Omni: Active · farm board+$1 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and QFEX is 0.035% dearer against Variational Omni than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.040%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni MSFT	501.27	0	get 0.0000% / 8h	3h 57m	$1.3M	$609K	—
Short	QFEX MSFT-USD	501.24	0.0035	get 0.0004% / 1h	57m 14s	$1.1M	$4.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against Variational Omni. 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 Variational OmnibpFee QFEXbpOrdersPrice spread, now −0.005%Rate

Funding earned: $7.31
Price spread: −0.005% → −0.040%: $3.5
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee QFEX: 5 bp × 2 orders: −$10
Net: $0.81
Costs to cover: 0.100%
Break-even: 6.2 days

Slippage unknown: Variational Omni: RFQ quote, 2 min ago; QFEX: live order book, 6 min ago. 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 Variational Omni RFQ quote, 2 min ago	2.53 bp	doesn't fit	12.4 bp −$124	doesn't fit	doesn't fit
Sell QFEX live order book, 6 min ago	0.80 bp	6.6 bp −$7	6.6 bp −$66	11.2 bp −$1,121	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	−0.0744%	4h	501.26	−0.001%	$102K	$242K	10x	as long as short
Nado MSFT-PERP	−0.0119%	1h	501.18	−0.018%	$414K	$64K	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	−0.0069%	1h	500.93	−0.067%	$27K	$42K	10x	as long as short
tradeXYZ xyz:MSFT	−0.0041%	1h	500.92	−0.069%	$22.1M	$8.7M	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0032%	1h	500.97	−0.059%	$677K	$450K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.21	−0.012%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.21	−0.011%	$337K	$883K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.35	+0.016%	$15.8M	$19.0M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.05	−0.043%	$7.2M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.32	+0.011%	$3.0M	$2.3M	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	501.17	−0.019%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.25	−0.003%	$4.5M	$2.5M	100x	as long as short
Variational Omni MSFTlong	0.0000%	8h	501.27	long leg	$1.3M	$609K	—
GRVT MSFT_USDT_Perp	0.0000%	8h	501.30	+0.007%	$19K	$301K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.11	+0.168%	$6K	$4.0M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.17	−0.019%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.41	+0.028%	$2.2M	$770K	10x	as long as short
BloFin MSFT-USDT	+0.0022%	8h	501.28	+0.003%	$189K	$203K	20x	as long as short
Hotstuff MSFT-PERP	+0.0024%	1h	500.88	−0.077%	$32K	$8K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.10	−0.033%	$677K	$2.0M	20x	as long as short
QFEX MSFT-USDshort	+0.0035%	1h	501.24	−0.005%	$1.1M	$4.9M	10x
Lighter MSFT	+0.0040%	1h	501.35	+0.017%	$1.1M	$498K	20x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.04	−0.045%	$96K	$111K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.36	+0.018%	—	$1K	25x	as long as short
Phoenix MSFT	+0.0048%	1h	501.08	−0.037%	$10K	$15K	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	500.91	−0.071%	$302K	$697K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.15	−0.023%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.85	−0.083%	$527K	$451K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0055%	8h	501.23	−0.007%	$221	—	5x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	500.90	−0.073%	$1.5M	$20K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.16	−0.021%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.22	−0.009%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.21	−0.011%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.70	+0.286%	$115K	$45K	30x	as long as short