Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0039%/8h= +4.3% APRpaid last 24h +0.001%

Price spread now: QFEX against Binance−0.006%7-day average −0.052% · 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−$23as in the Price arb table

costs, in and out, $10k−$270.272% of the position

Long on Binance Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.007%−$1 on $10k

Price spread, last 7 days−0.028%−$3 · spread now −0.006%, 7d avg −0.052%

Together, before fees−0.036%−$4 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 0.046% dearer against Binance than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.052%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance MSFTUSDT	504.00	0	get 0.0000% / 8h	1h 44m	$15.8M	$19.6M	20x
Short	QFEX MSFT-USD	503.97	0.0039	get 0.0005% / 1h	44m 25s	$1.2M	$4.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against Binance. 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 BinancebpFee QFEXbpOrdersPrice spread, now −0.006%Rate

Funding earned: $8.27
Price spread: −0.006% → −0.052%: $4.61
Slippage, 4 orders: −$7.19
Fee Binance: 5 bp × 2 orders: −$10
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$14.31
Costs to cover: 0.272%
Break-even: 19.1 days

Slippage from Binance: live order book, 11 min ago; QFEX: 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 Binance live order book, 11 min ago	0.10 bp	7.7 bp −$8	14.0 bp −$140	46.6 bp −$4,655	doesn't fit
Sell QFEX live order book, 4 min ago	1.39 bp	6.4 bp −$6	8.0 bp −$80	14.5 bp −$1,455	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
Coinbase International MSFT-PERP-INTX	−0.0048%	1h	503.66	−0.068%	$682K	$500K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.72	−0.056%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.91	−0.018%	$341K	$1.2M	17x	as long as short
Binance MSFTUSDTlong	0.0000%	8h	504.00	long leg	$15.8M	$19.6M	20x
Bybit MSFTUSDT	0.0000%	8h	503.74	−0.052%	$7.3M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	504.13	+0.026%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.81	−0.038%	$3.1M	$1.8M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	504.07	+0.014%	$3.8M	$3.0M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	503.96	−0.009%	$1.3M	$499K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	504.05	+0.010%	$18K	$327K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX MSFT-USDT	0.0000%	8h	504.80	+0.158%	$6K	$3.9M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	503.67	−0.066%	$27K	$43K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.76	−0.048%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	504.14	+0.028%	$2.2M	$820K	10x	as long as short
Nado MSFT-PERP	+0.0012%	1h	503.71	−0.058%	$415K	$67K	20x	as long as short
BloFin MSFT-USDT	+0.0020%	8h	503.99	−0.002%	$190K	$207K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.81	−0.038%	$689K	$2.0M	20x	as long as short
QFEX MSFT-USDshort	+0.0039%	1h	503.97	−0.006%	$1.2M	$4.8M	10x
Arcus MSFT-USD	+0.0040%	1h	503.74	−0.052%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.97	−0.006%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	503.58	−0.084%	$22.4M	$9.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.67	−0.066%	$303K	$718K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.82	−0.036%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.54	−0.092%	$522K	$476K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0058%	8h	503.86	−0.029%	$222	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	503.77	−0.046%	$11K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.40	−0.119%	$1.6M	$58K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.69	−0.062%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.90	−0.020%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.94	−0.012%	$55	—	10x	as long as short
Lighter MSFT	+0.0136%	1h	504.07	+0.014%	$1.2M	$514K	20x	as long as short
Hotstuff MSFT-PERP	+0.0144%	1h	503.58	−0.084%	$32K	$8K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	504.13	+0.026%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0680%	4h	504.02	+0.004%	$103K	$244K	10x	as long as short