Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0044%/8h= +4.9% APRpaid last 24h +0.012%

Price spread now: QFEX against HTX+0.020%7-day average −0.002% · 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−$30as in the Price arb table

costs, in and out, $10k−$320.318% of the position

Long on HTX Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.018%+$2 on $10k

Price spread, last 3 days (all we have)−0.042%−$4 · spread now +0.020%, 7d avg −0.002%

Together, before fees−0.024%−$2 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 0.022% dearer against HTX than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of −0.002%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX MSFT-USDT	501.19	0	get 0.0000% / 8h	7h 01m	$58K	$227K	20x
Short	QFEX MSFT-USD	501.29	0.0044	get 0.0006% / 1h	1m 49s	$1.1M	$5.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against HTX. 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 HTXbpFee QFEXbpOrdersPrice spread, now +0.020%Rate

Funding earned: $9.32
Price spread: +0.020% → −0.002%: $2.21
Slippage, 4 orders: −$9.78
Fee HTX: 6 bp × 2 orders: −$12
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$20.25
Costs to cover: 0.318%
Break-even: 22.2 days

Slippage from HTX: live order book, 5 min ago; QFEX: live order book, 7 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 HTX live order book, 5 min ago	2.99 bp	10.4 bp −$10	19.4 bp −$194	doesn't fit	doesn't fit
Sell QFEX live order book, 7 min ago	0.90 bp	5.9 bp −$6	5.9 bp −$59	11.8 bp −$1,183	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	−0.0047%	4h	501.37	+0.035%	$102K	$243K	10x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0008%	1h	500.76	−0.086%	$684K	$449K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.44	+0.051%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.25	+0.011%	$342K	$905K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.32	+0.026%	$15.6M	$18.7M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.18	−0.002%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.28	+0.018%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.22	+0.006%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.37	+0.036%	$3.8M	$2.1M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.37	+0.036%	$1.3M	$690K	—	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	501.46	+0.054%	$19K	$293K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.11	+0.184%	$6K	$4.1M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.04	−0.030%	$27K	$41K	10x	as long as short
HTX MSFT-USDTlong	0.0000%	8h	501.19	long leg	$58K	$227K	20x
Phemex MSFTUSDT	0.0000%	8h	501.55	+0.072%	$2.2M	$759K	10x	as long as short
Nado MSFT-PERP	+0.0009%	1h	501.10	−0.017%	$414K	$64K	20x	as long as short
BloFin MSFT-USDT	+0.0024%	8h	501.32	+0.026%	$188K	$205K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.17	−0.004%	$617K	$2.0M	20x	as long as short
QFEX MSFT-USDshort	+0.0044%	1h	501.29	+0.020%	$1.1M	$5.8M	10x
Vest MSFT-USD-PERP	+0.0046%	1h	501.24	+0.010%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	500.85	−0.068%	$22.1M	$9.2M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	500.93	−0.052%	$303K	$672K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.21	+0.004%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.98	−0.042%	$514K	$504K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0051%	8h	501.18	−0.002%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.09	−0.020%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.23	+0.008%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.14	−0.010%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.26	+0.014%	$8K	—	10x	as long as short
Lighter MSFT	+0.0104%	1h	501.36	+0.034%	$1.1M	$486K	20x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.19	−0.001%	$55	—	10x	as long as short
Hotstuff MSFT-PERP	+0.0144%	1h	500.85	−0.068%	$32K	$8K	20x	as long as short
Arcus MSFT-USD	+0.0212%	1h	501.18	−0.002%	$97K	$109K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.76	+0.114%	$115K	$45K	30x	as long as short