Funding you earn now, next payment 06:00 UTC−0.0184%/8h= −20.2% APRnext payment −$0.23 per $10,000 · paid last 24h −0.053%
Price spread now: QFEX against Injective−0.071%7-day average +0.029% · 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−$43as in the Price arb table
costs, in and out, $10k−$320.325% of the position
Funding, last 4 days (all we have)−0.218%−$22 on $10k
+Price spread, last 4 days (all we have)+0.075%+$8 · spread now −0.071%, 7d avg +0.029%
=Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and QFEX is 0.100% cheaper against Injective than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of +0.029%). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Injective MSFT/USDC PERP | 504.48 | 0.0220 | pay 0.0028% / 1h | 4m 04s | $116K | $45K | 30x |
| Short | QFEX MSFT-USD | 504.12 | 0.0036 | get 0.0004% / 1h | 4m 04s | $1.1M | $4.8M | 10x |
Injective MSFT/USDC PERP
QFEX MSFT-USDFunding history
latest
Range statsloading…
Price spread between the two exchanges
QFEX against Injective. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$38.66
- Price spread: −0.071% → +0.029%
- −$10.03
- Slippage, 4 orders
- −$22.48
- Fee Injective: 0.01 bp × 2 orders
- −$0.02
- Fee QFEX: 5 bp × 2 orders
- −$10
- Net
- −$81.18
- Costs to cover
- 0.325%
- Break-even
- never at this rate
Slippage from Injective: live order book, 45 min ago; QFEX: live order book, 5 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 Injective live order book, 45 min ago | 10.05 bp | 10.1 bp −$10 | 10.1 bp −$101 | 65081.3 bp −$6.51M | 365405.4 bp −$182.70M |
| Sell QFEX live order book, 5 min ago | 0.79 bp | 5.8 bp −$6 | 5.9 bp −$59 | 12.1 bp −$1,212 | 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 | −0.0149% | 4h | 504.25 | −0.045% | $103K | $243K | 10x | as long as short |
| Hotstuff MSFT-PERP | −0.0064% | 1h | 503.68 | −0.159% | $32K | $8K | 20x | as long as short |
| Coinbase International MSFT-PERP-INTX | −0.0064% | 1h | 503.75 | −0.145% | $683K | $494K | 10x | as long as short |
| Nado MSFT-PERP | −0.0014% | 1h | 503.78 | −0.138% | $415K | $68K | 20x | as long as short |
| Aster MSFTUSDT | 0.0000% | 8h | 503.86 | −0.123% | $162K | $114K | 20x | as long as short |
| Extended MSFT_24_5-USD | 0.0000% | 1h | 504.03 | −0.089% | $341K | $1.2M | 17x | as long as short |
| Binance MSFTUSDT | 0.0000% | 8h | 504.17 | −0.061% | $15.8M | $19.6M | 20x | as long as short |
| Bybit MSFTUSDT | 0.0000% | 8h | 503.85 | −0.125% | $7.2M | $2.3M | 100x | as long as short |
| OKX MSFT-USDT-SWAP | 0.0000% | 8h | 504.10 | −0.075% | $3.0M | $2.4M | 20x | as long as short |
| Gate MSFT_USDT | 0.0000% | 8h | 503.85 | −0.125% | $3.1M | $1.8M | 100x | as long as short |
edgeX MSFTUSDC
Hotstuff MSFT-PERP
Coinbase International MSFT-PERP-INTX
Nado MSFT-PERP
Aster MSFTUSDT
Extended MSFT_24_5-USD
Binance MSFTUSDT
Bybit MSFTUSDT
OKX MSFT-USDT-SWAP
Gate MSFT_USDTShow all 34 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Bitget MSFTUSDT | 0.0000% | 8h | 504.14 | −0.067% | $3.8M | $3.0M | 100x | as long as short |
| Variational Omni MSFT | 0.0000% | 8h | 504.10 | −0.076% | $1.3M | $499K | — | as long as short |
| GRVT MSFT_USDT_Perp | 0.0000% | 8h | 504.25 | −0.045% | $18K | $324K | 10x | as long as short |
| SunX MSFT-USDT | 0.0000% | 8h | 504.91 | +0.085% | $6K | $3.9M | 20x | as long as short |
| HTX MSFT-USDT | 0.0000% | 8h | 504.02 | −0.091% | $59K | $226K | 20x | as long as short |
| Phemex MSFTUSDT | 0.0000% | 8h | 504.39 | −0.018% | $2.2M | $815K | 10x | as long as short |
| BloFin MSFT-USDT | +0.0006% | 8h | 504.19 | −0.057% | $188K | $207K | 20x | as long as short |
| Phoenix MSFT | +0.0016% | 1h | 503.87 | −0.121% | $11K | $15K | 20x | as long as short |
| Lighter RH MSFT | +0.0032% | 1h | 503.91 | −0.113% | $711K | $2.0M | 20x | as long as short |
| QFEX MSFT-USDshort | +0.0036% | 1h | 504.12 | −0.071% | $1.1M | $4.8M | 10x | |
| Arcus MSFT-USD | +0.0040% | 1h | 503.92 | −0.111% | $97K | $110K | 10x | as long as short |
| Vest MSFT-USD-PERP | +0.0046% | 1h | 504.03 | −0.089% | — | $1K | 25x | as long as short |
| Deribit MSFT_USDC-PERPETUAL | +0.0048% | 1h | 503.85 | −0.125% | $27K | $43K | 10x | as long as short |
| tradeXYZ xyz:MSFT | +0.0050% | 1h | 503.69 | −0.157% | $22.4M | $9.0M | 20x | as long as short |
| Polymarket Perps MSFT-USD | +0.0050% | 1h | 503.80 | −0.135% | $303K | $717K | 10x | as long as short |
| SoDEX MSFT-USD | +0.0050% | 1h | 503.91 | −0.113% | $61K | $3K | 10x | as long as short |
| Ondo Perps MSFT-USD.P | +0.0050% | 1h | 503.83 | −0.129% | $522K | $476K | 15x | as long as short |
| Paradex MSFT-USD-PERP | +0.0059% | 8h | 503.99 | −0.097% | $222 | — | 5x | as long as short |
| Lighter MSFT | +0.0088% | 1h | 504.11 | −0.073% | $1.2M | $516K | 20x | as long as short |
| KuCoin MSFTUSDTM | +0.0100% | 8h | 503.64 | −0.167% | $1.6M | $57K | 20x | as long as short |
| ApeX Omni MSFTUSDT | +0.0100% | 1h | 503.67 | −0.161% | $160K | $7K | 50x | as long as short |
| Orderly PERP_MSFT_USDC_mythos | +0.0100% | 8h | 504.02 | −0.091% | $8K | — | 10x | as long as short |
| Aevo MSFT-PERP | +0.0104% | 1h | 504.05 | −0.084% | $55 | — | 10x | as long as short |
| Injective MSFT/USDC PERPlong | +0.0220% | 1h | 504.48 | long leg | $116K | $45K | 30x |
Bitget MSFTUSDT
Variational Omni MSFT
GRVT MSFT_USDT_Perp
SunX MSFT-USDT
HTX MSFT-USDT
Phemex MSFTUSDT
BloFin MSFT-USDT
Phoenix MSFT
Lighter RH MSFT
Arcus MSFT-USD
Vest MSFT-USD-PERP
Deribit MSFT_USDC-PERPETUAL
tradeXYZ xyz:MSFT
Polymarket Perps MSFT-USD
SoDEX MSFT-USD
Ondo Perps MSFT-USD.P
Paradex MSFT-USD-PERP
Lighter MSFT
KuCoin MSFTUSDTM
ApeX Omni MSFTUSDT
Orderly PERP_MSFT_USDC_mythos
Aevo MSFT-PERP