Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0065%/8h= −7.1% APRpaid last 24h −0.017%

Price spread now: QFEX against KuCoin+0.100%7-day average +0.051% · 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−$365as in the Price arb table

costs, in and out, $10k−$3693.694% of the position

Long on KuCoin Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.090%−$9 on $10k

Price spread, last 7 days−0.024%−$2 · spread now +0.100%, 7d avg +0.051%

Together, before fees−0.114%−$11 on $10k · with fees, hour by hour

The price spread pays, funding is against you. QFEX is 0.049% dearer against KuCoin than usual: you sell high and buy low (spread +0.100% now, against its 7-day average of +0.051%): +$5 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 2.5 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin MSFTUSDTM	500.97	0.0100	pay 0.0100% / 8h	3h 39m	$1.6M	$52K	20x
Short	QFEX MSFT-USD	501.47	0.0035	get 0.0004% / 1h	39m 27s	$1.1M	$4.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against KuCoin. 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 KuCoinbpFee QFEXbpOrdersPrice spread, now +0.100%Rate

Funding earned: −$13.69
Price spread: +0.100% → +0.051%: $4.85
Slippage, 4 orders: −$347.42
Fee KuCoin: 6 bp × 2 orders: −$12
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$378.26
Costs to cover: 3.694%
Break-even: never at this rate

Slippage from KuCoin: live order book, 6 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 KuCoin live order book, 6 min ago	5.29 bp	143.9 bp −$144	doesn't fit	doesn't fit	doesn't fit
Sell QFEX live order book, 4 min ago	1.20 bp	6.2 bp −$6	6.2 bp −$62	10.5 bp −$1,047	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	−0.0110%	1h	501.33	+0.072%	$414K	$64K	20x	as long as short
Hotstuff MSFT-PERP	−0.0032%	1h	501.18	+0.042%	$32K	$8K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0032%	1h	500.97	0.000%	$677K	$450K	10x	as long as short
tradeXYZ xyz:MSFT	−0.0004%	1h	501.27	+0.060%	$22.1M	$8.7M	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.40	+0.086%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.40	+0.085%	$337K	$883K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.69	+0.143%	$15.8M	$19.0M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.40	+0.086%	$7.2M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.71	+0.148%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.46	+0.098%	$3.1M	$1.7M	100x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MSFTUSDT	0.0000%	8h	501.47	+0.100%	$4.5M	$2.5M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.36	+0.077%	$1.3M	$607K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.39	+0.084%	$18K	$298K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.22	+0.250%	$6K	$4.0M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.24	+0.054%	$27K	$42K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.35	+0.076%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.64	+0.134%	$2.2M	$770K	10x	as long as short
BloFin MSFT-USDT	+0.0016%	8h	501.45	+0.096%	$189K	$204K	20x	as long as short
Lighter MSFT	+0.0032%	1h	501.47	+0.100%	$1.1M	$503K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.18	+0.042%	$676K	$2.0M	20x	as long as short
QFEX MSFT-USDshort	+0.0035%	1h	501.47	+0.100%	$1.1M	$4.9M	10x
Arcus MSFT-USD	+0.0040%	1h	501.14	+0.034%	$96K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.45	+0.096%	—	$1K	25x	as long as short
Phoenix MSFT	+0.0048%	1h	501.20	+0.046%	$10K	$15K	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.30	+0.066%	$302K	$697K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.24	+0.054%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.16	+0.038%	$518K	$451K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0053%	8h	501.38	+0.083%	$221	—	5x	as long as short
KuCoin MSFTUSDTMlong	+0.0100%	8h	500.97	long leg	$1.6M	$52K	20x
ApeX Omni MSFTUSDT	+0.0100%	1h	500.94	−0.006%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.56	+0.118%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.57	+0.120%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.47	+0.100%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0295%	4h	501.37	+0.079%	$102K	$242K	10x	as long as short