Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC+0.0081%/8hnext payment +$0.10 per $10,000 · paid last 24h +0.005%

Price spread now: QFEX against Nado+0.029%7-day average +0.017% · 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−$23as in the Price arb table

costs, in and out, $10k−$240.243% of the position

Long on Nado Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.049%+$5 on $10k

Price spread, last 3 days (all we have)+0.194%+$19 · spread now +0.029%, 7d avg +0.017%

Together, before fees+0.243%+ Points / potential airdropNado: Active · farm board+$24 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.017%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado MSFT-PERP	500.55	−0.0036	get 0.0004% / 1h	23m 18s	$447K	$41K	20x
Short	QFEX MSFT-USD	500.69	0.0045	get 0.0006% / 1h	23m 18s	$1.2M	$5.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against Nado. 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 NadobpFee QFEXbpOrdersPrice spread, now +0.029%Rate

Funding earned: $16.99
Price spread: +0.029% → +0.017%: $1.17
Slippage, 4 orders: −$7.35
Fee Nado: 3.5 bp × 2 orders: −$7
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$6.19
Costs to cover: 0.243%
Break-even: 9.6 days

Slippage from Nado: live order book, 9 min ago; QFEX: live order book, 9 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 Nado live order book, 9 min ago	0.90 bp	6.9 bp −$7	15.5 bp −$155	doesn't fit	doesn't fit
Sell QFEX live order book, 9 min ago	1.50 bp	6.5 bp −$6	8.3 bp −$83	12.9 bp −$1,292	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-PERPlong	−0.0036%	1h	500.55	long leg	$447K	$41K	20x
BloFin MSFT-USDT	−0.0023%	8h	500.74	+0.039%	$192K	$202K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0016%	1h	500.15	−0.079%	$687K	$377K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	500.56	+0.003%	$156K	$87K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	500.59	+0.009%	$374K	$398K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	500.63	+0.017%	$15.6M	$17.9M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	500.64	+0.019%	$7.3M	$1.5M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	500.69	+0.029%	$3.1M	$2.2M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	500.37	−0.035%	$3.0M	$1.5M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	500.70	+0.030%	$1.3M	$732K	—	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	500.67	+0.025%	$19K	$338K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	501.45	+0.181%	$6K	$4.4M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	500.69	+0.029%	$59K	$231K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	500.93	+0.077%	$2.2M	$718K	10x	as long as short
Hotstuff MSFT-PERP	+0.0016%	1h	500.55	+0.001%	$40K	—	20x	as long as short
Bitget MSFTUSDT	+0.0016%	8h	500.49	−0.011%	$3.8M	$1.8M	100x	as long as short
Lighter MSFT	+0.0032%	1h	500.85	+0.061%	$1.1M	$624K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	500.72	+0.035%	$673K	$2.2M	20x	as long as short
QFEX MSFT-USDshort	+0.0045%	1h	500.69	+0.029%	$1.2M	$5.3M	10x
Vest MSFT-USD-PERP	+0.0046%	1h	500.71	+0.033%	—	—	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	500.43	−0.023%	$22.5M	$9.3M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	500.21	−0.067%	$299K	$450K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	500.76	+0.043%	$60K	$3K	10x	as long as short
Paradex MSFT-USD-PERP	+0.0050%	8h	500.70	+0.032%	$220	—	5x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.44	−0.021%	$510K	$458K	15x	as long as short
Phoenix MSFT	+0.0080%	1h	500.73	+0.037%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	500.18	−0.073%	$1.5M	$11K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	500.58	+0.007%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	500.60	+0.011%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	500.62	+0.015%	$55	—	10x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0170%	1h	500.70	+0.031%	$27K	$115K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	500.66	+0.023%	$115K	$45K	30x	as long as short
Arcus MSFT-USD	+0.0553%	1h	500.61	+0.013%	$111K	$76K	10x	as long as short
edgeX MSFTUSDC	+0.0773%	4h	500.68	+0.028%	$102K	$243K	10x	as long as short