Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0036%/8h= +3.9% APRpaid last 24h +0.013%

Price spread now: QFEX against OKX−0.032%7-day average −0.049% · 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−$29as in the Price arb table

costs, in and out, $10k−$310.307% of the position

Long on OKX Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.018%+$2 on $10k

Price spread, last 7 days−0.031%−$3 · spread now −0.032%, 7d avg −0.049%

Together, before fees−0.013%−$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.049%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX MSFT-USDT-SWAP	501.40	0	get 0.0000% / 8h	4h 37m	$3.0M	$2.3M	20x
Short	QFEX MSFT-USD	501.24	0.0036	get 0.0004% / 1h	37m 32s	$1.1M	$5.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against OKX. 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 OKXbpFee QFEXbpOrdersPrice spread, now −0.032%Rate

Funding earned: $7.46
Price spread: −0.032% → −0.049%: $1.67
Slippage, 4 orders: −$10.67
Fee OKX: 5 bp × 2 orders: −$10
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$21.55
Costs to cover: 0.307%
Break-even: 27.2 days

Slippage from OKX: live order book, 5 min ago; QFEX: live order book, 11 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 OKX live order book, 5 min ago	0.80 bp	8.4 bp −$8	16.3 bp −$163	doesn't fit	doesn't fit
Sell QFEX live order book, 11 min ago	1.20 bp	6.2 bp −$6	6.4 bp −$64	13.2 bp −$1,323	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	−0.0361%	4h	501.31	−0.019%	$102K	$242K	10x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0040%	1h	500.97	−0.086%	$678K	$456K	10x	as long as short
Nado MSFT-PERP	−0.0023%	1h	501.03	−0.075%	$414K	$64K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.05	−0.070%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.24	−0.031%	$341K	$893K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.37	−0.006%	$15.8M	$19.1M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.05	−0.070%	$7.2M	$2.1M	100x	as long as short
OKX MSFT-USDT-SWAPlong	0.0000%	8h	501.40	long leg	$3.0M	$2.3M	20x
Gate MSFT_USDT	0.0000%	8h	501.24	−0.032%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.34	−0.012%	$4.5M	$2.5M	100x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni MSFT	0.0000%	8h	501.35	−0.010%	$1.3M	$613K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.38	−0.004%	$19K	$302K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.12	+0.144%	$6K	$4.0M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.07	−0.066%	$27K	$41K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.17	−0.046%	$58K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.44	+0.008%	$2.2M	$779K	10x	as long as short
BloFin MSFT-USDT	+0.0010%	8h	501.40	0.000%	$189K	$204K	20x	as long as short
Hotstuff MSFT-PERP	+0.0024%	1h	500.86	−0.108%	$32K	$8K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.10	−0.060%	$674K	$2.0M	20x	as long as short
QFEX MSFT-USDshort	+0.0036%	1h	501.24	−0.032%	$1.1M	$5.5M	10x
Arcus MSFT-USD	+0.0040%	1h	501.09	−0.062%	$96K	$111K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.09	−0.062%	—	$1K	25x	as long as short
Phoenix MSFT	+0.0048%	1h	501.07	−0.066%	$10K	$15K	20x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	500.87	−0.106%	$22.1M	$8.7M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	500.92	−0.096%	$318K	$697K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.24	−0.032%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.97	−0.086%	$527K	$456K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0058%	8h	501.25	−0.030%	$221	—	5x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	500.91	−0.098%	$1.5M	$20K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	500.77	−0.126%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.27	−0.026%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.25	−0.029%	$55	—	10x	as long as short
Lighter MSFT	+0.0120%	1h	501.38	−0.004%	$1.1M	$489K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.66	+0.052%	$115K	$45K	30x	as long as short