Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0014%/8h= −1.6% APRpaid last 24h −0.004%

Price spread now: QFEX against Paradex+0.029%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Paradex Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

The price spread pays, funding is against you. QFEX is 0.029% dearer against Paradex than usual: you sell high and buy low (spread +0.029% now, against zero (this spread has no 7-day history yet)): +$3 on $10k if it goes back. Holding the pair costs $0 a day in funding at the current rate, which eats that in about 6.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex MSFT-USD-PERP	503.46	0.0052	pay 0.0052% / 8h	2m 05s	$222	—	5x
Short	QFEX MSFT-USD	503.61	0.0037	get 0.0005% / 1h	2m 05s	$1.1M	$4.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against Paradex. 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 ParadexbpFee QFEXbpOrdersPrice spread, now +0.029%Rate

Funding earned: −$3
Price spread: +0.029% → 0.000%: $2.89
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$14.11
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Paradex: no order-book sample; QFEX: live order book, 7 min ago. Net counts fees only.

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 Paradex no order-book sample	—	—	—	—	—
Sell QFEX live order book, 7 min ago	1.29 bp	6.7 bp −$7	6.8 bp −$68	12.6 bp −$1,255	doesn't fit

Paradex: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0585%	4h	503.54	+0.015%	$102K	$243K	10x	as long as short
Nado MSFT-PERP	−0.0059%	1h	503.44	−0.005%	$414K	$67K	20x	as long as short
tradeXYZ xyz:MSFT	−0.0012%	1h	503.21	−0.051%	$22.4M	$8.8M	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.59	+0.025%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.60	+0.028%	$339K	$1.9M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	503.74	+0.054%	$15.8M	$19.1M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.44	−0.005%	$7.2M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	503.82	+0.071%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.43	−0.007%	$3.1M	$1.9M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	503.59	+0.025%	$3.8M	$2.9M	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	503.54	+0.014%	$1.3M	$401K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	503.57	+0.021%	$18K	$321K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	504.50	+0.206%	$6K	$3.8M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	503.44	−0.005%	$27K	$44K	10x	as long as short
Coinbase International MSFT-PERP-INTX	0.0000%	1h	503.16	−0.060%	$681K	$460K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.43	−0.007%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	503.90	+0.087%	$2.2M	$817K	10x	as long as short
BloFin MSFT-USDT	+0.0008%	8h	503.57	+0.021%	$191K	$206K	20x	as long as short
Lighter MSFT	+0.0032%	1h	503.64	+0.035%	$1.2M	$532K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.59	+0.025%	$706K	$1.9M	20x	as long as short
QFEX MSFT-USDshort	+0.0037%	1h	503.61	+0.029%	$1.1M	$4.6M	10x
Arcus MSFT-USD	+0.0040%	1h	503.29	−0.035%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.75	+0.057%	—	$1K	25x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.40	−0.013%	$303K	$717K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.47	+0.001%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.14	−0.064%	$512K	$428K	15x	as long as short
Paradex MSFT-USD-PERPlong	+0.0052%	8h	503.46	long leg	$222	—	5x
Phoenix MSFT	+0.0064%	1h	503.28	−0.037%	$11K	$15K	20x	as long as short
Hotstuff MSFT-PERP	+0.0088%	1h	503.05	−0.082%	$32K	$8K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.20	−0.053%	$1.6M	$81K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.21	−0.051%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.59	+0.025%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.61	+0.030%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	503.80	+0.067%	$115K	$45K	30x	as long as short