Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0053%/8h= −5.8% APRpaid last 24h +0.002%

Price spread now: BloFin against QFEX−0.010%99s7-day average +0.030% · 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—prices read too far apart to compare

costs, in and out, $10k−$290.292% of the position

Long on QFEX Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.020%+$2 on $10k

Price spread, last 4 days (all we have)+0.062%+$6 · spread now −0.010%, 7d avg +0.030%

Together, before fees+0.082%+$8 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and BloFin is 0.040% cheaper against QFEX than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.030%). Swap the legs. The two prices were read 99 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX MSFT-USD	504.25	0.0036	pay 0.0004% / 1h	25m 24s	$1.2M	$4.8M	10x
Short	BloFin MSFT-USDT	504.20	−0.0017	pay 0.0017% / 8h	2h 25m	$189K	$206K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against QFEX. 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 QFEXbpFee BloFinbpOrdersPrice spread, now −0.010%Rate

Funding earned: −$11.07
Price spread: −0.010% → +0.030%: −$4
Slippage, 4 orders: −$7.19
Fee QFEX: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$44.27
Costs to cover: 0.292%
Break-even: never at this rate

Slippage from QFEX: live order book, 3 min ago; BloFin: live order book, 55 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 QFEX live order book, 3 min ago	1.19 bp	6.2 bp −$6	6.8 bp −$68	13.6 bp −$1,364	doesn't fit
Sell BloFin live order book, 55 min ago	0.20 bp	8.0 bp −$8	10.9 bp −$109	doesn't fit	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
Coinbase International MSFT-PERP-INTX	−0.0064%	1h	503.76	−0.097%	$687K	$483K	10x	as long as short
Nado MSFT-PERP	−0.0034%	1h	504.11	−0.028%	$415K	$68K	20x	as long as short
BloFin MSFT-USDTshort	−0.0017%	8h	504.20	−0.010%	$189K	$206K	20x
Aster MSFTUSDT	0.0000%	8h	504.07	−0.035%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	504.26	+0.002%	$338K	$1.2M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	504.31	+0.012%	$15.8M	$19.4M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	504.00	−0.050%	$7.2M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	504.30	+0.010%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.97	−0.056%	$3.1M	$1.8M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	504.26	+0.002%	$3.8M	$3.0M	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	504.15	−0.020%	$1.3M	$477K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	503.79	−0.092%	$19K	$317K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	504.94	+0.137%	$6K	$3.9M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	503.81	−0.087%	$27K	$43K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	504.04	−0.042%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	504.35	+0.020%	$2.2M	$800K	10x	as long as short
Phoenix MSFT	+0.0016%	1h	503.79	−0.091%	$11K	$15K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	504.11	−0.028%	$688K	$2.0M	20x	as long as short
QFEX MSFT-USDlong	+0.0036%	1h	504.25	long leg	$1.2M	$4.8M	10x
Arcus MSFT-USD	+0.0040%	1h	503.79	−0.091%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	504.30	+0.010%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	503.88	−0.073%	$22.4M	$8.9M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.88	−0.073%	$303K	$720K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.91	−0.067%	$61K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.80	−0.089%	$518K	$471K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0052%	8h	504.19	−0.012%	$222	—	5x	as long as short
Lighter MSFT	+0.0088%	1h	504.33	+0.016%	$1.2M	$516K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.52	−0.145%	$1.6M	$57K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.91	−0.067%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	504.08	−0.034%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.99	−0.052%	$55	—	10x	as long as short
Hotstuff MSFT-PERP	+0.0192%	1h	503.67	−0.115%	$32K	$8K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	504.04	−0.042%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0832%	4h	504.10	−0.030%	$103K	$242K	10x	as long as short