Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0035%/8h= −3.8% APRpaid last 24h −0.013%

Price spread now: Gate against QFEX−0.016%7-day average +0.019% · 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−$42as in the Price arb table

costs, in and out, $10k−$380.382% of the position

Long on QFEX Short on Gate

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 7 days+0.063%+$6 · spread now −0.016%, 7d avg +0.019%

Together, before fees+0.043%+$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Gate is 0.035% cheaper against QFEX than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.019%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX MSFT-USD	501.28	0.0035	pay 0.0004% / 1h	45m 19s	$1.2M	$4.9M	10x
Short	Gate MSFT_USDT	501.20	0	get 0.0000% / 8h	3h 45m	$3.1M	$1.7M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.016%Rate

Funding earned: −$7.31
Price spread: −0.016% → +0.019%: −$3.52
Slippage, 4 orders: −$13.24
Fee QFEX: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$49.06
Costs to cover: 0.382%
Break-even: never at this rate

Slippage from QFEX: live order book, 8 min ago; Gate: live order book, 3 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, 8 min ago	0.90 bp	6.5 bp −$6	6.5 bp −$65	10.8 bp −$1,077	doesn't fit
Sell Gate live order book, 3 min ago	2.30 bp	10.5 bp −$11	52.3 bp −$523	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
edgeX MSFTUSDC	−0.0253%	4h	501.35	+0.013%	$102K	$244K	10x	as long as short
Nado MSFT-PERP	−0.0117%	1h	501.29	+0.002%	$414K	$64K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0032%	1h	500.97	−0.062%	$677K	$450K	10x	as long as short
BloFin MSFT-USDT	−0.0027%	8h	501.46	+0.036%	$189K	$204K	20x	as long as short
tradeXYZ xyz:MSFT	−0.0020%	1h	500.94	−0.068%	$22.1M	$8.7M	20x	as long as short
Hotstuff MSFT-PERP	−0.0016%	1h	500.97	−0.062%	$32K	$8K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.27	−0.001%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.29	+0.002%	$337K	$883K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.40	+0.024%	$15.8M	$19.0M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.17	−0.022%	$7.2M	$2.2M	100x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX MSFT-USDT-SWAP	0.0000%	8h	501.54	+0.052%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDTshort	0.0000%	8h	501.20	−0.016%	$3.1M	$1.7M	100x
Bitget MSFTUSDT	0.0000%	8h	501.30	+0.004%	$4.5M	$2.5M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.34	+0.011%	$1.3M	$607K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.14	−0.028%	$19K	$300K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.17	+0.178%	$6K	$4.0M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.18	−0.020%	$27K	$42K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.34	+0.012%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.44	+0.032%	$2.2M	$770K	10x	as long as short
Lighter MSFT	+0.0032%	1h	501.39	+0.022%	$1.1M	$503K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.18	−0.020%	$676K	$2.0M	20x	as long as short
QFEX MSFT-USDlong	+0.0035%	1h	501.28	long leg	$1.2M	$4.9M	10x
Arcus MSFT-USD	+0.0040%	1h	501.10	−0.036%	$96K	$111K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.30	+0.004%	—	$1K	25x	as long as short
Phoenix MSFT	+0.0048%	1h	501.07	−0.042%	$10K	$15K	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.02	−0.052%	$302K	$697K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.20	−0.016%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.01	−0.054%	$518K	$452K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0053%	8h	501.34	+0.012%	$221	—	5x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	500.77	−0.102%	$1.6M	$52K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.15	−0.026%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.31	+0.006%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.32	+0.008%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.54	+0.052%	$115K	$45K	30x	as long as short