Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0039%/8h= +4.3% APRpaid last 24h +0.018%

Price spread now: KuCoin against QFEX−0.073%7-day average −0.052% · 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−$80as in the Price arb table

costs, in and out, $10k−$780.783% of the position

Long on QFEX Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.098%+$10 on $10k

Price spread, last 7 days+0.016%+$2 · spread now −0.073%, 7d avg −0.052%

Together, before fees+0.114%+$11 on $10k · with fees, hour by hour

Funding pays, the price is against you. KuCoin is 0.022% cheaper against QFEX than usual: you would sell low and buy high (spread −0.073% now, against its 7-day average of −0.052%). If the spread goes back, that is −$2 on $10k: about 45 hours of funding at the current rate (+$1 a day). At the pace of the last 4 days (+0.098% in total) that is about 21 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX MSFT-USD	503.84	0.0061	pay 0.0008% / 1h	2m 11s	$1.1M	$4.7M	10x
Short	KuCoin MSFTUSDTM	503.47	0.0100	get 0.0100% / 8h	6h 02m	$1.6M	$208K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.073%Rate

Funding earned: $8.25
Price spread: −0.073% → −0.052%: −$2.19
Slippage, 4 orders: −$56.28
Fee QFEX: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$72.22
Costs to cover: 0.783%
Break-even: 68.3 days

Slippage from QFEX: live order book, 5 min ago; KuCoin: live order book, 2 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, 5 min ago	1.59 bp	6.6 bp −$7	7.9 bp −$79	14.3 bp −$1,433	doesn't fit
Sell KuCoin live order book, 2 min ago	6.46 bp	41.7 bp −$42	doesn't fit	doesn't fit	doesn't fit

MSFT on 34 exchanges

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
Hotstuff MSFT-PERP	−0.1600%	1h	503.56	−0.056%	$32K	$8K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0032%	1h	503.20	−0.127%	$691K	$484K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	504.51	+0.132%	$166K	$118K	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.51	−0.065%	$7.2M	$2.3M	100x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.49	−0.069%	$3.1M	$1.9M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	503.62	−0.044%	$3.9M	$2.8M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	504.21	+0.073%	$1.3M	$390K	—	as long as short
SunX MSFT-USDT	0.0000%	8h	504.36	+0.103%	$6K	$3.4M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	503.35	−0.097%	$27K	$44K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.52	−0.064%	$49K	$246K	20x	as long as short

Show all 34 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex MSFTUSDT	0.0000%	8h	504.00	+0.032%	$2.3M	$900K	10x	as long as short
Binance MSFTUSDT	+0.0004%	8h	503.77	−0.014%	$16.3M	$20.1M	20x	as long as short
Extended MSFT_24_5-USD	+0.0008%	1h	503.57	−0.054%	$325K	$1.9M	17x	as long as short
BloFin MSFT-USDT	+0.0022%	8h	504.01	+0.034%	$202K	$209K	20x	as long as short
Lighter MSFT	+0.0032%	1h	503.48	−0.071%	$1.2M	$485K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.44	−0.079%	$695K	$1.8M	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.69	−0.030%	—	$1K	25x	as long as short
Phoenix MSFT	+0.0048%	1h	503.97	+0.026%	$11K	$5K	20x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	503.03	−0.161%	$22.5M	$9.1M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.24	−0.119%	$318K	$677K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.48	−0.071%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.44	−0.079%	$533K	$379K	15x	as long as short
Arcus MSFT-USD	+0.0052%	1h	503.59	−0.050%	$93K	$83K	10x	as long as short
Nado MSFT-PERP	+0.0056%	1h	503.72	−0.025%	$411K	$70K	20x	as long as short
Paradex MSFT-USD-PERP	+0.0058%	8h	503.80	−0.008%	$222	—	5x	as long as short
QFEX MSFT-USDlong	+0.0061%	1h	503.84	long leg	$1.1M	$4.7M	10x
OKX MSFT-USDT-SWAP	+0.0062%	8h	503.89	+0.010%	$3.2M	$2.7M	20x	as long as short
KuCoin MSFTUSDTMshort	+0.0100%	8h	503.47	−0.073%	$1.6M	$208K	20x
ApeX Omni MSFTUSDT	+0.0100%	1h	503.59	−0.050%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.78	−0.012%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.66	−0.037%	$55	—	10x	as long as short
GRVT MSFT_USDT_Perp	+0.0131%	8h	504.51	+0.133%	$19K	$315K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	504.07	+0.046%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0756%	4h	504.14	+0.060%	$103K	$244K	10x	as long as short