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: OKX against QFEX+0.056%7-day average +0.049% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$280.278% of the position

Long on QFEX Short on OKX

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+0.008%+$1 · spread now +0.056%, 7d avg +0.049%

Together, before fees−0.010%−$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	QFEX MSFT-USD	503.02	0.0035	pay 0.0004% / 1h	14m 04s	$1.1M	$4.9M	10x
Short	OKX MSFT-USDT-SWAP	503.30	0	get 0.0000% / 8h	3h 14m	$3.0M	$2.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.056%Rate

Funding earned: −$7.31
Price spread: +0.056% → +0.049%: $0.71
Slippage, 4 orders: −$7.78
Fee QFEX: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$34.37
Costs to cover: 0.278%
Break-even: never at this rate

Slippage from QFEX: live order book, 5 min ago; OKX: 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, 5 min ago	1.19 bp	6.2 bp −$6	6.3 bp −$63	12.7 bp −$1,274	doesn't fit
Sell OKX live order book, 3 min ago	0.10 bp	7.4 bp −$7	15.6 bp −$156	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	−0.0667%	4h	503.09	+0.013%	$102K	$244K	10x	as long as short
Nado MSFT-PERP	−0.0108%	1h	503.12	+0.020%	$415K	$64K	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	−0.0088%	1h	502.75	−0.054%	$27K	$42K	10x	as long as short
Hotstuff MSFT-PERP	−0.0040%	1h	502.83	−0.038%	$32K	$8K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0032%	1h	502.66	−0.072%	$680K	$451K	10x	as long as short
BloFin MSFT-USDT	−0.0012%	8h	503.16	+0.028%	$189K	$205K	20x	as long as short
tradeXYZ xyz:MSFT	−0.0004%	1h	502.77	−0.050%	$22.2M	$8.8M	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.03	+0.003%	$162K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	502.98	−0.008%	$339K	$884K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	503.11	+0.018%	$15.8M	$19.2M	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit MSFTUSDT	0.0000%	8h	502.92	−0.020%	$7.2M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAPshort	0.0000%	8h	503.30	+0.056%	$3.0M	$2.3M	20x
Gate MSFT_USDT	0.0000%	8h	502.99	−0.006%	$3.1M	$1.8M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	503.12	+0.020%	$4.4M	$2.6M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	503.14	+0.023%	$1.3M	$606K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	503.20	+0.036%	$19K	$301K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	503.97	+0.189%	$6K	$4.0M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	502.93	−0.018%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	503.29	+0.054%	$2.2M	$785K	10x	as long as short
Lighter MSFT	+0.0032%	1h	503.21	+0.038%	$1.1M	$504K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	502.94	−0.016%	$679K	$2.0M	20x	as long as short
QFEX MSFT-USDlong	+0.0035%	1h	503.02	long leg	$1.1M	$4.9M	10x
Arcus MSFT-USD	+0.0040%	1h	502.86	−0.032%	$96K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.20	+0.036%	—	$1K	25x	as long as short
Phoenix MSFT	+0.0048%	1h	502.88	−0.028%	$11K	$15K	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	502.80	−0.044%	$304K	$705K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	502.97	−0.010%	$60K	$3K	10x	as long as short
Paradex MSFT-USD-PERP	+0.0050%	8h	503.13	+0.023%	$221	—	5x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	502.80	−0.044%	$512K	$462K	15x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	502.85	−0.034%	$1.6M	$55K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	502.84	−0.036%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.03	+0.002%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.04	+0.004%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	503.08	+0.012%	$115K	$45K	30x	as long as short