Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0065%/8h= +7.1% APRpaid last 24h +0.017%

Price spread now: Orderly against QFEX+0.030%7-day average — · you sell dearer than you buy

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

Long on QFEX Short on Orderly

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—needs both histories

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Orderly is 0.030% dearer against QFEX than usual: you sell high and buy low: +$3 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX MSFT-USD	502.99	0.0035	pay 0.0004% / 1h	17m 55s	$1.2M	$4.9M	10x
Short	Orderly PERP_MSFT_USDC_mythos	503.14	0.0100	get 0.0100% / 8h	3h 17m	$8K	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.030%Rate

Funding earned: $13.69
Price spread: +0.030% → 0.000%: $2.98
Slippage, 4 orders: no order book: not counted
Fee QFEX: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: $0.67
Costs to cover: 0.160%
Break-even: 6.7 days

Slippage unknown: QFEX: live order book, 6 min ago; Orderly: no order-book sample. 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 QFEX live order book, 6 min ago	1.09 bp	6.1 bp −$6	8.9 bp −$89	15.8 bp −$1,581	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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	−0.0148%	4h	503.01	+0.003%	$102K	$243K	10x	as long as short
Nado MSFT-PERP	−0.0104%	1h	503.01	+0.004%	$415K	$64K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0032%	1h	502.82	−0.034%	$680K	$449K	10x	as long as short
tradeXYZ xyz:MSFT	−0.0009%	1h	502.72	−0.054%	$22.2M	$8.8M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	−0.0008%	1h	502.96	−0.006%	$27K	$42K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.06	+0.014%	$162K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	502.99	0.000%	$339K	$884K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	503.11	+0.025%	$15.8M	$19.2M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	502.86	−0.026%	$7.2M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	503.13	+0.028%	$3.0M	$2.3M	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate MSFT_USDT	0.0000%	8h	502.93	−0.012%	$3.1M	$1.8M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	503.08	+0.018%	$4.4M	$2.6M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	503.01	+0.003%	$1.3M	$606K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	503.14	+0.030%	$19K	$301K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	503.88	+0.177%	$6K	$4.0M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	502.93	−0.012%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	503.19	+0.040%	$2.2M	$786K	10x	as long as short
BloFin MSFT-USDT	+0.0003%	8h	503.05	+0.012%	$189K	$205K	20x	as long as short
Lighter MSFT	+0.0032%	1h	503.23	+0.048%	$1.1M	$504K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	502.94	−0.010%	$679K	$2.0M	20x	as long as short
QFEX MSFT-USDlong	+0.0035%	1h	502.99	long leg	$1.2M	$4.9M	10x
Arcus MSFT-USD	+0.0040%	1h	502.74	−0.050%	$96K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.18	+0.038%	—	$1K	25x	as long as short
Phoenix MSFT	+0.0048%	1h	502.82	−0.034%	$11K	$15K	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	502.76	−0.046%	$304K	$705K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	502.91	−0.016%	$60K	$3K	10x	as long as short
Paradex MSFT-USD-PERP	+0.0050%	8h	503.02	+0.006%	$221	—	5x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	502.58	−0.082%	$512K	$462K	15x	as long as short
Hotstuff MSFT-PERP	+0.0064%	1h	502.69	−0.060%	$32K	$8K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	502.69	−0.060%	$1.6M	$55K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	502.92	−0.014%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythosshort	+0.0100%	8h	503.14	+0.030%	$8K	—	10x
Aevo MSFT-PERP	+0.0104%	1h	503.06	+0.014%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.14	−0.169%	$115K	$45K	30x	as long as short