Funding arb · Price arb /

MSFT

RWAall MSFT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0036%/8h= −3.9% APRpaid last 24h −0.013%

Price spread now: SunX against QFEX+0.159%7-day average +0.178% · 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−$230as in the Price arb table

costs, in and out, $10k−$2282.282% of the position

Long on QFEX Short on SunX

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)+0.043%+$4 · spread now +0.159%, 7d avg +0.178%

Together, before fees+0.023%+$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.178%, 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	502.57	0.0036	pay 0.0004% / 1h	45m 14s	$1.2M	$4.8M	10x
Short	SunX MSFT-USDT	503.37	0	get 0.0000% / 8h	2h 45m	$6K	$3.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.159%Rate

Funding earned: −$7.54
Price spread: +0.159% → +0.178%: −$1.91
Slippage, 4 orders: −$210.17
Fee QFEX: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$237.63
Costs to cover: 2.282%
Break-even: never at this rate

Slippage from QFEX: live order book, 3 min ago; SunX: 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, 3 min ago	0.50 bp	6.9 bp −$7	6.9 bp −$69	12.6 bp −$1,263	doesn't fit
Sell SunX live order book, 3 min ago	29.09 bp	105.4 bp −$105	doesn't fit	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	502.41	−0.032%	$684K	$454K	10x	as long as short
BloFin MSFT-USDT	−0.0015%	8h	502.62	+0.010%	$190K	$204K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	502.59	+0.004%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	502.49	−0.017%	$341K	$1.2M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	502.69	+0.023%	$15.8M	$19.3M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	502.43	−0.028%	$7.2M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	502.85	+0.056%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	502.39	−0.036%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	502.59	+0.004%	$4.2M	$2.7M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	502.53	−0.009%	$1.3M	$479K	—	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT MSFT_USDT_Perp	0.0000%	8h	502.69	+0.025%	$18K	$311K	10x	as long as short
SunX MSFT-USDTshort	0.0000%	8h	503.37	+0.159%	$6K	$3.9M	20x
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	502.29	−0.056%	$27K	$42K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	502.46	−0.022%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.96	+0.078%	$2.2M	$791K	10x	as long as short
Nado MSFT-PERP	+0.0003%	1h	502.30	−0.054%	$411K	$66K	20x	as long as short
Phoenix MSFT	+0.0016%	1h	502.42	−0.030%	$11K	$15K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	502.40	−0.034%	$682K	$2.0M	20x	as long as short
QFEX MSFT-USDlong	+0.0036%	1h	502.57	long leg	$1.2M	$4.8M	10x
Hotstuff MSFT-PERP	+0.0040%	1h	502.17	−0.080%	$32K	$8K	20x	as long as short
Arcus MSFT-USD	+0.0040%	1h	502.47	−0.020%	$96K	$111K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	502.53	−0.008%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	502.17	−0.080%	$22.2M	$8.9M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	502.25	−0.064%	$302K	$713K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	502.42	−0.030%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	502.31	−0.052%	$511K	$463K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0052%	8h	502.41	−0.031%	$221	—	5x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	502.40	−0.034%	$1.6M	$57K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	502.19	−0.076%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	502.49	−0.016%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	502.48	−0.019%	$55	—	10x	as long as short
Lighter MSFT	+0.0120%	1h	502.67	+0.020%	$1.2M	$495K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	503.24	+0.133%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0545%	4h	502.75	+0.037%	$102K	$244K	10x	as long as short