Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0037%/8h= +4.1% APRpaid last 24h +0.012%

Price spread now: QFEX against Aster−0.034%7-day average −0.029% · 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−$54as in the Price arb table

costs, in and out, $10k−$530.534% of the position

Long on Aster Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.004%$0 on $10k

Price spread, last 4 days (all we have)−0.022%−$2 · spread now −0.034%, 7d avg −0.029%

Together, before fees−0.026%+ Points / potential airdropAster: Stage 5 · farm board−$3 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.029%, 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	Aster MSFTUSDT	503.69	0	get 0.0000% / 8h	15m 44s	$162K	$114K	20x
Short	QFEX MSFT-USD	503.52	0.0037	get 0.0005% / 1h	15m 44s	$1.1M	$4.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against Aster. 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 AsterbpFee QFEXbpOrdersPrice spread, now −0.034%Rate

Funding earned: $7.83
Price spread: −0.034% → −0.029%: −$0.51
Slippage, 4 orders: −$35.43
Fee Aster: 4 bp × 2 orders: −$8
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$46.11
Costs to cover: 0.534%
Break-even: 48.2 days

Slippage from Aster: live order book, 21 min ago; QFEX: live order book, 13 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 Aster live order book, 21 min ago	14.98 bp	19.6 bp −$20	doesn't fit	doesn't fit	doesn't fit
Sell QFEX live order book, 13 min ago	1.39 bp	6.4 bp −$6	7.3 bp −$73	13.3 bp −$1,327	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
Nado MSFT-PERP	−0.0048%	1h	503.56	−0.026%	$415K	$67K	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	−0.0028%	1h	503.39	−0.059%	$27K	$44K	10x	as long as short
BloFin MSFT-USDT	−0.0023%	8h	503.65	−0.008%	$191K	$206K	20x	as long as short
tradeXYZ xyz:MSFT	0.0000%	1h	503.19	−0.099%	$22.4M	$8.9M	20x	as long as short
Aster MSFTUSDTlong	0.0000%	8h	503.69	long leg	$162K	$114K	20x
Extended MSFT_24_5-USD	0.0000%	1h	503.46	−0.045%	$339K	$1.9M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	503.59	−0.020%	$15.8M	$19.1M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.36	−0.065%	$7.2M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	503.66	−0.006%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.38	−0.061%	$3.1M	$1.9M	100x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MSFTUSDT	0.0000%	8h	503.62	−0.014%	$3.8M	$2.9M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	503.60	−0.018%	$1.3M	$403K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	503.58	−0.021%	$19K	$322K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	504.42	+0.145%	$6K	$3.8M	20x	as long as short
Coinbase International MSFT-PERP-INTX	0.0000%	1h	503.16	−0.105%	$681K	$447K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.58	−0.022%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	503.76	+0.014%	$2.2M	$818K	10x	as long as short
Lighter MSFT	+0.0032%	1h	503.61	−0.016%	$1.2M	$532K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.47	−0.044%	$708K	$1.9M	20x	as long as short
QFEX MSFT-USDshort	+0.0037%	1h	503.52	−0.034%	$1.1M	$4.6M	10x
Arcus MSFT-USD	+0.0040%	1h	503.34	−0.069%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.79	+0.020%	—	$1K	25x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.31	−0.075%	$303K	$717K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.52	−0.034%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.24	−0.089%	$513K	$429K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0052%	8h	503.59	−0.019%	$222	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	503.38	−0.061%	$11K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	502.91	−0.155%	$1.6M	$69K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.26	−0.085%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.55	−0.028%	$8K	—	10x	as long as short
Hotstuff MSFT-PERP	+0.0104%	1h	503.23	−0.091%	$32K	$8K	20x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.57	−0.023%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	504.86	+0.232%	$116K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0999%	4h	503.56	−0.025%	$102K	$244K	10x	as long as short