Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0038%/8h= +4.1% APRpaid last 24h +0.002%

Price spread now: QFEX against Binance−0.028%7-day average −0.025% · 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−$28as in the Price arb table

costs, in and out, $10k−$280.275% of the position

Long on Binance Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.010%−$1 on $10k

Price spread, last 2 days (all we have)−0.006%−$1 · spread now −0.028%, 7d avg −0.025%

Together, before fees−0.015%−$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.025%, 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	Binance MSFTUSDT	501.73	0	get 0.0000% / 8h	6h 19m	$15.6M	$18.8M	20x
Short	QFEX MSFT-USD	501.59	0.0038	get 0.0005% / 1h	19m 25s	$1.1M	$5.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against Binance. 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 BinancebpFee QFEXbpOrdersPrice spread, now −0.028%Rate

Funding earned: $7.91
Price spread: −0.028% → −0.025%: −$0.26
Slippage, 4 orders: −$7.54
Fee Binance: 5 bp × 2 orders: −$10
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$19.89
Costs to cover: 0.275%
Break-even: 24.6 days

Slippage from Binance: live order book, 6 min ago; QFEX: live order book, 4 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 Binance live order book, 6 min ago	0.40 bp	7.2 bp −$7	12.8 bp −$128	44.5 bp −$4,448	doesn't fit
Sell QFEX live order book, 4 min ago	1.60 bp	6.6 bp −$7	6.6 bp −$66	12.9 bp −$1,289	doesn't fit

MSFT on 33 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	−0.0016%	1h	501.22	−0.102%	$679K	$457K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.77	+0.008%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.64	−0.018%	$337K	$899K	17x	as long as short
Binance MSFTUSDTlong	0.0000%	8h	501.73	long leg	$15.6M	$18.8M	20x
Bybit MSFTUSDT	0.0000%	8h	501.68	−0.010%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.91	+0.036%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.57	−0.032%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.66	−0.014%	$4.5M	$2.5M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.69	−0.008%	$1.3M	$682K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.56	−0.034%	$19K	$295K	10x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX MSFT-USDT	0.0000%	8h	502.54	+0.161%	$6K	$4.1M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.64	−0.018%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.99	+0.052%	$2.2M	$765K	10x	as long as short
Nado MSFT-PERP	+0.0004%	1h	501.58	−0.029%	$414K	$64K	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0009%	1h	501.64	−0.018%	$27K	$41K	10x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.59	−0.028%	$622K	$2.0M	20x	as long as short
QFEX MSFT-USDshort	+0.0038%	1h	501.59	−0.028%	$1.1M	$5.7M	10x
Arcus MSFT-USD	+0.0040%	1h	501.49	−0.048%	$97K	$109K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.67	−0.012%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.42	−0.062%	$22.1M	$9.3M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.42	−0.062%	$303K	$671K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.63	−0.020%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.29	−0.088%	$522K	$518K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0055%	8h	501.66	−0.014%	$221	—	5x	as long as short
Hotstuff MSFT-PERP	+0.0056%	1h	501.42	−0.062%	$32K	$8K	20x	as long as short
Phoenix MSFT	+0.0080%	1h	501.46	−0.054%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.42	−0.062%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.24	−0.098%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.65	−0.016%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.66	−0.013%	$55	—	10x	as long as short
Lighter MSFT	+0.0168%	1h	501.87	+0.028%	$1.1M	$489K	20x	as long as short
edgeX MSFTUSDC	+0.0215%	4h	501.70	−0.007%	$102K	$243K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.78	+0.010%	$115K	$45K	30x	as long as short