Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0068%/8h= +7.5% APRpaid last 24h 0.000%

Price spread now: QFEX against BloFin−0.002%7-day average −0.030% · 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−$24as in the Price arb table

costs, in and out, $10k−$270.266% of the position

Long on BloFin Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.018%−$2 on $10k

Price spread, last 3 days (all we have)−0.051%−$5 · spread now −0.002%, 7d avg −0.030%

Together, before fees−0.068%−$7 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and QFEX is 0.028% dearer against BloFin than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.030%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin MSFT-USDT	501.85	−0.0019	get 0.0019% / 8h	14m 34s	$188K	$209K	20x
Short	QFEX MSFT-USD	501.84	0.0049	get 0.0006% / 1h	14m 34s	$1.1M	$5.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against BloFin. 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 BloFinbpFee QFEXbpOrdersPrice spread, now −0.002%Rate

Funding earned: $14.37
Price spread: −0.002% → −0.030%: $2.76
Slippage, 4 orders: −$4.62
Fee BloFin: 6 bp × 2 orders: −$12
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$9.49
Costs to cover: 0.266%
Break-even: 11.6 days

Slippage from BloFin: live order book, 56 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 BloFin live order book, 56 min ago	0.50 bp	7.2 bp −$7	10.5 bp −$105	24.0 bp −$2,399	doesn't fit
Sell QFEX live order book, 4 min ago	1.20 bp	6.2 bp −$6	6.2 bp −$62	11.0 bp −$1,105	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	−0.0025%	1h	501.67	−0.035%	$414K	$64K	20x	as long as short
BloFin MSFT-USDTlong	−0.0019%	8h	501.85	long leg	$188K	$209K	20x
Coinbase International MSFT-PERP-INTX	−0.0016%	1h	501.76	−0.018%	$687K	$449K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	502.01	+0.031%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.71	−0.029%	$337K	$392K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.83	−0.004%	$15.7M	$19.1M	20x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	502.05	+0.040%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.62	−0.046%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.87	+0.004%	$3.8M	$2.3M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.88	+0.006%	$1.3M	$692K	—	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	501.94	+0.018%	$19K	$295K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.60	+0.149%	$6K	$4.3M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.64	−0.042%	$27K	$101K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.66	−0.038%	$58K	$228K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.94	+0.018%	$2.2M	$748K	10x	as long as short
Hotstuff MSFT-PERP	+0.0024%	1h	501.49	−0.072%	$32K	$8K	20x	as long as short
Bybit MSFTUSDT	+0.0030%	8h	501.94	+0.018%	$7.4M	$1.7M	100x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.71	−0.028%	$619K	$2.1M	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.81	−0.008%	—	$1K	25x	as long as short
QFEX MSFT-USDshort	+0.0049%	1h	501.84	−0.002%	$1.1M	$5.9M	10x
tradeXYZ xyz:MSFT	+0.0050%	1h	501.49	−0.072%	$22.3M	$9.4M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.53	−0.064%	$303K	$678K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.73	−0.024%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.50	−0.070%	$529K	$493K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0052%	8h	501.78	−0.015%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.77	−0.016%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.30	−0.110%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.48	−0.074%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.77	−0.016%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.75	−0.020%	$55	—	10x	as long as short
Lighter MSFT	+0.0160%	1h	501.95	+0.020%	$1.1M	$586K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.46	+0.122%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0235%	4h	501.91	+0.012%	$102K	$244K	10x	as long as short
Arcus MSFT-USD	+0.0286%	1h	501.74	−0.022%	$97K	$109K	10x	as long as short