Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0049%/8h= +5.4% APRpaid last 24h +0.012%

Price spread now: QFEX against Gate+0.040%7-day average −0.020% · 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−$31as in the Price arb table

costs, in and out, $10k−$370.373% of the position

Long on Gate 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 7 days−0.058%−$6 · spread now +0.040%, 7d avg −0.020%

Together, before fees−0.040%−$4 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and QFEX is 0.060% dearer against Gate than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of −0.020%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate MSFT_USDT	501.66	0	get 0.0000% / 8h	18m 24s	$3.1M	$1.7M	100x
Short	QFEX MSFT-USD	501.86	0.0049	get 0.0006% / 1h	18m 24s	$1.2M	$5.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against Gate. 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 GatebpFee QFEXbpOrdersPrice spread, now +0.040%Rate

Funding earned: $10.32
Price spread: +0.040% → −0.020%: $6.02
Slippage, 4 orders: −$12.3
Fee Gate: 7.5 bp × 2 orders: −$15
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$20.97
Costs to cover: 0.373%
Break-even: 21.2 days

Slippage from Gate: live order book, 5 min ago; QFEX: live order book, 5 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 Gate live order book, 5 min ago	2.89 bp	12.6 bp −$13	28.9 bp −$289	doesn't fit	doesn't fit
Sell QFEX live order book, 5 min ago	1.20 bp	6.2 bp −$6	6.2 bp −$62	10.5 bp −$1,053	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
edgeX MSFTUSDC	−0.0223%	4h	502.05	+0.078%	$102K	$243K	10x	as long as short
Nado MSFT-PERP	−0.0021%	1h	501.72	+0.011%	$414K	$64K	20x	as long as short
BloFin MSFT-USDT	−0.0018%	8h	502.00	+0.068%	$188K	$209K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0016%	1h	501.76	+0.020%	$687K	$449K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	502.05	+0.078%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.83	+0.034%	$337K	$392K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.97	+0.061%	$15.7M	$19.1M	20x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	502.14	+0.096%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDTlong	0.0000%	8h	501.66	long leg	$3.1M	$1.7M	100x
Bitget MSFTUSDT	0.0000%	8h	502.01	+0.070%	$3.8M	$2.3M	100x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni MSFT	0.0000%	8h	502.00	+0.067%	$1.3M	$692K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	502.05	+0.077%	$19K	$298K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.79	+0.225%	$6K	$4.3M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.76	+0.020%	$27K	$101K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.90	+0.048%	$59K	$227K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.27	+0.122%	$2.2M	$748K	10x	as long as short
Bybit MSFTUSDT	+0.0031%	8h	501.99	+0.066%	$7.4M	$1.7M	100x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.86	+0.040%	$619K	$2.1M	20x	as long as short
Hotstuff MSFT-PERP	+0.0040%	1h	501.63	−0.006%	$32K	$8K	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.86	+0.040%	—	$1K	25x	as long as short
QFEX MSFT-USDshort	+0.0049%	1h	501.86	+0.040%	$1.2M	$5.9M	10x
tradeXYZ xyz:MSFT	+0.0050%	1h	501.56	−0.020%	$22.3M	$9.4M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.55	−0.022%	$303K	$678K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.93	+0.054%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.67	+0.002%	$529K	$493K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0052%	8h	501.86	+0.040%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.79	+0.026%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.42	−0.048%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.77	+0.022%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.86	+0.040%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.98	+0.064%	$55	—	10x	as long as short
Lighter MSFT	+0.0160%	1h	502.11	+0.090%	$1.1M	$585K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.46	+0.159%	$115K	$45K	30x	as long as short
Arcus MSFT-USD	+0.0286%	1h	501.86	+0.040%	$97K	$109K	10x	as long as short