Funding arb · Price arb /

MSFT

RWAall MSFT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0039%/8h= −4.3% APRpaid last 24h −0.018%

Price spread now: QFEX against KuCoin+0.093%7-day average +0.051% · 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−$60as in the Price arb table

costs, in and out, $10k−$640.640% of the position

Long on KuCoin Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.098%−$10 on $10k

Price spread, last 7 days−0.110%−$11 · spread now +0.093%, 7d avg +0.051%

Together, before fees−0.208%−$21 on $10k · with fees, hour by hour

The price spread pays, funding is against you. QFEX is 0.043% dearer against KuCoin than usual: you sell high and buy low (spread +0.093% now, against its 7-day average of +0.051%): +$4 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 3.6 days. At the pace of the last 4 days (−0.098% in total) that is about 39 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin MSFTUSDTM	504.19	0.0100	pay 0.0100% / 8h	6h 54m	$1.6M	$148K	20x
Short	QFEX MSFT-USD	504.66	0.0061	get 0.0008% / 1h	54m 24s	$1.1M	$4.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against KuCoin. 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 KuCoinbpFee QFEXbpOrdersPrice spread, now +0.093%Rate

Funding earned: −$8.25
Price spread: +0.093% → +0.051%: $4.25
Slippage, 4 orders: −$41.96
Fee KuCoin: 6 bp × 2 orders: −$12
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$67.95
Costs to cover: 0.640%
Break-even: never at this rate

Slippage from KuCoin: live order book, 11 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 KuCoin live order book, 11 min ago	7.04 bp	22.6 bp −$23	doesn't fit	doesn't fit	doesn't fit
Sell QFEX live order book, 4 min ago	1.09 bp	6.1 bp −$6	6.5 bp −$65	11.5 bp −$1,153	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	−0.0032%	1h	504.59	+0.079%	$692K	$455K	10x	as long as short
BloFin MSFT-USDT	−0.0007%	8h	505.02	+0.165%	$191K	$207K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	504.85	+0.132%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	504.70	+0.101%	$326K	$1.9M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	504.86	+0.133%	$16.3M	$19.7M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	504.60	+0.081%	$7.3M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	504.90	+0.141%	$3.1M	$2.5M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	504.56	+0.073%	$3.1M	$1.8M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	504.78	+0.117%	$3.9M	$2.8M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	505.01	+0.162%	$1.3M	$388K	—	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX MSFT-USDT	0.0000%	8h	505.83	+0.325%	$6K	$3.5M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	504.85	+0.131%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	505.36	+0.232%	$2.3M	$869K	10x	as long as short
Nado MSFT-PERP	+0.0006%	1h	504.51	+0.064%	$415K	$67K	20x	as long as short
Phoenix MSFT	+0.0016%	1h	504.40	+0.042%	$11K	$5K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	504.67	+0.095%	$709K	$1.7M	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	504.84	+0.129%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	504.42	+0.046%	$22.5M	$8.9M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	504.44	+0.050%	$304K	$650K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	504.71	+0.103%	$61K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	504.39	+0.040%	$537K	$374K	15x	as long as short
Arcus MSFT-USD	+0.0052%	1h	504.61	+0.083%	$93K	$115K	10x	as long as short
Hotstuff MSFT-PERP	+0.0056%	1h	504.40	+0.042%	$33K	$8K	20x	as long as short
QFEX MSFT-USDshort	+0.0061%	1h	504.66	+0.093%	$1.1M	$4.6M	10x
Paradex MSFT-USD-PERP	+0.0062%	8h	504.71	+0.103%	$222	—	5x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0067%	1h	504.57	+0.075%	$27K	$45K	10x	as long as short
Lighter MSFT	+0.0072%	1h	504.72	+0.105%	$1.2M	$473K	20x	as long as short
GRVT MSFT_USDT_Perp	+0.0088%	8h	504.86	+0.132%	$19K	$312K	10x	as long as short
KuCoin MSFTUSDTMlong	+0.0100%	8h	504.19	long leg	$1.6M	$148K	20x
ApeX Omni MSFTUSDT	+0.0100%	1h	504.50	+0.061%	$161K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	504.79	+0.119%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	504.61	+0.083%	$56	—	10x	as long as short
edgeX MSFTUSDC	+0.0204%	4h	504.86	+0.134%	$103K	$242K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	505.86	+0.331%	$116K	$45K	30x	as long as short