Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0062%/8h= +6.8% APRpaid last 24h +0.017%

Price spread now: Orderly against QFEX+0.012%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on QFEX Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: +$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX MSFT-USD	501.59	0.0038	pay 0.0005% / 1h	16m 51s	$1.1M	$5.7M	10x
Short	Orderly PERP_MSFT_USDC_mythos	501.65	0.0100	get 0.0100% / 8h	6h 16m	$8K	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against QFEX. 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 QFEXbpFee OrderlybpOrdersPrice spread, now +0.012%Rate

Funding earned: $13.09
Price spread: +0.012% → 0.000%: $1.2
Slippage, 4 orders: no order book: not counted
Fee QFEX: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$1.72
Costs to cover: 0.160%
Break-even: 7.9 days

Slippage unknown: QFEX: live order book, 7 min ago; Orderly: no order-book sample. Net counts fees only.

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 QFEX live order book, 7 min ago	1.60 bp	6.6 bp −$7	6.6 bp −$66	12.8 bp −$1,280	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.074%	$679K	$457K	10x	as long as short
Nado MSFT-PERP	−0.0001%	1h	501.59	+0.001%	$414K	$64K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.81	+0.043%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.61	+0.004%	$337K	$899K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.74	+0.030%	$15.6M	$18.8M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.73	+0.028%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.90	+0.062%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.58	−0.002%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.76	+0.034%	$4.5M	$2.5M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.69	+0.020%	$1.3M	$682K	—	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT MSFT_USDT_Perp	0.0000%	8h	501.75	+0.032%	$18K	$296K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.54	+0.189%	$6K	$4.1M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.63	+0.008%	$27K	$41K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.62	+0.006%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.05	+0.092%	$2.2M	$765K	10x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.58	−0.002%	$624K	$2.0M	20x	as long as short
QFEX MSFT-USDlong	+0.0038%	1h	501.59	long leg	$1.1M	$5.7M	10x
Arcus MSFT-USD	+0.0040%	1h	501.51	−0.016%	$97K	$109K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.70	+0.022%	—	$1K	25x	as long as short
Hotstuff MSFT-PERP	+0.0048%	1h	501.43	−0.032%	$32K	$8K	20x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.41	−0.036%	$22.1M	$9.3M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.33	−0.052%	$303K	$671K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.65	+0.012%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.46	−0.026%	$522K	$518K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0055%	8h	501.65	+0.012%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.60	+0.002%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.44	−0.030%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.29	−0.060%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythosshort	+0.0100%	8h	501.65	+0.012%	$8K	—	10x
Aevo MSFT-PERP	+0.0104%	1h	501.65	+0.012%	$55	—	10x	as long as short
Lighter MSFT	+0.0160%	1h	501.83	+0.048%	$1.1M	$489K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.78	+0.038%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0345%	4h	501.68	+0.017%	$102K	$243K	10x	as long as short