Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0039%/8h= −4.3% APRpaid last 24h −0.012%

Price spread now: SunX against QFEX+0.165%7-day average +0.178% · 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−$232as in the Price arb table

costs, in and out, $10k−$2302.303% of the position

Long on QFEX Short on SunX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.021%−$2 on $10k

Price spread, last 4 days (all we have)+0.035%+$3 · spread now +0.165%, 7d avg +0.178%

Together, before fees+0.014%+$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.178%, 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	QFEX MSFT-USD	503.97	0.0039	pay 0.0005% / 1h	43m 44s	$1.2M	$4.8M	10x
Short	SunX MSFT-USDT	504.80	0	get 0.0000% / 8h	1h 43m	$6K	$3.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.165%Rate

Funding earned: −$8.27
Price spread: +0.165% → +0.178%: −$1.36
Slippage, 4 orders: −$212.33
Fee QFEX: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$239.95
Costs to cover: 2.303%
Break-even: never at this rate

Slippage from QFEX: live order book, 5 min ago; SunX: 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 QFEX live order book, 5 min ago	1.39 bp	7.2 bp −$7	7.2 bp −$72	13.9 bp −$1,391	doesn't fit
Sell SunX live order book, 4 min ago	29.51 bp	105.7 bp −$106	doesn't fit	doesn't fit	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	−0.0048%	1h	503.66	−0.062%	$682K	$500K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.80	−0.034%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.93	−0.008%	$341K	$1.2M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	504.04	+0.014%	$15.8M	$19.6M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.81	−0.032%	$7.3M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	504.13	+0.032%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.81	−0.032%	$3.1M	$1.8M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	504.07	+0.020%	$3.8M	$3.0M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	503.96	−0.003%	$1.3M	$499K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	504.05	+0.016%	$18K	$327K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX MSFT-USDTshort	0.0000%	8h	504.80	+0.165%	$6K	$3.9M	20x
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	503.67	−0.060%	$27K	$43K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.96	−0.002%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	504.14	+0.034%	$2.2M	$820K	10x	as long as short
Nado MSFT-PERP	+0.0012%	1h	503.71	−0.051%	$415K	$67K	20x	as long as short
BloFin MSFT-USDT	+0.0020%	8h	503.99	+0.004%	$190K	$207K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.82	−0.030%	$689K	$2.0M	20x	as long as short
QFEX MSFT-USDlong	+0.0039%	1h	503.97	long leg	$1.2M	$4.8M	10x
Arcus MSFT-USD	+0.0040%	1h	503.74	−0.046%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.97	0.000%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	503.56	−0.081%	$22.4M	$9.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.67	−0.060%	$303K	$718K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.82	−0.030%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.54	−0.085%	$522K	$476K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0058%	8h	503.86	−0.022%	$222	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	503.77	−0.040%	$11K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.46	−0.101%	$1.6M	$58K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.69	−0.056%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.90	−0.014%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.94	−0.006%	$55	—	10x	as long as short
Lighter MSFT	+0.0136%	1h	504.09	+0.024%	$1.2M	$514K	20x	as long as short
Hotstuff MSFT-PERP	+0.0144%	1h	503.58	−0.077%	$32K	$8K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	504.13	+0.032%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0680%	4h	504.02	+0.010%	$103K	$244K	10x	as long as short