Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0036%/8h= +3.9% APRpaid last 24h +0.013%

Price spread now: QFEX against SunX−0.164%7-day average −0.178% · 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−$225as in the Price arb table

costs, in and out, $10k−$2262.259% of the position

Long on SunX Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.020%+$2 on $10k

Price spread, last 4 days (all we have)−0.038%−$4 · spread now −0.164%, 7d avg −0.178%

Together, before fees−0.018%−$2 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	SunX MSFT-USDT	504.91	0	get 0.0000% / 8h	2h 02m	$6K	$3.9M	20x
Short	QFEX MSFT-USD	504.08	0.0036	get 0.0004% / 1h	2m 39s	$1.1M	$4.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against SunX. 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 SunXbpFee QFEXbpOrdersPrice spread, now −0.164%Rate

Funding earned: $7.54
Price spread: −0.164% → −0.178%: $1.39
Slippage, 4 orders: −$207.9
Fee SunX: 4 bp × 2 orders: −$8
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$216.97
Costs to cover: 2.259%
Break-even: 208.3 days

Slippage from SunX: live order book, 6 min ago; QFEX: live order book, 6 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 SunX live order book, 6 min ago	29.20 bp	110.7 bp −$111	doesn't fit	doesn't fit	doesn't fit
Sell QFEX live order book, 6 min ago	0.79 bp	5.8 bp −$6	5.9 bp −$59	12.1 bp −$1,212	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	−0.0418%	4h	504.10	−0.160%	$103K	$243K	10x	as long as short
Hotstuff MSFT-PERP	−0.0064%	1h	503.68	−0.244%	$32K	$8K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0064%	1h	503.75	−0.230%	$683K	$494K	10x	as long as short
Nado MSFT-PERP	−0.0013%	1h	503.80	−0.219%	$415K	$67K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.85	−0.210%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	504.01	−0.179%	$341K	$1.2M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	504.15	−0.151%	$15.8M	$19.6M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.87	−0.206%	$7.2M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	504.10	−0.160%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.83	−0.214%	$3.1M	$1.8M	100x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MSFTUSDT	0.0000%	8h	504.15	−0.151%	$3.8M	$3.0M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	504.10	−0.161%	$1.3M	$499K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	504.25	−0.130%	$18K	$324K	10x	as long as short
SunX MSFT-USDTlong	0.0000%	8h	504.91	long leg	$6K	$3.9M	20x
HTX MSFT-USDT	0.0000%	8h	504.16	−0.149%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	504.35	−0.111%	$2.2M	$815K	10x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0008%	1h	503.84	−0.212%	$27K	$43K	10x	as long as short
Phoenix MSFT	+0.0016%	1h	503.97	−0.186%	$11K	$15K	20x	as long as short
BloFin MSFT-USDT	+0.0017%	8h	504.17	−0.147%	$188K	$207K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.91	−0.198%	$711K	$2.0M	20x	as long as short
QFEX MSFT-USDshort	+0.0036%	1h	504.08	−0.164%	$1.1M	$4.8M	10x
Arcus MSFT-USD	+0.0040%	1h	503.89	−0.202%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	504.01	−0.178%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	503.67	−0.246%	$22.4M	$9.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.79	−0.222%	$303K	$717K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	504.00	−0.180%	$61K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.68	−0.244%	$522K	$476K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0058%	8h	503.97	−0.186%	$222	—	5x	as long as short
Lighter MSFT	+0.0096%	1h	504.12	−0.156%	$1.2M	$516K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.68	−0.244%	$1.6M	$57K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.77	−0.226%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	504.02	−0.176%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	504.02	−0.176%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	504.48	−0.085%	$116K	$45K	30x	as long as short