Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0054%/8h= −6.0% APRpaid last 24h −0.091%

Price spread now: Hotstuff against BloFin−0.095%7-day average — · you buy dearer than you sell

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

Long on BloFin Short on Hotstuff

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropHotstuff: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Hotstuff is 0.095% cheaper against BloFin than usual: you would sell low and buy high (−$10 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin MSFT-USDT	504.39	−0.0018	get 0.0018% / 8h	2h 16m	$190K	$206K	20x
Short	Hotstuff MSFT-PERP	503.91	−0.0072	pay 0.0009% / 1h	16m 32s	$33K	$8K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hotstuff against BloFin. 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 BloFinbpFee HotstuffbpOrdersPrice spread, now −0.095%Rate

Funding earned: −$11.43
Price spread: −0.095% → 0.000%: −$9.52
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Net: −$37.94
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: BloFin: live order book, 64 min ago; Hotstuff: 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 BloFin live order book, 64 min ago	0.20 bp	8.8 bp −$9	13.4 bp −$134	doesn't fit	doesn't fit
Sell Hotstuff no order-book sample	—	—	—	—	—

Hotstuff: 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 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	−0.0386%	4h	504.31	−0.016%	$103K	$243K	10x	as long as short
Hotstuff MSFT-PERPshort	−0.0072%	1h	503.91	−0.095%	$33K	$8K	20x
Coinbase International MSFT-PERP-INTX	−0.0064%	1h	503.83	−0.111%	$686K	$491K	10x	as long as short
Nado MSFT-PERP	−0.0030%	1h	503.94	−0.090%	$415K	$68K	20x	as long as short
BloFin MSFT-USDTlong	−0.0018%	8h	504.39	long leg	$190K	$206K	20x
Aster MSFTUSDT	0.0000%	8h	504.05	−0.068%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	504.18	−0.041%	$338K	$1.2M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	504.32	−0.014%	$15.8M	$19.5M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	504.08	−0.061%	$7.2M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	504.40	+0.002%	$3.0M	$2.4M	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate MSFT_USDT	0.0000%	8h	504.17	−0.044%	$3.1M	$1.8M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	504.27	−0.024%	$3.8M	$3.0M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	504.32	−0.015%	$1.3M	$477K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	504.23	−0.031%	$18K	$323K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	505.05	+0.131%	$6K	$4.0M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	504.20	−0.038%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	504.69	+0.059%	$2.2M	$809K	10x	as long as short
Phoenix MSFT	+0.0016%	1h	503.99	−0.079%	$11K	$15K	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0028%	1h	503.99	−0.079%	$27K	$43K	10x	as long as short
Lighter RH MSFT	+0.0032%	1h	504.00	−0.077%	$685K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0036%	1h	504.26	−0.026%	$1.1M	$4.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	504.02	−0.073%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	504.33	−0.012%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	503.90	−0.097%	$22.4M	$9.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.98	−0.081%	$303K	$720K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	504.15	−0.048%	$61K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.98	−0.081%	$518K	$472K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0053%	8h	504.20	−0.038%	$222	—	5x	as long as short
Lighter MSFT	+0.0088%	1h	504.23	−0.032%	$1.2M	$516K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.54	−0.169%	$1.6M	$57K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.95	−0.087%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	504.16	−0.046%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	504.23	−0.032%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	504.42	+0.006%	$115K	$45K	30x	as long as short