Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0003%/8h= +0.3% APRpaid last 24h −0.074%

Price spread now: Hotstuff against Bybit−0.098%53s7-day average — · you buy dearer than you sell

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

Long on Bybit Short on Hotstuff

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—+ Points / potential airdropHotstuff: Active · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Hotstuff is 0.098% cheaper against Bybit than usual: you would sell low and buy high, −$10 on $10k if it goes back to zero (this spread has no 7-day history yet). The two prices were read 53 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit MSFTUSDT	502.26	0.0021	pay 0.0021% / 8h	54m 42s	$7.4M	$1.7M	100x
Short	Hotstuff MSFT-PERP	501.77	0.0024	get 0.0003% / 1h	54m 42s	$32K	$8K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hotstuff against Bybit. 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 BybitbpFee HotstuffbpOrdersPrice spread, now −0.098%Rate

Funding earned: $0.63
Price spread: −0.098% → 0.000%: −$9.76
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Net: −$25.13
Costs to cover: 0.160%
Break-even: 288.1 days

Slippage unknown: Bybit: live order book, 3 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 Bybit live order book, 3 min ago	1.00 bp	9.6 bp −$10	16.2 bp −$162	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	−0.0940%	4h	502.06	−0.040%	$102K	$242K	10x	as long as short
Nado MSFT-PERP	−0.0036%	1h	501.88	−0.077%	$414K	$64K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0016%	1h	501.76	−0.100%	$687K	$450K	10x	as long as short
BloFin MSFT-USDT	−0.0008%	8h	502.22	−0.008%	$188K	$209K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	502.12	−0.028%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	502.12	−0.027%	$337K	$392K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	502.22	−0.008%	$15.7M	$19.1M	20x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	502.31	+0.010%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.89	−0.074%	$3.2M	$1.6M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	502.20	−0.012%	$3.8M	$2.3M	100x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni MSFT	0.0000%	8h	502.05	−0.041%	$1.3M	$702K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	502.07	−0.038%	$19K	$307K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.98	+0.143%	$6K	$4.3M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.95	−0.062%	$27K	$101K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	502.09	−0.034%	$59K	$227K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.26	0.000%	$2.2M	$753K	10x	as long as short
Bybit MSFTUSDTlong	+0.0021%	8h	502.26	long leg	$7.4M	$1.7M	100x
Hotstuff MSFT-PERPshort	+0.0024%	1h	501.77	−0.098%	$32K	$8K	20x
Lighter RH MSFT	+0.0032%	1h	502.05	−0.042%	$645K	$2.1M	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.95	−0.062%	—	$1K	25x	as long as short
QFEX MSFT-USD	+0.0049%	1h	502.03	−0.046%	$1.2M	$5.8M	10x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.76	−0.100%	$22.3M	$9.6M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.70	−0.111%	$303K	$678K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	502.12	−0.028%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.67	−0.117%	$529K	$493K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0055%	8h	502.08	−0.036%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.80	−0.092%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.57	−0.137%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.86	−0.080%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.94	−0.064%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	502.07	−0.037%	$55	—	10x	as long as short
Lighter MSFT	+0.0152%	1h	502.26	0.000%	$1.1M	$585K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.36	+0.020%	$115K	$45K	30x	as long as short
Arcus MSFT-USD	+0.0286%	1h	502.03	−0.046%	$98K	$109K	10x	as long as short