Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0389%/8h= −42.6% APRpaid last 24h −0.013%

Price spread now: HTX against Deribit−0.010%7-day average — · 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−$34as in the Price arb table

costs, in and out, $10k−$330.331% of the position

Long on Deribit Short on HTX

What this pair did over the last

the charts below follow

Funding, last 5 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: −$12 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit MSFT_USDC-PERPETUAL	501.22	0.0389	pay 0.0049% / 1h	45m 23s	$27K	$41K	10x
Short	HTX MSFT-USDT	501.17	0	get 0.0000% / 8h	6h 45m	$58K	$227K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against Deribit. 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 DeribitbpFee HTXbpOrdersPrice spread, now −0.010%Rate

Funding earned: −$81.66
Price spread: −0.010% → 0.000%: −$1
Slippage, 4 orders: −$14.1
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee HTX: 6 bp × 2 orders: −$12
Net: −$115.75
Costs to cover: 0.331%
Break-even: never at this rate

Slippage from Deribit: live order book, 88 min ago; HTX: live order book, 21 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 Deribit live order book, 88 min ago	0.10 bp	3.6 bp −$4	7.0 bp −$70	doesn't fit	doesn't fit
Sell HTX live order book, 21 min ago	2.99 bp	9.0 bp −$9	15.4 bp −$154	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
edgeX MSFTUSDC	−0.0244%	4h	501.23	+0.002%	$102K	$243K	10x	as long as short
Hotstuff MSFT-PERP	−0.0048%	1h	500.87	−0.070%	$32K	$8K	20x	as long as short
BloFin MSFT-USDT	−0.0028%	8h	501.33	+0.022%	$189K	$204K	20x	as long as short
Nado MSFT-PERP	−0.0026%	1h	500.98	−0.048%	$414K	$64K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0016%	1h	500.76	−0.092%	$684K	$449K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.31	+0.017%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.16	−0.011%	$342K	$898K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.28	+0.012%	$15.6M	$18.7M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.16	−0.012%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.24	+0.004%	$3.0M	$2.3M	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	500.95	−0.054%	$3.1M	$1.6M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.27	+0.010%	$4.3M	$2.4M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.24	+0.003%	$1.3M	$677K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.31	+0.018%	$19K	$293K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.07	+0.170%	$6K	$4.1M	20x	as long as short
HTX MSFT-USDTshort	0.0000%	8h	501.17	−0.010%	$58K	$227K	20x
Phemex MSFTUSDT	0.0000%	8h	501.35	+0.026%	$2.2M	$758K	10x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.06	−0.032%	$620K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0038%	1h	501.18	−0.008%	$1.1M	$5.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.09	−0.026%	$97K	$109K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.09	−0.026%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	500.86	−0.072%	$22.1M	$9.2M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	500.92	−0.060%	$303K	$672K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.17	−0.010%	$60K	$3K	10x	as long as short
Paradex MSFT-USD-PERP	+0.0050%	8h	501.10	−0.024%	$220	—	5x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.86	−0.072%	$513K	$502K	15x	as long as short
Phoenix MSFT	+0.0080%	1h	501.10	−0.024%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	500.85	−0.074%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	500.67	−0.110%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.17	−0.010%	$8K	—	10x	as long as short
Lighter MSFT	+0.0104%	1h	501.32	+0.020%	$1.1M	$487K	20x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.16	−0.012%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.56	+0.068%	$115K	$45K	30x	as long as short
Deribit MSFT_USDC-PERPETUALlong	+0.0389%	1h	501.22	long leg	$27K	$41K	10x