Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0242%/8h= −26.5% APRpaid last 24h −0.082%

Price spread now: Hotstuff against edgeX−0.046%7-day average — · you buy dearer than you sell

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

Long on edgeX 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 airdropedgeX: Active · Hotstuff: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Hotstuff is 0.046% cheaper against edgeX than usual: you would sell low and buy high (−$5 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	edgeX MSFTUSDC	501.08	0.0290	pay 0.0145% / 4h	48m 56s	$102K	$243K	10x
Short	Hotstuff MSFT-PERP	500.85	0.0048	get 0.0006% / 1h	48m 56s	$32K	$8K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hotstuff against edgeX. 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 edgeXbpFee HotstuffbpOrdersPrice spread, now −0.046%Rate

Funding earned: −$50.81
Price spread: −0.046% → 0.000%: −$4.59
Slippage, 4 orders: no order book: not counted
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Net: −$69.4
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: edgeX: live order book, 8 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 edgeX live order book, 8 min ago	5.59 bp	10.3 bp −$10	12.6 bp −$126	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
Nado MSFT-PERP	−0.0056%	1h	501.07	−0.003%	$414K	$64K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0040%	1h	500.97	−0.022%	$678K	$458K	10x	as long as short
BloFin MSFT-USDT	−0.0019%	8h	501.44	+0.072%	$190K	$204K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.07	−0.002%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.27	+0.039%	$341K	$893K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.41	+0.065%	$15.7M	$19.0M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.10	+0.004%	$7.2M	$2.1M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.46	+0.076%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.21	+0.026%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.31	+0.046%	$4.5M	$2.5M	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	501.05	−0.006%	$1.3M	$617K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.19	+0.023%	$19K	$300K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.20	+0.224%	$6K	$4.0M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.05	−0.006%	$27K	$41K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.28	+0.040%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.63	+0.110%	$2.2M	$773K	10x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.09	+0.002%	$680K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0036%	1h	501.14	+0.012%	$1.1M	$5.6M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	500.92	−0.032%	$96K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.12	+0.008%	—	$1K	25x	as long as short
Phoenix MSFT	+0.0048%	1h	500.83	−0.050%	$10K	$15K	20x	as long as short
Hotstuff MSFT-PERPshort	+0.0048%	1h	500.85	−0.046%	$32K	$8K	20x
tradeXYZ xyz:MSFT	+0.0050%	1h	500.88	−0.040%	$22.0M	$8.8M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	500.88	−0.040%	$295K	$673K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.28	+0.040%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.85	−0.046%	$516K	$453K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0056%	8h	501.10	+0.005%	$220	—	5x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	500.84	−0.048%	$1.5M	$20K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	500.98	−0.020%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.15	+0.014%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.14	+0.012%	$55	—	10x	as long as short
Lighter MSFT	+0.0120%	1h	501.39	+0.062%	$1.1M	$479K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.34	+0.052%	$115K	$45K	30x	as long as short
edgeX MSFTUSDClong	+0.0290%	4h	501.08	long leg	$102K	$243K	10x