Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0144%/8h= +15.8% APRpaid last 24h −0.077%

Price spread now: Hotstuff against GRVT−0.080%57s7-day average — · you buy dearer than you sell

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

Long on GRVT 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 airdropGRVT: Active · Hotstuff: Active · farm boardneeds both histories

Funding pays, the price is against you. Hotstuff is 0.080% cheaper against GRVT than usual: you would sell low and buy high (spread −0.080% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$8 on $10k: about 45 hours of funding at the current rate (+$4 a day). The two prices were read 57 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	GRVT MSFT_USDT_Perp	501.29	0	get 0.0000% / 8h	3h 59m	$19K	$301K	10x
Short	Hotstuff MSFT-PERP	500.89	0.0144	get 0.0018% / 1h	59m 58s	$32K	$8K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hotstuff against GRVT. 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 GRVTbpFee HotstuffbpOrdersPrice spread, now −0.080%Rate

Funding earned: $30.24
Price spread: −0.080% → 0.000%: −$8.04
Slippage, 4 orders: no order book: not counted
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Net: $8.2
Costs to cover: 0.140%
Break-even: 5.1 days

Slippage unknown: GRVT: live order book, 57 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 GRVT live order book, 57 min ago	1.20 bp	8.3 bp −$8	17.0 bp −$170	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	−0.0370%	4h	501.29	−0.002%	$102K	$244K	10x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0040%	1h	500.97	−0.064%	$677K	$450K	10x	as long as short
Nado MSFT-PERP	−0.0028%	1h	501.18	−0.023%	$414K	$64K	20x	as long as short
BloFin MSFT-USDT	−0.0006%	8h	501.36	+0.013%	$189K	$204K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.18	−0.023%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.19	−0.020%	$337K	$890K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.31	+0.003%	$15.8M	$19.0M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.03	−0.053%	$7.2M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.27	−0.005%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.16	−0.027%	$3.1M	$1.7M	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	501.29	−0.001%	$4.5M	$2.5M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.27	−0.005%	$1.3M	$609K	—	as long as short
GRVT MSFT_USDT_Perplong	0.0000%	8h	501.29	long leg	$19K	$301K	10x
SunX MSFT-USDT	0.0000%	8h	502.10	+0.161%	$6K	$4.0M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.02	−0.055%	$27K	$42K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.18	−0.023%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.45	+0.031%	$2.2M	$769K	10x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.05	−0.049%	$677K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0036%	1h	501.24	−0.011%	$1.1M	$4.9M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.05	−0.049%	$96K	$111K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.33	+0.007%	—	$1K	25x	as long as short
Phoenix MSFT	+0.0048%	1h	501.11	−0.037%	$10K	$15K	20x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	500.87	−0.084%	$22.0M	$8.7M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	500.96	−0.066%	$302K	$697K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.15	−0.029%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.94	−0.070%	$527K	$443K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0055%	8h	501.20	−0.019%	$221	—	5x	as long as short
Lighter MSFT	+0.0072%	1h	501.32	+0.005%	$1.1M	$499K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	500.92	−0.074%	$1.5M	$20K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.08	−0.043%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.19	−0.021%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.19	−0.021%	$55	—	10x	as long as short
Hotstuff MSFT-PERPshort	+0.0144%	1h	500.89	−0.080%	$32K	$8K	20x
Injective MSFT/USDC PERP	+0.0220%	1h	502.70	+0.281%	$115K	$45K	30x	as long as short