Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0048%/8h= −5.3% APRpaid last 24h +0.079%

Price spread now: Aster against Hotstuff+0.078%7-day average — · you sell dearer than you buy

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

Long on Hotstuff Short on Aster

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 · Aster: Stage 5 · farm boardneeds both histories

The price spread pays, funding is against you. Aster is 0.078% dearer against Hotstuff than usual: you sell high and buy low (spread +0.078% now, against zero (this spread has no 7-day history yet)): +$8 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 5.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hotstuff MSFT-PERP	501.05	0.0048	pay 0.0006% / 1h	17m 56s	$32K	$8K	20x
Short	Aster MSFTUSDT	501.44	0	get 0.0000% / 8h	7h 17m	$161K	$116K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Hotstuff. 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 HotstuffbpFee AsterbpOrdersPrice spread, now +0.078%Rate

Funding earned: −$10.08
Price spread: +0.078% → 0.000%: $7.83
Slippage, 4 orders: no order book: not counted
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Fee Aster: 4 bp × 2 orders: −$8
Net: −$15.25
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Hotstuff: no order-book sample; Aster: live order book, 53 min ago. 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 Hotstuff no order-book sample	—	—	—	—	—
Sell Aster live order book, 53 min ago	11.45 bp	16.7 bp −$17	doesn't fit	doesn't fit	doesn't fit

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	−0.0969%	4h	501.47	+0.084%	$102K	$243K	10x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0008%	1h	501.24	+0.038%	$685K	$453K	10x	as long as short
Aster MSFTUSDTshort	0.0000%	8h	501.44	+0.078%	$161K	$116K	20x
Extended MSFT_24_5-USD	0.0000%	1h	501.32	+0.055%	$337K	$900K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.43	+0.076%	$15.7M	$18.7M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.27	+0.044%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.44	+0.078%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.24	+0.038%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.55	+0.100%	$3.8M	$2.1M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.48	+0.086%	$1.3M	$690K	—	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT MSFT_USDT_Perp	0.0000%	8h	501.52	+0.094%	$19K	$290K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.18	+0.226%	$6K	$4.1M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.13	+0.016%	$27K	$41K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.22	+0.034%	$58K	$228K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.91	+0.172%	$2.2M	$761K	10x	as long as short
Nado MSFT-PERP	+0.0012%	1h	501.11	+0.011%	$414K	$64K	20x	as long as short
BloFin MSFT-USDT	+0.0019%	8h	501.47	+0.084%	$188K	$205K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.25	+0.040%	$619K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0044%	1h	501.40	+0.070%	$1.1M	$5.8M	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.31	+0.052%	—	$1K	25x	as long as short
Hotstuff MSFT-PERPlong	+0.0048%	1h	501.05	long leg	$32K	$8K	20x
tradeXYZ xyz:MSFT	+0.0050%	1h	500.88	−0.034%	$22.2M	$9.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.00	−0.010%	$303K	$672K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.31	+0.052%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.96	−0.018%	$514K	$503K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0051%	8h	501.28	+0.046%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.38	+0.066%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.23	+0.036%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	500.95	−0.020%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.31	+0.052%	$8K	—	10x	as long as short
Lighter MSFT	+0.0104%	1h	501.46	+0.082%	$1.1M	$486K	20x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.32	+0.054%	$55	—	10x	as long as short
Arcus MSFT-USD	+0.0212%	1h	501.39	+0.068%	$97K	$109K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.82	+0.154%	$115K	$45K	30x	as long as short