Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0160%/8h= +17.5% APRpaid last 24h +0.145%

Price spread now: edgeX against Hotstuff+0.065%58s7-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 edgeX

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 · edgeX: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and edgeX is 0.065% dearer against Hotstuff than usual: you sell high and buy low: +$6 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 58 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	Hotstuff MSFT-PERP	501.83	0.0056	pay 0.0007% / 1h	50m 32s	$32K	$8K	20x
Short	edgeX MSFTUSDC	502.16	0.0216	get 0.0108% / 4h	50m 32s	$102K	$242K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now +0.065%Rate

Funding earned: $33.56
Price spread: +0.065% → 0.000%: $6.5
Slippage, 4 orders: no order book: not counted
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: $26.06
Costs to cover: 0.140%
Break-even: 1.6 days

Slippage unknown: Hotstuff: no order-book sample; edgeX: live order book, 27 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 edgeX live order book, 27 min ago	5.48 bp	10.1 bp −$10	12.4 bp −$124	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
Nado MSFT-PERP	−0.0031%	1h	501.94	+0.022%	$414K	$64K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0016%	1h	501.76	−0.014%	$687K	$450K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	502.14	+0.062%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	502.19	+0.073%	$337K	$392K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	502.29	+0.092%	$15.7M	$19.1M	20x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	502.31	+0.096%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.99	+0.032%	$3.2M	$1.6M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	502.32	+0.098%	$3.8M	$2.3M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	502.05	+0.044%	$1.3M	$702K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	502.12	+0.057%	$19K	$307K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX MSFT-USDT	0.0000%	8h	503.05	+0.243%	$6K	$4.3M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.99	+0.032%	$27K	$101K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	502.16	+0.066%	$59K	$227K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.30	+0.094%	$2.2M	$754K	10x	as long as short
BloFin MSFT-USDT	+0.0007%	8h	502.23	+0.080%	$188K	$210K	20x	as long as short
Bybit MSFTUSDT	+0.0023%	8h	502.34	+0.102%	$7.4M	$1.7M	100x	as long as short
Lighter RH MSFT	+0.0032%	1h	502.12	+0.058%	$643K	$2.1M	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	502.12	+0.058%	—	$1K	25x	as long as short
QFEX MSFT-USD	+0.0049%	1h	502.20	+0.074%	$1.1M	$5.8M	10x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.90	+0.014%	$22.3M	$9.6M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.78	−0.010%	$303K	$678K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	502.22	+0.078%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.87	+0.008%	$529K	$494K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0055%	8h	502.17	+0.068%	$221	—	5x	as long as short
Hotstuff MSFT-PERPlong	+0.0056%	1h	501.83	long leg	$32K	$8K	20x
Phoenix MSFT	+0.0080%	1h	501.91	+0.016%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.63	−0.040%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.90	+0.014%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	502.09	+0.052%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	502.13	+0.060%	$55	—	10x	as long as short
Lighter MSFT	+0.0152%	1h	502.32	+0.098%	$1.1M	$585K	20x	as long as short
edgeX MSFTUSDCshort	+0.0216%	4h	502.16	+0.065%	$102K	$242K	10x
Injective MSFT/USDC PERP	+0.0220%	1h	502.36	+0.106%	$115K	$45K	30x	as long as short
Arcus MSFT-USD	+0.0286%	1h	502.08	+0.050%	$97K	$109K	10x	as long as short