Funding you earn now, next payment 03:00 UTC+0.0032%/8h= +3.5% APRnext payment +$0.04 per $10,000 · paid last 24h +0.092%
Price spread now: Phoenix against Hotstuff−0.018%53s7-day average — · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 4 days (all we have)—no history yet
+Price spread, last 7 days—no price history on both exchanges yet
=The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: +$1 a day on $10k at the current rate. The two prices were read 53 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 | 500.92 | 0.0016 | pay 0.0002% / 1h | 48m 18s | $32K | $8K | 20x |
| Short | Phoenix MSFT | 500.83 | 0.0048 | get 0.0006% / 1h | 48m 18s | $10K | $15K | 20x |
Hotstuff MSFT-PERP
Phoenix MSFTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Hotstuff. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $6.7
- Price spread: −0.018% → 0.000%
- −$1.8
- Slippage, 4 orders
- no order book: not counted
- Fee Hotstuff: 2.5 bp × 2 orders
- −$5
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$7.09
- Costs to cover
- 0.120%
- Break-even
- 14.4 days
Slippage unknown: Hotstuff: no order-book sample; Phoenix: 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 Hotstuff no order-book sample | — | — | — | — | — |
| Sell Phoenix no order-book sample | — | — | — | — | — |
Hotstuff and Phoenix: 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 | −0.0049% | 1h | 501.07 | +0.029% | $414K | $64K | 20x | as long as short |
| Coinbase International MSFT-PERP-INTX | −0.0040% | 1h | 500.97 | +0.010% | $678K | $458K | 10x | as long as short |
| BloFin MSFT-USDT | −0.0019% | 8h | 501.44 | +0.104% | $190K | $204K | 20x | as long as short |
| Aster MSFTUSDT | 0.0000% | 8h | 501.05 | +0.026% | $161K | $116K | 20x | as long as short |
| Extended MSFT_24_5-USD | 0.0000% | 1h | 501.28 | +0.073% | $341K | $893K | 17x | as long as short |
| Binance MSFTUSDT | 0.0000% | 8h | 501.43 | +0.101% | $15.7M | $19.0M | 20x | as long as short |
| Bybit MSFTUSDT | 0.0000% | 8h | 501.08 | +0.032% | $7.2M | $2.1M | 100x | as long as short |
| OKX MSFT-USDT-SWAP | 0.0000% | 8h | 501.35 | +0.086% | $3.0M | $2.3M | 20x | as long as short |
| Gate MSFT_USDT | 0.0000% | 8h | 501.20 | +0.056% | $3.1M | $1.7M | 100x | as long as short |
| Bitget MSFTUSDT | 0.0000% | 8h | 501.32 | +0.080% | $4.5M | $2.5M | 100x | as long as short |
Nado MSFT-PERP
Coinbase International MSFT-PERP-INTX
BloFin MSFT-USDT
Aster MSFTUSDT
Extended MSFT_24_5-USD
Binance MSFTUSDT
Bybit MSFTUSDT
OKX MSFT-USDT-SWAP
Gate MSFT_USDT
Bitget MSFTUSDTShow 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 | +0.025% | $1.3M | $617K | — | as long as short |
| GRVT MSFT_USDT_Perp | 0.0000% | 8h | 501.19 | +0.055% | $19K | $300K | 10x | as long as short |
| SunX MSFT-USDT | 0.0000% | 8h | 502.18 | +0.252% | $6K | $4.0M | 20x | as long as short |
| HTX MSFT-USDT | 0.0000% | 8h | 501.32 | +0.080% | $59K | $225K | 20x | as long as short |
| Phemex MSFTUSDT | 0.0000% | 8h | 501.58 | +0.132% | $2.2M | $775K | 10x | as long as short |
| Hotstuff MSFT-PERPlong | +0.0016% | 1h | 500.92 | long leg | $32K | $8K | 20x | |
| Deribit MSFT_USDC-PERPETUAL | +0.0029% | 1h | 501.12 | +0.040% | $27K | $41K | 10x | as long as short |
| Lighter RH MSFT | +0.0032% | 1h | 501.10 | +0.036% | $680K | $2.0M | 20x | as long as short |
| QFEX MSFT-USD | +0.0036% | 1h | 501.21 | +0.058% | $1.1M | $5.6M | 10x | as long as short |
| Arcus MSFT-USD | +0.0040% | 1h | 500.98 | +0.012% | $96K | $110K | 10x | as long as short |
| Vest MSFT-USD-PERP | +0.0046% | 1h | 501.11 | +0.038% | — | $1K | 25x | as long as short |
| Phoenix MSFTshort | +0.0048% | 1h | 500.83 | −0.018% | $10K | $15K | 20x | |
| tradeXYZ xyz:MSFT | +0.0050% | 1h | 500.92 | 0.000% | $22.1M | $8.8M | 20x | as long as short |
| Polymarket Perps MSFT-USD | +0.0050% | 1h | 500.91 | −0.002% | $295K | $673K | 10x | as long as short |
| SoDEX MSFT-USD | +0.0050% | 1h | 501.28 | +0.072% | $60K | $3K | 10x | as long as short |
| Ondo Perps MSFT-USD.P | +0.0050% | 1h | 500.99 | +0.014% | $516K | $456K | 15x | as long as short |
| Paradex MSFT-USD-PERP | +0.0056% | 8h | 501.25 | +0.065% | $221 | — | 5x | as long as short |
| KuCoin MSFTUSDTM | +0.0100% | 8h | 500.87 | −0.010% | $1.5M | $20K | 20x | as long as short |
| ApeX Omni MSFTUSDT | +0.0100% | 1h | 500.98 | +0.012% | $159K | $7K | 50x | as long as short |
| Orderly PERP_MSFT_USDC_mythos | +0.0100% | 8h | 501.15 | +0.046% | $8K | — | 10x | as long as short |
| Aevo MSFT-PERP | +0.0104% | 1h | 501.14 | +0.045% | $55 | — | 10x | as long as short |
| Lighter MSFT | +0.0120% | 1h | 501.40 | +0.096% | $1.1M | $489K | 20x | as long as short |
| Injective MSFT/USDC PERP | +0.0220% | 1h | 501.34 | +0.084% | $115K | $45K | 30x | as long as short |
| edgeX MSFTUSDC | +0.0290% | 4h | 501.08 | +0.032% | $102K | $243K | 10x | as long as short |
Variational Omni MSFT
GRVT MSFT_USDT_Perp
SunX MSFT-USDT
HTX MSFT-USDT
Phemex MSFTUSDT
Deribit MSFT_USDC-PERPETUAL
Lighter RH MSFT
QFEX MSFT-USD
Arcus MSFT-USD
Vest MSFT-USD-PERP
tradeXYZ xyz:MSFT
Polymarket Perps MSFT-USD
SoDEX MSFT-USD
Ondo Perps MSFT-USD.P
Paradex MSFT-USD-PERP
KuCoin MSFTUSDTM
ApeX Omni MSFTUSDT
Orderly PERP_MSFT_USDC_mythos
Aevo MSFT-PERP
Lighter MSFT
Injective MSFT/USDC PERP
edgeX MSFTUSDC