Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0176%/8h= −19.3% APRpaid last 24h +0.079%

Price spread now: SunX against Hotstuff+0.242%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 SunX

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 · farm boardneeds both histories

The price spread pays, funding is against you. SunX is 0.242% dearer against Hotstuff than usual: you sell high and buy low (spread +0.242% now, against zero (this spread has no 7-day history yet)): +$24 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 4.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hotstuff MSFT-PERP	500.97	0.0176	pay 0.0022% / 1h	8m 17s	$32K	$8K	20x
Short	SunX MSFT-USDT	502.18	0	get 0.0000% / 8h	7h 08m	$6K	$4.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.242%Rate

Funding earned: −$36.96
Price spread: +0.242% → 0.000%: $24.15
Slippage, 4 orders: no order book: not counted
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Fee SunX: 4 bp × 2 orders: −$8
Net: −$25.81
Costs to cover: 0.130%
Break-even: from the start

Slippage unknown: Hotstuff: no order-book sample; SunX: live order book, 10 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 SunX live order book, 10 min ago	30.16 bp	105.8 bp −$106	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	−0.0383%	4h	501.35	+0.077%	$102K	$242K	10x	as long as short
BloFin MSFT-USDT	−0.0018%	8h	501.41	+0.088%	$188K	$205K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0008%	1h	501.03	+0.012%	$685K	$453K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.43	+0.091%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.31	+0.067%	$342K	$905K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.41	+0.088%	$15.7M	$18.7M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.21	+0.048%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.38	+0.082%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.12	+0.030%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.41	+0.088%	$3.8M	$2.1M	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	501.33	+0.072%	$1.3M	$690K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.50	+0.106%	$19K	$293K	10x	as long as short
SunX MSFT-USDTshort	0.0000%	8h	502.18	+0.242%	$6K	$4.1M	20x
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.06	+0.018%	$27K	$41K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.23	+0.052%	$58K	$227K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.82	+0.170%	$2.2M	$760K	10x	as long as short
Nado MSFT-PERP	+0.0012%	1h	501.13	+0.032%	$414K	$64K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.25	+0.056%	$619K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0044%	1h	501.29	+0.064%	$1.1M	$5.8M	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.21	+0.048%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	500.89	−0.016%	$22.1M	$9.2M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	500.95	−0.004%	$303K	$672K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.23	+0.052%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.92	−0.010%	$514K	$503K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0051%	8h	501.24	+0.053%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.07	+0.020%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.22	+0.050%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	500.98	+0.002%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.24	+0.054%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.22	+0.050%	$55	—	10x	as long as short
Lighter MSFT	+0.0112%	1h	501.46	+0.098%	$1.1M	$486K	20x	as long as short
Hotstuff MSFT-PERPlong	+0.0176%	1h	500.97	long leg	$32K	$8K	20x
Arcus MSFT-USD	+0.0212%	1h	501.23	+0.052%	$97K	$109K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.76	+0.158%	$115K	$45K	30x	as long as short