Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0531%/8h= +58.2% APRpaid last 24h +0.067%

Price spread now: Arcus against HTX−0.004%7-day average −0.017% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$310.308% of the position

Long on HTX Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.136%+$14 on $10k

Price spread, last 3 days (all we have)−0.017%−$2 · spread now −0.004%, 7d avg −0.017%

Together, before fees+0.119%+$12 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.017%, so right now this pair is about funding alone: +$16 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.136% in total (about 15.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX MSFT-USDT	501.61	0	get 0.0000% / 8h	2h 32m	$59K	$230K	20x
Short	Arcus MSFT-USD	501.59	0.0531	get 0.0066% / 1h	32m 00s	$109K	$90K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus against HTX. 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 HTXbpFee ArcusbpOrdersPrice spread, now −0.004%Rate

Funding earned: $111.61
Price spread: −0.004% → −0.017%: $1.34
Slippage, 4 orders: −$14.33
Fee HTX: 6 bp × 2 orders: −$12
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: $82.12
Costs to cover: 0.308%
Break-even: 1.8 days

Slippage from HTX: live order book, 54 min ago; Arcus: live order book, 56 min ago.

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 HTX live order book, 54 min ago	2.79 bp	8.8 bp −$9	16.5 bp −$165	doesn't fit	doesn't fit
Sell Arcus live order book, 56 min ago	2.69 bp	4.9 bp −$5	7.9 bp −$79	18.3 bp −$1,827	doesn't fit

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	−0.0040%	1h	501.52	−0.017%	$414K	$64K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0040%	1h	501.71	+0.020%	$689K	$431K	10x	as long as short
BloFin MSFT-USDT	−0.0022%	8h	501.81	+0.040%	$189K	$209K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	502.01	+0.080%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.69	+0.016%	$372K	$369K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.73	+0.024%	$15.7M	$19.2M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.79	+0.036%	$7.4M	$1.7M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.68	+0.014%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.59	−0.004%	$3.1M	$1.5M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.74	+0.026%	$3.8M	$2.2M	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	501.64	+0.006%	$1.3M	$726K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.65	+0.009%	$18K	$329K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.50	+0.177%	$6K	$4.4M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.66	+0.010%	$27K	$104K	10x	as long as short
HTX MSFT-USDTlong	0.0000%	8h	501.61	long leg	$59K	$230K	20x
Phemex MSFTUSDT	0.0000%	8h	501.84	+0.046%	$2.2M	$759K	10x	as long as short
Lighter MSFT	+0.0032%	1h	501.70	+0.018%	$1.1M	$653K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.60	−0.002%	$662K	$2.2M	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.72	+0.022%	—	—	25x	as long as short
Hotstuff MSFT-PERP	+0.0048%	1h	501.43	−0.036%	$32K	$8K	20x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.40	−0.042%	$22.2M	$10.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.32	−0.058%	$309K	$683K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.70	+0.018%	$60K	$3K	10x	as long as short
Paradex MSFT-USD-PERP	+0.0050%	8h	501.71	+0.019%	$221	—	5x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.25	−0.072%	$515K	$479K	15x	as long as short
QFEX MSFT-USD	+0.0050%	1h	501.69	+0.016%	$1.2M	$5.7M	10x	as long as short
Phoenix MSFT	+0.0096%	1h	501.59	−0.004%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.47	−0.028%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.25	−0.072%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.66	+0.010%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.75	+0.027%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.96	+0.070%	$115K	$45K	30x	as long as short
Arcus MSFT-USDshort	+0.0531%	1h	501.59	−0.004%	$109K	$90K	10x
edgeX MSFTUSDC	+0.0930%	4h	501.68	+0.014%	$102K	$243K	10x	as long as short