Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0040%/8h= −4.4% APRpaid last 24h −0.075%

Price spread now: Hotstuff against HTX−0.058%7-day average — · you buy dearer than you sell

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

Long on HTX Short on Hotstuff

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

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Hotstuff is 0.058% cheaper against HTX than usual: you would sell low and buy high (−$6 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX MSFT-USDT	501.41	0	get 0.0000% / 8h	6h 29m	$58K	$226K	20x
Short	Hotstuff MSFT-PERP	501.12	−0.0040	pay 0.0005% / 1h	29m 01s	$32K	$8K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hotstuff 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 HotstuffbpOrdersPrice spread, now −0.058%Rate

Funding earned: −$8.4
Price spread: −0.058% → 0.000%: −$5.78
Slippage, 4 orders: no order book: not counted
Fee HTX: 6 bp × 2 orders: −$12
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Net: −$31.18
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: HTX: live order book, 37 min ago; Hotstuff: 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 HTX live order book, 37 min ago	2.99 bp	10.4 bp −$10	19.4 bp −$194	doesn't fit	doesn't fit
Sell Hotstuff no order-book sample	—	—	—	—	—

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 33 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
Hotstuff MSFT-PERPshort	−0.0040%	1h	501.12	−0.058%	$32K	$8K	20x
Coinbase International MSFT-PERP-INTX	−0.0016%	1h	500.87	−0.108%	$684K	$451K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.44	+0.006%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.40	−0.001%	$342K	$894K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.50	+0.018%	$15.6M	$18.8M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.38	−0.006%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.65	+0.048%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.34	−0.014%	$3.1M	$1.6M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.42	+0.002%	$4.5M	$2.5M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.49	+0.015%	$1.3M	$682K	—	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT MSFT_USDT_Perp	0.0000%	8h	501.44	+0.005%	$19K	$296K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.26	+0.170%	$6K	$4.1M	20x	as long as short
HTX MSFT-USDTlong	0.0000%	8h	501.41	long leg	$58K	$226K	20x
Phemex MSFTUSDT	0.0000%	8h	501.61	+0.040%	$2.2M	$765K	10x	as long as short
Nado MSFT-PERP	+0.0002%	1h	501.14	−0.055%	$414K	$64K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.29	−0.024%	$618K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0038%	1h	501.49	+0.016%	$1.1M	$5.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.31	−0.020%	$97K	$109K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.31	−0.020%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.05	−0.072%	$22.1M	$9.2M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.19	−0.044%	$303K	$671K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.37	−0.008%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.15	−0.052%	$521K	$518K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0053%	8h	501.45	+0.007%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.21	−0.040%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.06	−0.070%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	500.92	−0.098%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.37	−0.008%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.37	−0.009%	$55	—	10x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0129%	1h	501.24	−0.034%	$27K	$41K	10x	as long as short
Lighter MSFT	+0.0168%	1h	501.56	+0.030%	$1.1M	$489K	20x	as long as short
edgeX MSFTUSDC	+0.0200%	4h	501.48	+0.014%	$102K	$244K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.62	+0.042%	$115K	$45K	30x	as long as short