Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0104%/8h= −11.4% APRpaid last 24h −0.067%

Price spread now: Hotstuff against OKX−0.116%7-day average — · you buy dearer than you sell

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

Long on OKX 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 −$3 a day on $10k at the current rate, and Hotstuff is 0.116% cheaper against OKX than usual: you would sell low and buy high (−$12 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	OKX MSFT-USDT-SWAP	501.94	0	get 0.0000% / 8h	2h 28m	$3.0M	$2.3M	20x
Short	Hotstuff MSFT-PERP	501.36	−0.0104	pay 0.0013% / 1h	28m 49s	$32K	$8K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hotstuff against OKX. 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 OKXbpFee HotstuffbpOrdersPrice spread, now −0.116%Rate

Funding earned: −$21.84
Price spread: −0.116% → 0.000%: −$11.56
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Net: −$48.4
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: OKX: live order book, 3 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 OKX live order book, 3 min ago	0.10 bp	7.3 bp −$7	14.0 bp −$140	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 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
Hotstuff MSFT-PERPshort	−0.0104%	1h	501.36	−0.116%	$32K	$8K	20x
Coinbase International MSFT-PERP-INTX	−0.0040%	1h	501.53	−0.082%	$689K	$433K	10x	as long as short
Nado MSFT-PERP	−0.0029%	1h	501.41	−0.105%	$414K	$64K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	502.01	+0.014%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.66	−0.056%	$372K	$369K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.72	−0.044%	$15.7M	$19.2M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.87	−0.014%	$7.4M	$1.7M	100x	as long as short
OKX MSFT-USDT-SWAPlong	0.0000%	8h	501.94	long leg	$3.0M	$2.3M	20x
Gate MSFT_USDT	0.0000%	8h	501.56	−0.076%	$3.1M	$1.5M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.72	−0.044%	$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	501.82	−0.023%	$1.3M	$726K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.67	−0.053%	$18K	$330K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.54	+0.120%	$6K	$4.4M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.71	−0.046%	$59K	$230K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.24	+0.060%	$2.2M	$760K	10x	as long as short
BloFin MSFT-USDT	+0.0025%	8h	501.81	−0.026%	$189K	$209K	20x	as long as short
Lighter MSFT	+0.0032%	1h	501.67	−0.054%	$1.1M	$653K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.57	−0.074%	$662K	$2.2M	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.70	−0.048%	—	—	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.37	−0.114%	$22.2M	$10.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.36	−0.116%	$309K	$683K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.66	−0.056%	$60K	$3K	10x	as long as short
Paradex MSFT-USD-PERP	+0.0050%	8h	501.63	−0.061%	$221	—	5x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.39	−0.110%	$515K	$479K	15x	as long as short
QFEX MSFT-USD	+0.0050%	1h	501.73	−0.042%	$1.2M	$5.7M	10x	as long as short
Phoenix MSFT	+0.0096%	1h	501.57	−0.074%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.19	−0.149%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.29	−0.129%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.63	−0.062%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.72	−0.044%	$55	—	10x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0129%	1h	501.69	−0.050%	$27K	$104K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.03	+0.018%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0333%	4h	501.77	−0.034%	$102K	$244K	10x	as long as short
Arcus MSFT-USD	+0.0531%	1h	501.59	−0.070%	$109K	$90K	10x	as long as short