Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0060%/8h= −6.6% APRpaid last 24h −0.107%

Price spread now: Hotstuff against Orderly−0.048%47s7-day average — · you buy dearer than you sell

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

Long on Orderly Short on Hotstuff

What this pair did over the last

the charts below follow

Funding, last 4 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 −$2 a day on $10k at the current rate, and Hotstuff is 0.048% cheaper against Orderly than usual: you would sell low and buy high (−$5 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 47 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	Orderly PERP_MSFT_USDC_mythos	501.15	0.0100	pay 0.0100% / 8h	4h 47m	$8K	—	10x
Short	Hotstuff MSFT-PERP	500.91	0.0040	get 0.0005% / 1h	47m 34s	$32K	$8K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hotstuff against Orderly. 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 OrderlybpFee HotstuffbpOrdersPrice spread, now −0.048%Rate

Funding earned: −$12.6
Price spread: −0.048% → 0.000%: −$4.79
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Net: −$28.39
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; 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 Orderly no order-book sample	—	—	—	—	—
Sell Hotstuff no order-book sample	—	—	—	—	—

Orderly and 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	−0.0325%	4h	501.27	+0.024%	$102K	$243K	10x	as long as short
Nado MSFT-PERP	−0.0044%	1h	501.06	−0.017%	$414K	$64K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0040%	1h	500.97	−0.036%	$678K	$458K	10x	as long as short
BloFin MSFT-USDT	−0.0019%	8h	501.44	+0.058%	$190K	$204K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.04	−0.023%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.18	+0.005%	$341K	$893K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.31	+0.032%	$15.7M	$19.0M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.08	−0.014%	$7.2M	$2.1M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.40	+0.050%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.16	+0.002%	$3.1M	$1.7M	100x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MSFTUSDT	0.0000%	8h	501.36	+0.042%	$4.5M	$2.5M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.05	−0.020%	$1.3M	$617K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.29	+0.028%	$19K	$300K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.18	+0.206%	$6K	$4.0M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.32	+0.034%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.58	+0.086%	$2.2M	$775K	10x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0029%	1h	501.12	−0.006%	$27K	$41K	10x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.07	−0.016%	$680K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0036%	1h	501.19	+0.008%	$1.1M	$5.6M	10x	as long as short
Hotstuff MSFT-PERPshort	+0.0040%	1h	500.91	−0.048%	$32K	$8K	20x
Arcus MSFT-USD	+0.0040%	1h	501.02	−0.026%	$96K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.10	−0.010%	—	$1K	25x	as long as short
Phoenix MSFT	+0.0048%	1h	500.83	−0.064%	$10K	$15K	20x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	500.89	−0.052%	$22.1M	$8.8M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	500.91	−0.048%	$295K	$673K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.28	+0.026%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.99	−0.032%	$516K	$456K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0056%	8h	501.24	+0.019%	$221	—	5x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	500.86	−0.058%	$1.5M	$20K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	500.81	−0.068%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythoslong	+0.0100%	8h	501.15	long leg	$8K	—	10x
Aevo MSFT-PERP	+0.0104%	1h	501.14	−0.001%	$55	—	10x	as long as short
Lighter MSFT	+0.0120%	1h	501.40	+0.050%	$1.1M	$489K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.34	+0.038%	$115K	$45K	30x	as long as short