Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0072%/8h= +7.9% APRpaid last 24h −0.091%

Price spread now: Hotstuff against Paradex−0.057%7-day average — · you buy dearer than you sell

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

Long on Paradex 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 airdropParadex: Active · Hotstuff: Active · farm boardneeds both histories

Funding pays, the price is against you. Hotstuff is 0.057% cheaper against Paradex than usual: you would sell low and buy high (spread −0.057% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$6 on $10k: about 2.6 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex MSFT-USD-PERP	501.54	0.0056	pay 0.0056% / 8h	6h 22m	$221	—	5x
Short	Hotstuff MSFT-PERP	501.26	0.0128	get 0.0016% / 1h	22m 27s	$32K	$8K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hotstuff against Paradex. 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 ParadexbpFee HotstuffbpOrdersPrice spread, now −0.057%Rate

Funding earned: $15.16
Price spread: −0.057% → 0.000%: −$5.68
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Net: $0.48
Costs to cover: 0.090%
Break-even: 6.8 days

Slippage unknown: Paradex: 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 Paradex no order-book sample	—	—	—	—	—
Sell Hotstuff no order-book sample	—	—	—	—	—

Paradex 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 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
Coinbase International MSFT-PERP-INTX	−0.0016%	1h	500.87	−0.135%	$684K	$451K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.68	+0.027%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.60	+0.012%	$337K	$899K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.84	+0.059%	$15.6M	$18.8M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.68	+0.027%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.84	+0.059%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.60	+0.011%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.66	+0.023%	$4.5M	$2.5M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.54	−0.002%	$1.3M	$682K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.56	+0.004%	$19K	$295K	10x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX MSFT-USDT	0.0000%	8h	502.39	+0.169%	$6K	$4.1M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.48	−0.013%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.61	+0.013%	$2.2M	$765K	10x	as long as short
Nado MSFT-PERP	+0.0009%	1h	501.41	−0.028%	$414K	$64K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.55	+0.001%	$620K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0038%	1h	501.55	+0.001%	$1.1M	$5.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.38	−0.033%	$97K	$109K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.53	−0.003%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.37	−0.035%	$22.1M	$9.2M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.36	−0.037%	$303K	$671K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.51	−0.007%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.29	−0.051%	$521K	$518K	15x	as long as short
Paradex MSFT-USD-PERPlong	+0.0056%	8h	501.54	long leg	$221	—	5x
Phoenix MSFT	+0.0080%	1h	501.33	−0.043%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.30	−0.049%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.16	−0.077%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.69	+0.029%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.51	−0.007%	$55	—	10x	as long as short
Hotstuff MSFT-PERPshort	+0.0128%	1h	501.26	−0.057%	$32K	$8K	20x
Deribit MSFT_USDC-PERPETUAL	+0.0129%	1h	501.46	−0.017%	$27K	$41K	10x	as long as short
Lighter MSFT	+0.0176%	1h	501.79	+0.049%	$1.1M	$489K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.78	+0.047%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0992%	4h	501.51	−0.008%	$102K	$242K	10x	as long as short