Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0040%/8h= +4.4% APRpaid last 24h −0.069%

Price spread now: Hotstuff against SunX−0.225%7-day average — · you buy dearer than you sell

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

Long on SunX 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

Funding pays, the price is against you. Hotstuff is 0.225% cheaper against SunX than usual: you would sell low and buy high (spread −0.225% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$22 on $10k: about 19 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX MSFT-USDT	502.86	0	get 0.0000% / 8h	56m 29s	$6K	$4.3M	20x
Short	Hotstuff MSFT-PERP	501.73	0.0040	get 0.0005% / 1h	56m 29s	$32K	$8K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hotstuff against SunX. 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 SunXbpFee HotstuffbpOrdersPrice spread, now −0.225%Rate

Funding earned: $8.4
Price spread: −0.225% → 0.000%: −$22.47
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Net: −$27.07
Costs to cover: 0.130%
Break-even: 29.6 days

Slippage unknown: SunX: live order book, 12 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 SunX live order book, 12 min ago	29.13 bp	111.4 bp −$111	doesn't fit	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
edgeX MSFTUSDC	−0.0221%	4h	502.09	−0.153%	$102K	$242K	10x	as long as short
Nado MSFT-PERP	−0.0040%	1h	501.84	−0.204%	$414K	$64K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0016%	1h	501.76	−0.219%	$687K	$450K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	502.10	−0.151%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	502.02	−0.166%	$337K	$392K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	502.14	−0.143%	$15.7M	$19.1M	20x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	502.28	−0.115%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.86	−0.199%	$3.2M	$1.6M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	502.12	−0.147%	$3.8M	$2.3M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	502.09	−0.154%	$1.3M	$702K	—	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT MSFT_USDT_Perp	0.0000%	8h	502.00	−0.170%	$19K	$307K	10x	as long as short
SunX MSFT-USDTlong	0.0000%	8h	502.86	long leg	$6K	$4.3M	20x
HTX MSFT-USDT	0.0000%	8h	502.00	−0.171%	$59K	$227K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.15	−0.141%	$2.2M	$753K	10x	as long as short
BloFin MSFT-USDT	+0.0003%	8h	502.13	−0.145%	$188K	$209K	20x	as long as short
Bybit MSFTUSDT	+0.0020%	8h	502.19	−0.133%	$7.4M	$1.7M	100x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0029%	1h	501.93	−0.185%	$27K	$101K	10x	as long as short
Lighter RH MSFT	+0.0032%	1h	502.01	−0.169%	$647K	$2.1M	20x	as long as short
Hotstuff MSFT-PERPshort	+0.0040%	1h	501.73	−0.225%	$32K	$8K	20x
Vest MSFT-USD-PERP	+0.0046%	1h	501.95	−0.181%	—	$1K	25x	as long as short
QFEX MSFT-USD	+0.0049%	1h	502.00	−0.171%	$1.2M	$5.8M	10x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.73	−0.225%	$22.3M	$9.6M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.61	−0.249%	$305K	$674K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	502.03	−0.165%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.67	−0.237%	$529K	$493K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0056%	8h	502.02	−0.166%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.80	−0.211%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.57	−0.257%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.66	−0.239%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.90	−0.191%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	502.03	−0.166%	$55	—	10x	as long as short
Lighter MSFT	+0.0144%	1h	502.20	−0.131%	$1.1M	$585K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.30	−0.111%	$115K	$45K	30x	as long as short
Arcus MSFT-USD	+0.0286%	1h	501.98	−0.175%	$98K	$109K	10x	as long as short