Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.013%

Price spread now: HTX against tradeXYZ+0.064%49s7-day average +0.090% · you sell dearer than you buy

Net, funding: paid 7d − costs−$45as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$390.388% of the position

Long on tradeXYZ Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.065%−$7 on $10k

Price spread, last 3 days (all we have)+0.062%+$6 · spread now +0.064%, 7d avg +0.090%

Together, before fees−0.003%+ Points / potential airdroptradeXYZ: Active · farm board$0 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and HTX is 0.026% cheaper against tradeXYZ than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.090%). Swap the legs. The two prices were read 49 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	tradeXYZ xyz:MSFT	501.10	0.0050	pay 0.0006% / 1h	35m 24s	$22.1M	$9.2M	20x
Short	HTX MSFT-USDT	501.42	0	get 0.0000% / 8h	6h 35m	$59K	$226K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against tradeXYZ. 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 tradeXYZbpFee HTXbpOrdersPrice spread, now +0.064%Rate

Funding earned: −$10.5
Price spread: +0.064% → +0.090%: −$2.62
Slippage, 4 orders: −$8.81
Fee tradeXYZ: 9 bp × 2 orders: −$18
Fee HTX: 6 bp × 2 orders: −$12
Net: −$51.93
Costs to cover: 0.388%
Break-even: never at this rate

Slippage from tradeXYZ: live order book, 2 min ago; HTX: live order book, 31 min ago.

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 tradeXYZ live order book, 2 min ago	0.30 bp	9.8 bp −$10	11.5 bp −$115	doesn't fit	doesn't fit
Sell HTX live order book, 31 min ago	2.99 bp	9.0 bp −$9	15.4 bp −$154	doesn't fit	doesn't fit

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	−0.0029%	4h	501.29	+0.038%	$102K	$242K	10x	as long as short
BloFin MSFT-USDT	−0.0028%	8h	501.33	+0.046%	$189K	$204K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0016%	1h	500.87	−0.046%	$684K	$451K	10x	as long as short
Nado MSFT-PERP	−0.0012%	1h	501.23	+0.025%	$414K	$64K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.52	+0.085%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.35	+0.050%	$342K	$894K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.48	+0.076%	$15.6M	$18.8M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.37	+0.054%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.57	+0.094%	$3.0M	$2.3M	20x	as long as short
Hotstuff MSFT-PERP	0.0000%	1h	501.11	+0.002%	$32K	$8K	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate MSFT_USDT	0.0000%	8h	501.31	+0.042%	$3.1M	$1.6M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.49	+0.078%	$4.3M	$2.4M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.49	+0.077%	$1.3M	$680K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.39	+0.058%	$19K	$295K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.33	+0.245%	$6K	$4.1M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.14	+0.008%	$27K	$41K	10x	as long as short
HTX MSFT-USDTshort	0.0000%	8h	501.42	+0.064%	$59K	$226K	20x
Phemex MSFTUSDT	0.0000%	8h	501.84	+0.148%	$2.2M	$764K	10x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.34	+0.048%	$619K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0038%	1h	501.38	+0.056%	$1.1M	$5.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.22	+0.024%	$97K	$109K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.26	+0.032%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFTlong	+0.0050%	1h	501.10	long leg	$22.1M	$9.2M	20x
Polymarket Perps MSFT-USD	+0.0050%	1h	501.12	+0.004%	$303K	$672K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.34	+0.048%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.16	+0.012%	$520K	$518K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0051%	8h	501.35	+0.050%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.15	+0.010%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.11	+0.002%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	500.96	−0.028%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.36	+0.052%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.40	+0.060%	$55	—	10x	as long as short
Lighter MSFT	+0.0136%	1h	501.60	+0.100%	$1.1M	$489K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.56	+0.092%	$115K	$45K	30x	as long as short