Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0052%/8h= −5.7% APRpaid last 24h −0.081%

Price spread now: HTX against Arcus+0.042%7-day average +0.017% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$330.331% of the position

Long on Arcus Short on HTX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.155%−$15 on $10k

Price spread, last 4 days (all we have)−0.112%−$11 · spread now +0.042%, 7d avg +0.017%

Together, before fees−0.267%−$27 on $10k · with fees, hour by hour

The price spread pays, funding is against you. HTX is 0.024% dearer against Arcus than usual: you sell high and buy low (spread +0.042% now, against its 7-day average of +0.017%): +$2 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 37 hours. At the pace of the last 4 days (−0.155% in total) that is about 14 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Arcus MSFT-USD	504.78	0.0052	pay 0.0007% / 1h	55m 21s	$93K	$115K	10x
Short	HTX MSFT-USDT	504.99	0	get 0.0000% / 8h	6h 55m	$59K	$226K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against Arcus. 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 ArcusbpFee HTXbpOrdersPrice spread, now +0.042%Rate

Funding earned: −$10.98
Price spread: +0.042% → +0.017%: $2.42
Slippage, 4 orders: −$16.62
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee HTX: 6 bp × 2 orders: −$12
Net: −$41.68
Costs to cover: 0.331%
Break-even: never at this rate

Slippage from Arcus: live order book, 38 min ago; HTX: live order book, 36 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 Arcus live order book, 38 min ago	3.27 bp	6.0 bp −$6	8.3 bp −$83	19.6 bp −$1,955	doesn't fit
Sell HTX live order book, 36 min ago	2.78 bp	8.8 bp −$9	11.9 bp −$119	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
Coinbase International MSFT-PERP-INTX	−0.0032%	1h	504.59	−0.038%	$692K	$455K	10x	as long as short
Nado MSFT-PERP	−0.0001%	1h	504.65	−0.025%	$415K	$67K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	504.81	+0.007%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	504.82	+0.008%	$326K	$1.9M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	504.97	+0.038%	$16.3M	$19.7M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	504.58	−0.040%	$7.3M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	505.13	+0.069%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	504.76	−0.004%	$3.1M	$1.8M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	504.86	+0.016%	$3.9M	$2.8M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	505.01	+0.045%	$1.3M	$388K	—	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX MSFT-USDT	0.0000%	8h	505.83	+0.208%	$6K	$3.5M	20x	as long as short
HTX MSFT-USDTshort	0.0000%	8h	504.99	+0.042%	$59K	$226K	20x
Phemex MSFTUSDT	0.0000%	8h	505.37	+0.117%	$2.3M	$868K	10x	as long as short
Phoenix MSFT	+0.0016%	1h	504.40	−0.075%	$11K	$5K	20x	as long as short
BloFin MSFT-USDT	+0.0024%	8h	504.98	+0.040%	$191K	$207K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	504.85	+0.014%	$709K	$1.7M	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	504.85	+0.014%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	504.40	−0.075%	$22.5M	$9.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	504.54	−0.048%	$304K	$650K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	504.71	−0.014%	$61K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	504.43	−0.069%	$537K	$374K	15x	as long as short
Arcus MSFT-USDlong	+0.0052%	1h	504.78	long leg	$93K	$115K	10x
Hotstuff MSFT-PERP	+0.0056%	1h	504.53	−0.050%	$33K	$8K	20x	as long as short
QFEX MSFT-USD	+0.0061%	1h	504.94	+0.032%	$1.2M	$4.6M	10x	as long as short
Paradex MSFT-USD-PERP	+0.0062%	8h	504.83	+0.010%	$222	—	5x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0067%	1h	504.57	−0.042%	$27K	$45K	10x	as long as short
Lighter MSFT	+0.0072%	1h	504.86	+0.016%	$1.2M	$472K	20x	as long as short
GRVT MSFT_USDT_Perp	+0.0088%	8h	504.86	+0.015%	$19K	$312K	10x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	504.21	−0.113%	$1.6M	$147K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	504.50	−0.055%	$161K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	504.78	0.000%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	504.61	−0.034%	$56	—	10x	as long as short
edgeX MSFTUSDC	+0.0204%	4h	504.86	+0.017%	$103K	$242K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	505.86	+0.214%	$116K	$45K	30x	as long as short