Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0112%/8h= +12.3% APRpaid last 24h −0.079%

Price spread now: Hotstuff against Aster−0.063%7-day average — · you buy dearer than you sell

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

Long on Aster 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 airdropAster: Stage 5 · Hotstuff: Active · farm boardneeds both histories

Funding pays, the price is against you. Hotstuff is 0.063% cheaper against Aster than usual: you would sell low and buy high (spread −0.063% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$6 on $10k: about 45 hours of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster MSFTUSDT	501.57	0	get 0.0000% / 8h	7h 33m	$161K	$116K	20x
Short	Hotstuff MSFT-PERP	501.26	0.0112	get 0.0014% / 1h	33m 39s	$32K	$8K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hotstuff against Aster. 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 AsterbpFee HotstuffbpOrdersPrice spread, now −0.063%Rate

Funding earned: $23.52
Price spread: −0.063% → 0.000%: −$6.27
Slippage, 4 orders: no order book: not counted
Fee Aster: 4 bp × 2 orders: −$8
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Net: $4.25
Costs to cover: 0.130%
Break-even: 5.7 days

Slippage unknown: Aster: live order book, 38 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 Aster live order book, 38 min ago	11.45 bp	23.1 bp −$23	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
BloFin MSFT-USDT	−0.0020%	8h	501.57	−0.001%	$188K	$206K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0008%	1h	501.13	−0.089%	$680K	$456K	10x	as long as short
Nado MSFT-PERP	−0.0002%	1h	501.31	−0.053%	$414K	$64K	20x	as long as short
Aster MSFTUSDTlong	0.0000%	8h	501.57	long leg	$161K	$116K	20x
Extended MSFT_24_5-USD	0.0000%	1h	501.50	−0.015%	$337K	$1.0M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.51	−0.014%	$15.7M	$18.7M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.56	−0.003%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.70	+0.025%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.29	−0.057%	$3.1M	$1.6M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.63	+0.011%	$3.8M	$2.2M	100x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni MSFT	0.0000%	8h	501.74	+0.033%	$1.3M	$690K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.60	+0.005%	$19K	$294K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.36	+0.157%	$6K	$4.2M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.24	−0.067%	$27K	$41K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.51	−0.013%	$58K	$227K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.70	+0.025%	$2.2M	$758K	10x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.41	−0.033%	$619K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0044%	1h	501.55	−0.005%	$1.1M	$5.9M	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.46	−0.023%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.23	−0.069%	$22.2M	$9.1M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.23	−0.069%	$303K	$674K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.49	−0.017%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.39	−0.037%	$527K	$488K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0051%	8h	501.45	−0.025%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.66	+0.017%	$10K	$15K	20x	as long as short
Lighter MSFT	+0.0088%	1h	501.62	+0.009%	$1.1M	$486K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.50	−0.015%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.19	−0.077%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.54	−0.007%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.45	−0.024%	$55	—	10x	as long as short
Hotstuff MSFT-PERPshort	+0.0112%	1h	501.26	−0.063%	$32K	$8K	20x
Arcus MSFT-USD	+0.0212%	1h	501.49	−0.017%	$97K	$109K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.00	+0.085%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0365%	4h	501.58	+0.001%	$102K	$243K	10x	as long as short