Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.1600%/8h= +175.2% APRpaid last 24h +0.078%

Price spread now: Aster against Hotstuff+0.172%252s7-day average — · you sell dearer than you buy

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

Long on Hotstuff Short on Aster

What this pair did over the last

the charts below follow

Funding, last 4 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 · Aster: Stage 5 · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$48 a day on $10k at the current rate, and Aster is 0.172% dearer against Hotstuff than usual: you sell high and buy low: +$17 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 252 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	Hotstuff MSFT-PERP	503.33	−0.1600	get 0.0200% / 1h	55m 25s	$32K	$8K	20x
Short	Aster MSFTUSDT	504.20	0	get 0.0000% / 8h	5h 55m	$166K	$118K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Hotstuff. 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 HotstuffbpFee AsterbpOrdersPrice spread, now +0.172%Rate

Funding earned: $336
Price spread: +0.172% → 0.000%: $17.19
Slippage, 4 orders: no order book: not counted
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Fee Aster: 4 bp × 2 orders: −$8
Net: $340.19
Costs to cover: 0.130%
Break-even: from the start

Slippage unknown: Hotstuff: no order-book sample; Aster: live order book, 54 min ago. 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 Hotstuff no order-book sample	—	—	—	—	—
Sell Aster live order book, 54 min ago	14.76 bp	20.0 bp −$20	doesn't fit	doesn't fit	doesn't fit

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 exchanges

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
Hotstuff MSFT-PERPlong	−0.1600%	1h	503.33	long leg	$32K	$8K	20x
BloFin MSFT-USDT	−0.0027%	8h	503.44	+0.022%	$202K	$211K	20x	as long as short
Nado MSFT-PERP	−0.0009%	1h	503.39	+0.012%	$411K	$72K	20x	as long as short
Aster MSFTUSDTshort	0.0000%	8h	504.20	+0.172%	$166K	$118K	20x
Extended MSFT_24_5-USD	0.0000%	1h	503.52	+0.037%	$326K	$1.9M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	503.65	+0.063%	$16.3M	$20.9M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.41	+0.016%	$7.3M	$2.3M	100x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.34	+0.002%	$3.1M	$1.9M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	503.59	+0.052%	$3.9M	$3.0M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	503.47	+0.027%	$1.3M	$396K	—	as long as short

Show all 34 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX MSFT-USDT	0.0000%	8h	504.30	+0.193%	$6K	$3.5M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	503.30	−0.006%	$30K	$47K	10x	as long as short
Coinbase International MSFT-PERP-INTX	0.0000%	1h	502.80	−0.105%	$702K	$523K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.42	+0.018%	$48K	$246K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	503.76	+0.085%	$2.3M	$907K	10x	as long as short
Lighter MSFT	+0.0032%	1h	503.53	+0.040%	$1.2M	$480K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.54	+0.042%	$692K	$1.8M	20x	as long as short
tradeXYZ xyz:MSFT	+0.0043%	1h	503.10	−0.046%	$22.5M	$9.2M	20x	as long as short
GRVT MSFT_USDT_Perp	+0.0044%	8h	503.34	+0.001%	$19K	$317K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.53	+0.040%	—	$1K	25x	as long as short
Phoenix MSFT	+0.0048%	1h	502.47	−0.171%	$11K	$5K	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.22	−0.022%	$318K	$677K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.39	+0.012%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.08	−0.050%	$532K	$382K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0057%	8h	503.44	+0.023%	$222	—	5x	as long as short
QFEX MSFT-USD	+0.0058%	1h	503.65	+0.064%	$1.2M	$4.7M	10x	as long as short
OKX MSFT-USDT-SWAP	+0.0064%	8h	503.85	+0.103%	$3.2M	$2.7M	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.16	−0.034%	$1.6M	$215K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.07	−0.052%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.42	+0.018%	$8K	—	10x	as long as short
edgeX MSFTUSDC	+0.0101%	4h	503.12	−0.042%	$102K	$242K	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.44	+0.023%	$55	—	10x	as long as short
Arcus MSFT-USD	+0.0190%	1h	503.39	+0.012%	$93K	$83K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	504.07	+0.147%	$115K	$45K	30x	as long as short