Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0064%/8h= −7.0% APRpaid last 24h +0.079%

Price spread now: HTX against Hotstuff+0.070%7-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 HTX

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 · farm boardneeds both histories

The price spread pays, funding is against you. HTX is 0.070% dearer against Hotstuff than usual: you sell high and buy low (spread +0.070% now, against zero (this spread has no 7-day history yet)): +$7 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 3.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hotstuff MSFT-PERP	503.12	0.0064	pay 0.0008% / 1h	8m 43s	$32K	$8K	20x
Short	HTX MSFT-USDT	503.47	0	get 0.0000% / 8h	8m 43s	$59K	$225K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now +0.070%Rate

Funding earned: −$13.44
Price spread: +0.070% → 0.000%: $6.96
Slippage, 4 orders: no order book: not counted
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Fee HTX: 6 bp × 2 orders: −$12
Net: −$23.48
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Hotstuff: no order-book sample; HTX: live order book, 28 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 HTX live order book, 28 min ago	2.68 bp	8.7 bp −$9	13.4 bp −$134	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 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
Nado MSFT-PERP	−0.0053%	1h	503.40	+0.056%	$414K	$67K	20x	as long as short
tradeXYZ xyz:MSFT	−0.0004%	1h	503.12	0.000%	$22.4M	$8.8M	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.48	+0.071%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.47	+0.069%	$339K	$1.9M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	503.58	+0.092%	$15.8M	$19.1M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.26	+0.028%	$7.2M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	503.53	+0.081%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.30	+0.036%	$3.1M	$1.9M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	503.54	+0.083%	$3.8M	$2.9M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	503.50	+0.075%	$1.3M	$402K	—	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	503.61	+0.096%	$19K	$320K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	504.35	+0.244%	$6K	$3.8M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	503.34	+0.044%	$27K	$44K	10x	as long as short
Coinbase International MSFT-PERP-INTX	0.0000%	1h	503.07	−0.010%	$687K	$454K	10x	as long as short
HTX MSFT-USDTshort	0.0000%	8h	503.47	+0.070%	$59K	$225K	20x
Phemex MSFTUSDT	0.0000%	8h	503.68	+0.111%	$2.2M	$818K	10x	as long as short
BloFin MSFT-USDT	+0.0026%	8h	503.57	+0.089%	$191K	$206K	20x	as long as short
Lighter MSFT	+0.0032%	1h	503.48	+0.072%	$1.2M	$532K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.39	+0.054%	$706K	$1.9M	20x	as long as short
QFEX MSFT-USD	+0.0037%	1h	503.53	+0.081%	$1.1M	$4.6M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.33	+0.042%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.66	+0.107%	—	$1K	25x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.24	+0.024%	$303K	$717K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.31	+0.038%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.17	+0.010%	$512K	$428K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0052%	8h	503.46	+0.067%	$222	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	503.38	+0.052%	$11K	$15K	20x	as long as short
Hotstuff MSFT-PERPlong	+0.0064%	1h	503.12	long leg	$32K	$8K	20x
KuCoin MSFTUSDTM	+0.0100%	8h	503.00	−0.024%	$1.6M	$73K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.16	+0.008%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.46	+0.068%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.49	+0.073%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	503.80	+0.135%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0771%	4h	503.52	+0.079%	$102K	$242K	10x	as long as short