Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.109%

Price spread now: Orderly against Hotstuff+0.030%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 Orderly

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 airdropHotstuff: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Orderly is 0.030% dearer against Hotstuff than usual: you sell high and buy low: +$3 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hotstuff MSFT-PERP	501.84	0	get 0.0000% / 1h	50m 48s	$32K	$8K	20x
Short	Orderly PERP_MSFT_USDC_mythos	501.99	0.0100	get 0.0100% / 8h	7h 50m	$8K	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.030%Rate

Funding earned: $21
Price spread: +0.030% → 0.000%: $2.99
Slippage, 4 orders: no order book: not counted
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Fee Orderly: 3 bp × 2 orders: −$6
Net: $12.99
Costs to cover: 0.110%
Break-even: 2.7 days

Slippage unknown: Hotstuff: no order-book sample; Orderly: 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 Hotstuff no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Hotstuff and Orderly: 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	−0.0016%	8h	502.21	+0.074%	$188K	$207K	20x	as long as short
Nado MSFT-PERP	−0.0014%	1h	501.88	+0.007%	$414K	$64K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0008%	1h	501.57	−0.054%	$680K	$450K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	502.11	+0.054%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	502.10	+0.051%	$337K	$454K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	502.19	+0.070%	$15.7M	$18.7M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	502.17	+0.066%	$7.4M	$1.7M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	502.21	+0.074%	$3.0M	$2.3M	20x	as long as short
Hotstuff MSFT-PERPlong	0.0000%	1h	501.84	long leg	$32K	$8K	20x
Gate MSFT_USDT	0.0000%	8h	501.87	+0.006%	$3.1M	$1.6M	100x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MSFTUSDT	0.0000%	8h	502.05	+0.042%	$3.8M	$2.2M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	502.14	+0.059%	$1.3M	$690K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	502.04	+0.039%	$19K	$296K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.98	+0.227%	$6K	$4.2M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	502.03	+0.038%	$58K	$228K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.29	+0.090%	$2.2M	$753K	10x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0009%	1h	501.95	+0.022%	$27K	$41K	10x	as long as short
Lighter RH MSFT	+0.0032%	1h	502.01	+0.034%	$618K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0044%	1h	502.02	+0.036%	$1.1M	$5.9M	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	502.09	+0.050%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.85	+0.002%	$22.3M	$9.1M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.79	−0.010%	$303K	$673K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	502.11	+0.054%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.60	−0.048%	$529K	$490K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0052%	8h	502.07	+0.045%	$221	—	5x	as long as short
Lighter MSFT	+0.0064%	1h	502.24	+0.080%	$1.1M	$486K	20x	as long as short
Phoenix MSFT	+0.0080%	1h	501.83	−0.002%	$11K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.78	−0.012%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.61	−0.046%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythosshort	+0.0100%	8h	501.99	+0.030%	$8K	—	10x
Aevo MSFT-PERP	+0.0104%	1h	501.90	+0.013%	$55	—	10x	as long as short
Arcus MSFT-USD	+0.0212%	1h	501.92	+0.016%	$97K	$110K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.20	+0.072%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0477%	4h	501.98	+0.029%	$102K	$243K	10x	as long as short