Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h +0.075%

Price spread now: Phemex against Hotstuff+0.100%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 Phemex

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

The price spread pays, funding is against you. Phemex is 0.100% dearer against Hotstuff than usual: you sell high and buy low (spread +0.100% now, against zero (this spread has no 7-day history yet)): +$10 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 10 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hotstuff MSFT-PERP	501.87	0.0032	pay 0.0004% / 1h	41m 39s	$32K	$8K	20x
Short	Phemex MSFTUSDT	502.37	0	get 0.0000% / 8h	41m 39s	$2.2M	$750K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.100%Rate

Funding earned: −$6.72
Price spread: +0.100% → 0.000%: $9.96
Slippage, 4 orders: no order book: not counted
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$13.76
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Hotstuff: no order-book sample; Phemex: live order book, 2 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 Phemex live order book, 2 min ago	0.90 bp	29.3 bp −$29	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 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	−0.0018%	1h	501.95	+0.017%	$414K	$64K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0016%	1h	501.76	−0.022%	$687K	$450K	10x	as long as short
BloFin MSFT-USDT	−0.0003%	8h	502.30	+0.086%	$188K	$209K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	502.21	+0.068%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	502.17	+0.060%	$337K	$392K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	502.26	+0.078%	$15.7M	$19.1M	20x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	502.31	+0.088%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	502.05	+0.036%	$3.2M	$1.6M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	502.25	+0.076%	$3.8M	$2.3M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	502.26	+0.078%	$1.3M	$702K	—	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	502.16	+0.057%	$18K	$300K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	503.05	+0.235%	$6K	$4.3M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	502.14	+0.054%	$59K	$227K	20x	as long as short
Phemex MSFTUSDTshort	0.0000%	8h	502.37	+0.100%	$2.2M	$750K	10x
Bybit MSFTUSDT	+0.0028%	8h	502.32	+0.090%	$7.4M	$1.7M	100x	as long as short
Lighter RH MSFT	+0.0032%	1h	502.14	+0.054%	$639K	$2.1M	20x	as long as short
Hotstuff MSFT-PERPlong	+0.0032%	1h	501.87	long leg	$32K	$8K	20x
Vest MSFT-USD-PERP	+0.0046%	1h	502.13	+0.052%	—	$1K	25x	as long as short
QFEX MSFT-USD	+0.0049%	1h	502.14	+0.054%	$1.1M	$5.8M	10x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.86	−0.002%	$22.3M	$9.6M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.78	−0.018%	$303K	$678K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	502.20	+0.066%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.91	+0.008%	$529K	$494K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0054%	8h	502.18	+0.063%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.96	+0.018%	$10K	$15K	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0089%	1h	502.08	+0.042%	$27K	$101K	10x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.70	−0.034%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.91	+0.008%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	502.19	+0.064%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	502.23	+0.072%	$55	—	10x	as long as short
Lighter MSFT	+0.0160%	1h	502.36	+0.098%	$1.1M	$585K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.57	+0.139%	$115K	$45K	30x	as long as short
Arcus MSFT-USD	+0.0286%	1h	502.16	+0.058%	$97K	$109K	10x	as long as short
edgeX MSFTUSDC	+0.0865%	4h	502.25	+0.077%	$102K	$244K	10x	as long as short