Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0080%/8h= −8.8% APRpaid last 24h +0.078%

Price spread now: SunX against Hotstuff+0.240%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 SunX

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. SunX is 0.240% dearer against Hotstuff than usual: you sell high and buy low (spread +0.240% now, against zero (this spread has no 7-day history yet)): +$24 on $10k if it goes back. Holding the pair costs −$2 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	503.92	0.0080	pay 0.0010% / 1h	53m 29s	$33K	$8K	20x
Short	SunX MSFT-USDT	505.13	0	get 0.0000% / 8h	1h 53m	$6K	$3.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.240%Rate

Funding earned: −$16.8
Price spread: +0.240% → 0.000%: $24.01
Slippage, 4 orders: no order book: not counted
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Fee SunX: 4 bp × 2 orders: −$8
Net: −$5.79
Costs to cover: 0.130%
Break-even: from the start

Slippage unknown: Hotstuff: no order-book sample; SunX: live order book, 5 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 SunX live order book, 5 min ago	29.22 bp	105.8 bp −$106	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
edgeX MSFTUSDC	−0.0978%	4h	504.30	+0.075%	$103K	$243K	10x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0048%	1h	503.66	−0.052%	$682K	$500K	10x	as long as short
BloFin MSFT-USDT	−0.0009%	8h	504.39	+0.093%	$190K	$207K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	504.08	+0.032%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	504.21	+0.058%	$341K	$1.2M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	504.39	+0.094%	$15.9M	$19.6M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	504.07	+0.030%	$7.3M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	504.40	+0.095%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	504.09	+0.034%	$3.1M	$1.8M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	504.06	+0.028%	$3.8M	$3.0M	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	504.28	+0.071%	$1.3M	$499K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	504.34	+0.083%	$19K	$327K	10x	as long as short
SunX MSFT-USDTshort	0.0000%	8h	505.13	+0.240%	$6K	$3.9M	20x
HTX MSFT-USDT	0.0000%	8h	504.18	+0.052%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	504.40	+0.095%	$2.2M	$817K	10x	as long as short
Nado MSFT-PERP	+0.0024%	1h	503.93	+0.003%	$415K	$67K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	504.15	+0.046%	$689K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0039%	1h	504.24	+0.064%	$1.1M	$4.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.96	+0.008%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	504.22	+0.060%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	503.91	−0.002%	$22.4M	$9.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.99	+0.014%	$303K	$718K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	504.10	+0.036%	$61K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.52	−0.079%	$522K	$476K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0060%	8h	504.19	+0.053%	$222	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	503.94	+0.004%	$11K	$15K	20x	as long as short
Hotstuff MSFT-PERPlong	+0.0080%	1h	503.92	long leg	$33K	$8K	20x
KuCoin MSFTUSDTM	+0.0100%	8h	503.78	−0.028%	$1.6M	$58K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.48	−0.087%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	504.19	+0.054%	$8K	—	10x	as long as short
Lighter MSFT	+0.0104%	1h	504.34	+0.083%	$1.2M	$514K	20x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	504.29	+0.073%	$55	—	10x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0187%	1h	504.22	+0.060%	$27K	$43K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	504.13	+0.042%	$115K	$45K	30x	as long as short