Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h +0.015%

Price spread now: SoDEX against HTX−0.028%7-day average — · you buy dearer than you sell

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

Long on HTX Short on SoDEX

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—needs both histories

Funding pays, the price is against you. SoDEX is 0.028% cheaper against HTX than usual: you would sell low and buy high (spread −0.028% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$3 on $10k: about 44 hours of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX MSFT-USDT	504.32	0	get 0.0000% / 8h	7h 36m	$59K	$224K	20x
Short	SoDEX MSFT-USD	504.18	0.0050	get 0.0006% / 1h	36m 57s	$61K	$3K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX against HTX. 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 HTXbpFee SoDEXbpOrdersPrice spread, now −0.028%Rate

Funding earned: $10.5
Price spread: −0.028% → 0.000%: −$2.78
Slippage, 4 orders: no order book: not counted
Fee HTX: 6 bp × 2 orders: −$12
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$12.28
Costs to cover: 0.200%
Break-even: 15.2 days

Slippage unknown: HTX: live order book, 60 min ago; SoDEX: 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 HTX live order book, 60 min ago	2.68 bp	9.3 bp −$9	19.2 bp −$192	doesn't fit	doesn't fit
Sell SoDEX no order-book sample	—	—	—	—	—

SoDEX: 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
Hotstuff MSFT-PERP	−0.0168%	1h	503.92	−0.079%	$33K	$8K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0056%	1h	503.83	−0.097%	$682K	$494K	10x	as long as short
Nado MSFT-PERP	−0.0055%	1h	504.16	−0.032%	$415K	$67K	20x	as long as short
BloFin MSFT-USDT	−0.0017%	8h	504.46	+0.028%	$192K	$205K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	504.35	+0.007%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	504.30	−0.005%	$339K	$1.9M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	504.42	+0.021%	$15.9M	$19.1M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	504.08	−0.048%	$7.2M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	504.51	+0.038%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	504.16	−0.032%	$3.1M	$1.9M	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	504.45	+0.026%	$3.9M	$2.9M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	504.05	−0.053%	$1.3M	$387K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	504.34	+0.004%	$18K	$316K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	505.23	+0.180%	$6K	$3.6M	20x	as long as short
HTX MSFT-USDTlong	0.0000%	8h	504.32	long leg	$59K	$224K	20x
Phemex MSFTUSDT	0.0000%	8h	504.58	+0.052%	$2.2M	$830K	10x	as long as short
Phoenix MSFT	+0.0016%	1h	504.13	−0.038%	$11K	$15K	20x	as long as short
QFEX MSFT-USD	+0.0023%	1h	504.30	−0.004%	$1.1M	$4.7M	10x	as long as short
Lighter MSFT	+0.0032%	1h	504.26	−0.012%	$1.2M	$511K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	504.21	−0.022%	$696K	$1.9M	20x	as long as short
Arcus MSFT-USD	+0.0040%	1h	504.18	−0.028%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	504.39	+0.014%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	503.84	−0.095%	$22.4M	$8.9M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.67	−0.129%	$303K	$654K	10x	as long as short
SoDEX MSFT-USDshort	+0.0050%	1h	504.18	−0.028%	$61K	$3K	10x
Ondo Perps MSFT-USD.P	+0.0050%	1h	504.11	−0.042%	$514K	$411K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0052%	8h	504.27	−0.010%	$222	—	5x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.97	−0.069%	$1.6M	$107K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.91	−0.081%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	504.33	+0.002%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	504.24	−0.015%	$55	—	10x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0167%	1h	504.28	−0.008%	$27K	$44K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	505.94	+0.321%	$116K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0695%	4h	504.34	+0.004%	$103K	$243K	10x	as long as short