Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.015%

Price spread now: HTX against SoDEX+0.024%7-day average — · you sell dearer than you buy

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

Long on SoDEX Short on HTX

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—needs both histories

The price spread pays, funding is against you. HTX is 0.024% dearer against SoDEX than usual: you sell high and buy low (spread +0.024% now, against zero (this spread has no 7-day history yet)): +$2 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 38 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX MSFT-USD	503.29	0.0050	pay 0.0006% / 1h	4m 02s	$60K	$3K	10x
Short	HTX MSFT-USDT	503.41	0	get 0.0000% / 8h	4m 02s	$59K	$225K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against SoDEX. 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 SoDEXbpFee HTXbpOrdersPrice spread, now +0.024%Rate

Funding earned: −$10.5
Price spread: +0.024% → 0.000%: $2.38
Slippage, 4 orders: no order book: not counted
Fee SoDEX: 4 bp × 2 orders: −$8
Fee HTX: 6 bp × 2 orders: −$12
Net: −$28.12
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: SoDEX: no order-book sample; HTX: live order book, 32 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 SoDEX no order-book sample	—	—	—	—	—
Sell HTX live order book, 32 min ago	2.68 bp	8.7 bp −$9	13.4 bp −$134	doesn't fit	doesn't fit

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
edgeX MSFTUSDC	−0.0585%	4h	503.54	+0.050%	$102K	$243K	10x	as long as short
Nado MSFT-PERP	−0.0056%	1h	503.40	+0.023%	$414K	$67K	20x	as long as short
tradeXYZ xyz:MSFT	−0.0008%	1h	503.05	−0.048%	$22.4M	$8.8M	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.37	+0.016%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.37	+0.017%	$339K	$1.9M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	503.49	+0.040%	$15.8M	$19.1M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.28	−0.002%	$7.2M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	503.59	+0.060%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.27	−0.004%	$3.1M	$1.9M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	503.49	+0.040%	$3.8M	$2.9M	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	503.54	+0.049%	$1.3M	$401K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	503.57	+0.056%	$18K	$321K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	504.29	+0.199%	$6K	$3.8M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	503.30	+0.002%	$27K	$44K	10x	as long as short
Coinbase International MSFT-PERP-INTX	0.0000%	1h	503.07	−0.044%	$687K	$454K	10x	as long as short
HTX MSFT-USDTshort	0.0000%	8h	503.41	+0.024%	$59K	$225K	20x
Phemex MSFTUSDT	0.0000%	8h	503.61	+0.064%	$2.2M	$817K	10x	as long as short
BloFin MSFT-USDT	+0.0012%	8h	503.61	+0.064%	$191K	$206K	20x	as long as short
Lighter MSFT	+0.0032%	1h	503.43	+0.028%	$1.2M	$532K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.36	+0.014%	$706K	$1.9M	20x	as long as short
QFEX MSFT-USD	+0.0037%	1h	503.51	+0.044%	$1.1M	$4.6M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.30	+0.002%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.64	+0.070%	—	$1K	25x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.20	−0.018%	$303K	$717K	10x	as long as short
SoDEX MSFT-USDlong	+0.0050%	1h	503.29	long leg	$60K	$3K	10x
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.14	−0.030%	$512K	$428K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0052%	8h	503.42	+0.027%	$222	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	503.28	−0.002%	$11K	$15K	20x	as long as short
Hotstuff MSFT-PERP	+0.0096%	1h	503.06	−0.046%	$32K	$8K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.03	−0.052%	$1.6M	$78K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.21	−0.016%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.38	+0.018%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.40	+0.022%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	503.80	+0.101%	$115K	$45K	30x	as long as short