Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0224%/8h= +24.5% APRpaid last 24h −0.069%

Price spread now: Hotstuff against Aster−0.081%7-day average — · you buy dearer than you sell

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

Long on Aster Short on Hotstuff

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 airdropAster: Stage 5 · Hotstuff: Active · farm boardneeds both histories

Funding pays, the price is against you. Hotstuff is 0.081% cheaper against Aster than usual: you would sell low and buy high (spread −0.081% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$8 on $10k: about 29 hours of funding at the current rate (+$7 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster MSFTUSDT	502.09	0	get 0.0000% / 8h	1h 25m	$161K	$116K	20x
Short	Hotstuff MSFT-PERP	501.68	0.0224	get 0.0028% / 1h	25m 57s	$32K	$8K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hotstuff against Aster. 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 AsterbpFee HotstuffbpOrdersPrice spread, now −0.081%Rate

Funding earned: $47.04
Price spread: −0.081% → 0.000%: −$8.1
Slippage, 4 orders: no order book: not counted
Fee Aster: 4 bp × 2 orders: −$8
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Net: $25.94
Costs to cover: 0.130%
Break-even: 3.1 days

Slippage unknown: Aster: live order book, 55 min ago; Hotstuff: 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 Aster live order book, 55 min ago	9.36 bp	27.3 bp −$27	doesn't fit	doesn't fit	doesn't fit
Sell Hotstuff no order-book sample	—	—	—	—	—

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
BloFin MSFT-USDT	−0.0023%	8h	502.16	+0.015%	$188K	$209K	20x	as long as short
Aster MSFTUSDTlong	0.0000%	8h	502.09	long leg	$161K	$116K	20x
Extended MSFT_24_5-USD	0.0000%	1h	502.05	−0.007%	$337K	$406K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	502.14	+0.011%	$15.7M	$19.2M	20x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	502.24	+0.031%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.90	−0.037%	$3.1M	$1.6M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.98	−0.021%	$1.3M	$708K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	502.05	−0.007%	$19K	$318K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.90	+0.162%	$6K	$4.4M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.86	−0.045%	$27K	$104K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International MSFT-PERP-INTX	0.0000%	1h	501.58	−0.101%	$688K	$449K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.98	−0.021%	$58K	$228K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.45	+0.072%	$2.2M	$763K	10x	as long as short
Bitget MSFTUSDT	+0.0004%	8h	502.08	−0.001%	$3.8M	$2.2M	100x	as long as short
Bybit MSFTUSDT	+0.0019%	8h	502.11	+0.005%	$7.4M	$1.7M	100x	as long as short
Nado MSFT-PERP	+0.0031%	1h	501.79	−0.060%	$414K	$64K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	502.00	−0.017%	$652K	$2.1M	20x	as long as short
QFEX MSFT-USD	+0.0040%	1h	502.00	−0.017%	$1.1M	$5.8M	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.92	−0.033%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.68	−0.081%	$22.3M	$9.9M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.62	−0.093%	$305K	$678K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	502.04	−0.009%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.74	−0.069%	$529K	$494K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0061%	8h	501.95	−0.027%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.88	−0.041%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.50	−0.117%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.89	−0.039%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.98	−0.021%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	502.02	−0.014%	$55	—	10x	as long as short
Lighter MSFT	+0.0152%	1h	502.16	+0.015%	$1.1M	$590K	20x	as long as short
Arcus MSFT-USD	+0.0200%	1h	501.98	−0.021%	$98K	$109K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.17	+0.017%	$115K	$45K	30x	as long as short
Hotstuff MSFT-PERPshort	+0.0224%	1h	501.68	−0.081%	$32K	$8K	20x
edgeX MSFTUSDC	+0.0633%	4h	502.01	−0.016%	$102K	$242K	10x	as long as short