Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC+0.0015%/8hpaid last 24h −0.067%

Price spread now: Hotstuff against Bitget−0.078%46s7-day average — · you buy dearer than you sell

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

Long on Bitget 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 airdropHotstuff: Active · farm boardneeds both histories

Funding pays, the price is against you. Hotstuff is 0.078% cheaper against Bitget than usual: you would sell low and buy high (spread −0.078% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$8 on $10k: about 17 days of funding at the current rate ($0 a day). The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget MSFTUSDT	500.94	0.0009	pay 0.0009% / 8h	4h 06m	$3.9M	$2.0M	100x
Short	Hotstuff MSFT-PERP	500.55	0.0024	get 0.0003% / 1h	6m 49s	$32K	—	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hotstuff against Bitget. 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 BitgetbpFee HotstuffbpOrdersPrice spread, now −0.078%Rate

Funding earned: $3.15
Price spread: −0.078% → 0.000%: −$7.79
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Net: −$21.64
Costs to cover: 0.170%
Break-even: 55.1 days

Slippage unknown: Bitget: live order book, 5 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 Bitget live order book, 5 min ago	1.00 bp	8.5 bp −$8	12.1 bp −$121	28.2 bp −$2,824	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
edgeX MSFTUSDC	−0.0549%	4h	500.58	−0.071%	$102K	$243K	10x	as long as short
Nado MSFT-PERP	−0.0029%	1h	500.83	−0.021%	$449K	$44K	20x	as long as short
BloFin MSFT-USDT	−0.0029%	8h	501.04	+0.020%	$191K	$205K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0016%	1h	499.93	−0.202%	$692K	$403K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.09	+0.030%	$156K	$107K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.16	+0.044%	$371K	$401K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.00	+0.012%	$15.6M	$18.4M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.09	+0.030%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.21	+0.054%	$3.1M	$2.2M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	500.92	−0.004%	$3.1M	$1.5M	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	500.84	−0.019%	$1.3M	$739K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	500.89	−0.011%	$18K	$339K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	501.99	+0.210%	$6K	$4.4M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.07	+0.026%	$58K	$231K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.51	+0.114%	$2.2M	$729K	10x	as long as short
Bitget MSFTUSDTlong	+0.0009%	8h	500.94	long leg	$3.9M	$2.0M	100x
Deribit MSFT_USDC-PERPETUAL	+0.0010%	1h	501.04	+0.020%	$27K	$115K	10x	as long as short
Hotstuff MSFT-PERPshort	+0.0024%	1h	500.55	−0.078%	$32K	—	20x
Lighter MSFT	+0.0032%	1h	501.24	+0.060%	$1.1M	$635K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.20	+0.052%	$667K	$2.3M	20x	as long as short
QFEX MSFT-USD	+0.0045%	1h	501.13	+0.038%	$1.1M	$5.4M	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	500.99	+0.010%	—	—	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	500.57	−0.074%	$22.1M	$9.6M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	500.73	−0.042%	$319K	$645K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.13	+0.038%	$60K	$3K	10x	as long as short
Paradex MSFT-USD-PERP	+0.0050%	8h	501.04	+0.019%	$220	—	5x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.65	−0.058%	$510K	$468K	15x	as long as short
Phoenix MSFT	+0.0080%	1h	500.53	−0.082%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	500.67	−0.054%	$1.5M	$11K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	500.09	−0.170%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	500.93	−0.002%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	499.76	−0.235%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	500.34	−0.120%	$115K	$45K	30x	as long as short
Arcus MSFT-USD	+0.0553%	1h	501.02	+0.016%	$111K	$76K	10x	as long as short