Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0064%/8h= −7.0% APRpaid last 24h +0.075%

Price spread now: Aster against Hotstuff+0.096%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 Aster

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 · Aster: Stage 5 · farm boardneeds both histories

The price spread pays, funding is against you. Aster is 0.096% dearer against Hotstuff than usual: you sell high and buy low (spread +0.096% now, against zero (this spread has no 7-day history yet)): +$10 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 5.0 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hotstuff MSFT-PERP	501.73	0.0064	pay 0.0008% / 1h	26m 16s	$32K	$8K	20x
Short	Aster MSFTUSDT	502.21	0	get 0.0000% / 8h	26m 16s	$161K	$116K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster 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 AsterbpOrdersPrice spread, now +0.096%Rate

Funding earned: −$13.44
Price spread: +0.096% → 0.000%: $9.58
Slippage, 4 orders: no order book: not counted
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Fee Aster: 4 bp × 2 orders: −$8
Net: −$16.86
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Hotstuff: no order-book sample; Aster: live order book, 50 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 Aster live order book, 50 min ago	9.26 bp	23.5 bp −$24	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	−0.0779%	4h	501.96	+0.045%	$102K	$242K	10x	as long as short
Nado MSFT-PERP	−0.0020%	1h	501.83	+0.020%	$414K	$64K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0016%	1h	501.76	+0.006%	$687K	$449K	10x	as long as short
Aster MSFTUSDTshort	0.0000%	8h	502.21	+0.096%	$161K	$116K	20x
Extended MSFT_24_5-USD	0.0000%	1h	501.96	+0.046%	$337K	$392K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	502.05	+0.064%	$15.7M	$19.0M	20x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	502.19	+0.092%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.78	+0.010%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	502.07	+0.068%	$3.8M	$2.3M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.99	+0.051%	$1.3M	$692K	—	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT MSFT_USDT_Perp	0.0000%	8h	502.06	+0.067%	$18K	$298K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.80	+0.213%	$6K	$4.3M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.91	+0.036%	$27K	$101K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.87	+0.028%	$59K	$227K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.08	+0.070%	$2.2M	$747K	10x	as long as short
BloFin MSFT-USDT	+0.0029%	8h	501.98	+0.050%	$189K	$209K	20x	as long as short
Bybit MSFTUSDT	+0.0031%	8h	502.12	+0.078%	$7.4M	$1.7M	100x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.97	+0.048%	$619K	$2.1M	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.93	+0.040%	—	$1K	25x	as long as short
QFEX MSFT-USD	+0.0049%	1h	501.97	+0.048%	$1.2M	$5.8M	10x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.73	0.000%	$22.3M	$9.4M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.61	−0.024%	$303K	$678K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.98	+0.050%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.65	−0.016%	$529K	$493K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0053%	8h	502.00	+0.053%	$221	—	5x	as long as short
Hotstuff MSFT-PERPlong	+0.0064%	1h	501.73	long leg	$32K	$8K	20x
Phoenix MSFT	+0.0080%	1h	501.71	−0.004%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.60	−0.026%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.63	−0.020%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.89	+0.032%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.99	+0.051%	$55	—	10x	as long as short
Lighter MSFT	+0.0168%	1h	502.20	+0.094%	$1.1M	$585K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.37	+0.128%	$115K	$45K	30x	as long as short
Arcus MSFT-USD	+0.0286%	1h	501.94	+0.042%	$97K	$109K	10x	as long as short