Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0048%/8h= −5.3% APRpaid last 24h +0.078%

Price spread now: Bybit against Hotstuff+0.100%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 Bybit

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—+ Points / potential airdropHotstuff: Active · farm boardneeds both histories

The price spread pays, funding is against you. Bybit is 0.100% dearer against Hotstuff than usual: you sell high and buy low (spread +0.100% now, against zero (this spread has no 7-day history yet)): +$10 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 6.9 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hotstuff MSFT-PERP	501.22	0.0048	pay 0.0006% / 1h	56m 51s	$32K	$8K	20x
Short	Bybit MSFTUSDT	501.72	0	get 0.0000% / 8h	5h 56m	$7.4M	$1.6M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.100%Rate

Funding earned: −$10.08
Price spread: +0.100% → 0.000%: $9.98
Slippage, 4 orders: no order book: not counted
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$16.1
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Hotstuff: no order-book sample; Bybit: live order book, 1 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 Bybit live order book, 1 min ago	1.00 bp	11.7 bp −$12	21.6 bp −$216	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 33 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	−0.0623%	4h	501.59	+0.074%	$102K	$244K	10x	as long as short
Nado MSFT-PERP	−0.0147%	1h	501.52	+0.059%	$414K	$64K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0064%	1h	501.24	+0.004%	$679K	$457K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.79	+0.113%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.52	+0.061%	$337K	$889K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.60	+0.076%	$15.6M	$18.7M	20x	as long as short
Bybit MSFTUSDTshort	0.0000%	8h	501.72	+0.100%	$7.4M	$1.6M	100x
OKX MSFT-USDT-SWAP	0.0000%	8h	501.69	+0.094%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.41	+0.038%	$3.1M	$1.6M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.61	+0.078%	$4.5M	$2.5M	100x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni MSFT	0.0000%	8h	501.60	+0.075%	$1.3M	$650K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.63	+0.081%	$19K	$295K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.38	+0.231%	$6K	$4.1M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.34	+0.024%	$27K	$41K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.49	+0.054%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.75	+0.106%	$2.2M	$762K	10x	as long as short
QFEX MSFT-USD	+0.0030%	1h	501.49	+0.054%	$1.1M	$5.7M	10x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.43	+0.042%	$654K	$1.9M	20x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.42	+0.040%	$97K	$109K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.53	+0.062%	—	$1K	25x	as long as short
Hotstuff MSFT-PERPlong	+0.0048%	1h	501.22	long leg	$32K	$8K	20x
tradeXYZ xyz:MSFT	+0.0050%	1h	501.27	+0.010%	$22.1M	$9.3M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.23	+0.002%	$303K	$671K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.50	+0.056%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.21	−0.002%	$522K	$481K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0053%	8h	501.58	+0.071%	$221	—	5x	as long as short
Lighter MSFT	+0.0056%	1h	501.73	+0.102%	$1.1M	$454K	20x	as long as short
Phoenix MSFT	+0.0080%	1h	501.34	+0.024%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.33	+0.022%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.41	+0.038%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.47	+0.050%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.49	+0.054%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.87	+0.130%	$115K	$45K	30x	as long as short