Funding you earn now, next payment 11:00 UTC+0.1600%/8h= +175.2% APRpaid last 24h +0.100%
Price spread now: Phemex against Hotstuff+0.034%620s7-day average — · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 4 days (all we have)—no history yet
+Price spread, last 7 days—no price history on both exchanges yet
=Both sides work for this trade now. Funding pays +$48 a day on $10k at the current rate, and Phemex is 0.034% dearer against Hotstuff than usual: you sell high and buy low: +$3 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 620 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 | Hotstuff MSFT-PERP | 503.33 | −0.1600 | get 0.0200% / 1h | 48m 30s | $32K | $8K | 20x |
| Short | Phemex MSFTUSDT | 503.50 | 0 | get 0.0000% / 8h | 5h 48m | $2.3M | $909K | 10x |
Hotstuff MSFT-PERP
Phemex MSFTUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phemex against Hotstuff. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $336
- Price spread: +0.034% → 0.000%
- $3.38
- Slippage, 4 orders
- no order book: not counted
- Fee Hotstuff: 2.5 bp × 2 orders
- −$5
- Fee Phemex: 6 bp × 2 orders
- −$12
- Net
- $322.38
- Costs to cover
- 0.170%
- Break-even
- 0.3 days
Slippage unknown: Hotstuff: no order-book sample; Phemex: live order book, 3 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 Phemex live order book, 3 min ago | 2.58 bp | 41.0 bp −$41 | 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 exchanges
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 | |
|---|---|---|---|---|---|---|---|---|
| Hotstuff MSFT-PERPlong | −0.1600% | 1h | 503.33 | long leg | $32K | $8K | 20x | |
| Nado MSFT-PERP | −0.0053% | 1h | 502.99 | −0.068% | $411K | $72K | 20x | as long as short |
| Ondo Perps MSFT-USD.P | −0.0044% | 1h | 502.68 | −0.129% | $532K | $382K | 15x | as long as short |
| Aster MSFTUSDT | 0.0000% | 8h | 503.77 | +0.087% | $165K | $118K | 20x | as long as short |
| Extended MSFT_24_5-USD | 0.0000% | 1h | 502.97 | −0.071% | $326K | $1.9M | 17x | as long as short |
| Binance MSFTUSDT | 0.0000% | 8h | 503.13 | −0.040% | $16.3M | $20.9M | 20x | as long as short |
| Bybit MSFTUSDT | 0.0000% | 8h | 502.93 | −0.079% | $7.3M | $2.3M | 100x | as long as short |
| Gate MSFT_USDT | 0.0000% | 8h | 502.95 | −0.075% | $3.1M | $1.9M | 100x | as long as short |
| Bitget MSFTUSDT | 0.0000% | 8h | 503.12 | −0.042% | $3.9M | $2.9M | 100x | as long as short |
| Variational Omni MSFT | 0.0000% | 8h | 503.26 | −0.015% | $1.3M | $396K | — | as long as short |
Nado MSFT-PERP
Ondo Perps MSFT-USD.P
Aster MSFTUSDT
Extended MSFT_24_5-USD
Binance MSFTUSDT
Bybit MSFTUSDT
Gate MSFT_USDT
Bitget MSFTUSDT
Variational Omni MSFTShow all 34 exchanges
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| SunX MSFT-USDT | 0.0000% | 8h | 504.13 | +0.159% | $6K | $3.5M | 20x | as long as short |
| Deribit MSFT_USDC-PERPETUAL | 0.0000% | 1h | 502.87 | −0.091% | $30K | $47K | 10x | as long as short |
| Coinbase International MSFT-PERP-INTX | 0.0000% | 1h | 502.80 | −0.105% | $702K | $522K | 10x | as long as short |
| HTX MSFT-USDT | 0.0000% | 8h | 503.10 | −0.046% | $48K | $246K | 20x | as long as short |
| Phemex MSFTUSDTshort | 0.0000% | 8h | 503.50 | +0.034% | $2.3M | $909K | 10x | |
| BloFin MSFT-USDT | 0.0000% | 8h | 503.26 | −0.014% | $202K | $214K | 20x | as long as short |
| GRVT MSFT_USDT_Perp | +0.0007% | 8h | 503.55 | +0.044% | $19K | $318K | 10x | as long as short |
| tradeXYZ xyz:MSFT | +0.0015% | 1h | 502.66 | −0.133% | $22.4M | $9.2M | 20x | as long as short |
| Lighter MSFT | +0.0032% | 1h | 503.00 | −0.066% | $1.2M | $480K | 20x | as long as short |
| Lighter RH MSFT | +0.0032% | 1h | 502.96 | −0.074% | $690K | $1.8M | 20x | as long as short |
| Vest MSFT-USD-PERP | +0.0046% | 1h | 503.01 | −0.064% | — | $1K | 25x | as long as short |
| Polymarket Perps MSFT-USD | +0.0050% | 1h | 502.75 | −0.115% | $318K | $676K | 10x | as long as short |
| SoDEX MSFT-USD | +0.0050% | 1h | 503.07 | −0.052% | $60K | $3K | 10x | as long as short |
| Paradex MSFT-USD-PERP | +0.0056% | 8h | 502.96 | −0.073% | $221 | — | 5x | as long as short |
| OKX MSFT-USDT-SWAP | +0.0057% | 8h | 503.18 | −0.030% | $3.2M | $2.7M | 20x | as long as short |
| QFEX MSFT-USD | +0.0058% | 1h | 503.03 | −0.060% | $1.1M | $4.7M | 10x | as long as short |
| Phoenix MSFT | +0.0079% | 1h | 503.21 | −0.024% | $11K | $5K | 20x | as long as short |
| KuCoin MSFTUSDTM | +0.0100% | 8h | 502.91 | −0.083% | $1.6M | $224K | 20x | as long as short |
| ApeX Omni MSFTUSDT | +0.0100% | 1h | 503.30 | −0.006% | $160K | $7K | 50x | as long as short |
| Orderly PERP_MSFT_USDC_mythos | +0.0100% | 8h | 503.26 | −0.014% | $8K | — | 10x | as long as short |
| Aevo MSFT-PERP | +0.0104% | 1h | 503.26 | −0.015% | $55 | — | 10x | as long as short |
| Arcus MSFT-USD | +0.0190% | 1h | 502.81 | −0.103% | $93K | $83K | 10x | as long as short |
| edgeX MSFTUSDC | +0.0195% | 4h | 503.42 | +0.018% | $102K | $243K | 10x | as long as short |
| Injective MSFT/USDC PERP | +0.0220% | 1h | 503.61 | +0.056% | $115K | $45K | 30x | as long as short |
SunX MSFT-USDT
Deribit MSFT_USDC-PERPETUAL
Coinbase International MSFT-PERP-INTX
HTX MSFT-USDT
BloFin MSFT-USDT
GRVT MSFT_USDT_Perp
tradeXYZ xyz:MSFT
Lighter MSFT
Lighter RH MSFT
Vest MSFT-USD-PERP
Polymarket Perps MSFT-USD
SoDEX MSFT-USD
Paradex MSFT-USD-PERP
OKX MSFT-USDT-SWAP
QFEX MSFT-USD
Phoenix MSFT
KuCoin MSFTUSDTM
ApeX Omni MSFTUSDT
Orderly PERP_MSFT_USDC_mythos
Aevo MSFT-PERP
Arcus MSFT-USD
edgeX MSFTUSDC
Injective MSFT/USDC PERP