Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0008%/8h= −0.9% APRpaid last 24h +0.078%

Price spread now: SunX against Hotstuff+0.244%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 SunX

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

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: SunX is 0.244% dearer against Hotstuff than usual: you sell high and buy low, +$24 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hotstuff MSFT-PERP	503.50	0.0008	pay 0.0001% / 1h	27m 45s	$32K	$8K	20x
Short	SunX MSFT-USDT	504.73	0	get 0.0000% / 8h	1h 27m	$6K	$3.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.244%Rate

Funding earned: −$1.68
Price spread: +0.244% → 0.000%: $24.43
Slippage, 4 orders: no order book: not counted
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Fee SunX: 4 bp × 2 orders: −$8
Net: $9.75
Costs to cover: 0.130%
Break-even: from the start

Slippage unknown: Hotstuff: no order-book sample; SunX: live order book, 10 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 SunX live order book, 10 min ago	29.51 bp	105.5 bp −$105	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
Coinbase International MSFT-PERP-INTX	−0.0048%	1h	503.66	+0.032%	$682K	$500K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.55	+0.010%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.76	+0.051%	$338K	$1.2M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	503.82	+0.064%	$15.8M	$19.6M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.58	+0.016%	$7.3M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	503.93	+0.085%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.75	+0.050%	$3.1M	$1.8M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	503.84	+0.068%	$3.8M	$3.0M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	503.94	+0.088%	$1.3M	$499K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	503.99	+0.097%	$18K	$327K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX MSFT-USDTshort	0.0000%	8h	504.73	+0.244%	$6K	$3.9M	20x
HTX MSFT-USDT	0.0000%	8h	503.84	+0.068%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	504.14	+0.127%	$2.2M	$821K	10x	as long as short
Hotstuff MSFT-PERPlong	+0.0008%	1h	503.50	long leg	$32K	$8K	20x
Nado MSFT-PERP	+0.0016%	1h	503.59	+0.018%	$415K	$67K	20x	as long as short
BloFin MSFT-USDT	+0.0023%	8h	504.09	+0.117%	$191K	$207K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.56	+0.012%	$701K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0039%	1h	503.88	+0.075%	$1.1M	$4.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.66	+0.032%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.84	+0.068%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	503.45	−0.010%	$22.4M	$9.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.60	+0.020%	$303K	$718K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.76	+0.052%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.54	+0.008%	$522K	$476K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0056%	8h	503.69	+0.038%	$222	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	503.69	+0.038%	$11K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.32	−0.036%	$1.6M	$60K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.48	−0.004%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.77	+0.054%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.84	+0.067%	$55	—	10x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0107%	1h	503.75	+0.050%	$27K	$43K	10x	as long as short
Lighter MSFT	+0.0144%	1h	503.87	+0.073%	$1.2M	$514K	20x	as long as short
edgeX MSFTUSDC	+0.0164%	4h	503.94	+0.088%	$103K	$244K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	504.21	+0.141%	$115K	$45K	30x	as long as short