Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0040%/8h= +4.4% APRpaid last 24h +0.081%

Price spread now: Arcus against HTX−0.046%7-day average −0.017% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$370.373% of the position

Long on HTX Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.154%+$15 on $10k

Price spread, last 4 days (all we have)+0.027%+$3 · spread now −0.046%, 7d avg −0.017%

Together, before fees+0.182%+$18 on $10k · with fees, hour by hour

Funding pays, the price is against you. Arcus is 0.028% cheaper against HTX than usual: you would sell low and buy high (spread −0.046% now, against its 7-day average of −0.017%). If the spread goes back, that is −$3 on $10k: about 2.4 days of funding at the current rate (+$1 a day). At the pace of the last 4 days (+0.154% in total) that is about 17 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX MSFT-USDT	503.58	0	get 0.0000% / 8h	15m 34s	$59K	$225K	20x
Short	Arcus MSFT-USD	503.35	0.0040	get 0.0005% / 1h	15m 34s	$97K	$110K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus against HTX. 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 HTXbpFee ArcusbpOrdersPrice spread, now −0.046%Rate

Funding earned: $8.46
Price spread: −0.046% → −0.017%: −$2.85
Slippage, 4 orders: −$20.84
Fee HTX: 6 bp × 2 orders: −$12
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: −$31.73
Costs to cover: 0.373%
Break-even: 33.3 days

Slippage from HTX: live order book, 21 min ago; Arcus: live order book, 22 min ago.

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 HTX live order book, 21 min ago	2.68 bp	9.3 bp −$9	19.2 bp −$192	doesn't fit	doesn't fit
Sell Arcus live order book, 22 min ago	3.87 bp	10.9 bp −$11	13.6 bp −$136	doesn't fit	doesn't fit

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	−0.0111%	4h	503.51	−0.014%	$102K	$244K	10x	as long as short
Nado MSFT-PERP	−0.0048%	1h	503.56	−0.004%	$415K	$67K	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	−0.0028%	1h	503.39	−0.038%	$27K	$44K	10x	as long as short
BloFin MSFT-USDT	−0.0023%	8h	503.65	+0.014%	$191K	$206K	20x	as long as short
tradeXYZ xyz:MSFT	0.0000%	1h	503.19	−0.077%	$22.4M	$8.9M	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.73	+0.029%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.49	−0.019%	$339K	$1.9M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	503.60	+0.004%	$15.8M	$19.1M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.34	−0.048%	$7.2M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	503.66	+0.016%	$3.0M	$2.4M	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate MSFT_USDT	0.0000%	8h	503.38	−0.040%	$3.1M	$1.9M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	503.62	+0.008%	$3.8M	$2.9M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	503.60	+0.003%	$1.3M	$403K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	503.58	+0.001%	$19K	$322K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	504.42	+0.167%	$6K	$3.8M	20x	as long as short
Coinbase International MSFT-PERP-INTX	0.0000%	1h	503.16	−0.083%	$681K	$447K	10x	as long as short
HTX MSFT-USDTlong	0.0000%	8h	503.58	long leg	$59K	$225K	20x
Phemex MSFTUSDT	0.0000%	8h	503.76	+0.036%	$2.2M	$818K	10x	as long as short
Lighter MSFT	+0.0032%	1h	503.61	+0.006%	$1.2M	$532K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.48	−0.020%	$708K	$1.9M	20x	as long as short
QFEX MSFT-USD	+0.0037%	1h	503.49	−0.018%	$1.1M	$4.6M	10x	as long as short
Arcus MSFT-USDshort	+0.0040%	1h	503.35	−0.046%	$97K	$110K	10x
Vest MSFT-USD-PERP	+0.0046%	1h	503.79	+0.042%	—	$1K	25x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.31	−0.054%	$303K	$717K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.52	−0.012%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.24	−0.068%	$513K	$429K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0052%	8h	503.51	−0.014%	$222	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	503.38	−0.040%	$11K	$15K	20x	as long as short
Hotstuff MSFT-PERP	+0.0072%	1h	503.18	−0.079%	$32K	$8K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	502.91	−0.133%	$1.6M	$69K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.26	−0.064%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.55	−0.006%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.57	−0.001%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	504.86	+0.254%	$116K	$45K	30x	as long as short