Funding arb · Price arb /

MSFT

RWAall MSFT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0016%/8h= +1.7% APRpaid last 24h +0.014%

Price spread now: tradeXYZ against HTX−0.052%49s7-day average −0.089% · you buy dearer than you sell

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$370.375% of the position

Long on HTX Short on tradeXYZ

What this pair did over the last

the charts below follow

Funding, last 7 days+0.070%+$7 on $10k

Price spread, last 4 days (all we have)−0.101%−$10 · spread now −0.052%, 7d avg −0.089%

Together, before fees−0.031%+ Points / potential airdroptradeXYZ: Active · farm board−$3 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays $0 a day on $10k at the current rate, and tradeXYZ is 0.037% dearer against HTX than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.089%. The two prices were read 49 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	HTX MSFT-USDT	503.51	0	get 0.0000% / 8h	3h 03m	$59K	$226K	20x
Short	tradeXYZ xyz:MSFT	503.25	0.0016	get 0.0002% / 1h	3m 26s	$22.3M	$8.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

tradeXYZ 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 tradeXYZbpOrdersPrice spread, now −0.052%Rate

Funding earned: $3.32
Price spread: −0.052% → −0.089%: $3.73
Slippage, 4 orders: −$7.49
Fee HTX: 6 bp × 2 orders: −$12
Fee tradeXYZ: 9 bp × 2 orders: −$18
Net: −$30.44
Costs to cover: 0.375%
Break-even: 71.1 days

Slippage from HTX: live order book, 48 min ago; tradeXYZ: live order book, 5 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, 48 min ago	2.69 bp	8.8 bp −$9	17.0 bp −$170	doesn't fit	doesn't fit
Sell tradeXYZ live order book, 5 min ago	0.50 bp	10.1 bp −$10	doesn't fit	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
Nado MSFT-PERP	−0.0099%	1h	503.36	−0.030%	$414K	$65K	20x	as long as short
Hotstuff MSFT-PERP	−0.0048%	1h	503.13	−0.075%	$32K	$8K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0032%	1h	503.33	−0.036%	$685K	$460K	10x	as long as short
BloFin MSFT-USDT	−0.0004%	8h	503.49	−0.004%	$189K	$205K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.47	−0.008%	$162K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.66	+0.030%	$337K	$1.0M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	503.80	+0.059%	$15.8M	$19.2M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.38	−0.026%	$7.2M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	503.68	+0.034%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.53	+0.004%	$3.1M	$1.8M	100x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MSFTUSDT	0.0000%	8h	503.61	+0.020%	$4.4M	$2.6M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	503.40	−0.022%	$1.3M	$493K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	503.55	+0.009%	$18K	$303K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	504.60	+0.216%	$6K	$4.0M	20x	as long as short
HTX MSFT-USDTlong	0.0000%	8h	503.51	long leg	$59K	$226K	20x
Phemex MSFTUSDT	0.0000%	8h	503.77	+0.052%	$2.2M	$785K	10x	as long as short
tradeXYZ xyz:MSFTshort	+0.0016%	1h	503.25	−0.052%	$22.3M	$8.8M	20x
Lighter MSFT	+0.0032%	1h	503.63	+0.024%	$1.1M	$514K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.33	−0.036%	$679K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0035%	1h	503.62	+0.022%	$1.2M	$4.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.29	−0.044%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.60	+0.018%	—	$1K	25x	as long as short
Phoenix MSFT	+0.0048%	1h	503.27	−0.048%	$11K	$15K	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.33	−0.036%	$303K	$713K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.63	+0.024%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.08	−0.085%	$512K	$458K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0051%	8h	503.56	+0.011%	$222	—	5x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.09	−0.083%	$1.6M	$56K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.52	+0.002%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.56	+0.010%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.57	+0.011%	$55	—	10x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0108%	1h	503.51	0.000%	$27K	$42K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	503.84	+0.066%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0954%	4h	503.42	−0.017%	$102K	$243K	10x	as long as short