Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0060%/8h= −6.6% APRpaid last 24h −0.109%

Price spread now: Hotstuff against KuCoin−0.038%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on KuCoin Short on Hotstuff

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

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Hotstuff is 0.038% cheaper against KuCoin than usual: you would sell low and buy high (−$4 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin MSFTUSDTM	503.53	0.0100	pay 0.0100% / 8h	7h 21m	$1.6M	$120K	20x
Short	Hotstuff MSFT-PERP	503.34	0.0040	get 0.0005% / 1h	21m 21s	$32K	$8K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hotstuff against KuCoin. 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 KuCoinbpFee HotstuffbpOrdersPrice spread, now −0.038%Rate

Funding earned: −$12.6
Price spread: −0.038% → 0.000%: −$3.77
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Net: −$33.37
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: KuCoin: live order book, 4 min ago; Hotstuff: no order-book sample. 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 KuCoin live order book, 4 min ago	7.55 bp	28.5 bp −$29	doesn't fit	doesn't fit	doesn't fit
Sell Hotstuff no order-book sample	—	—	—	—	—

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	−0.0056%	1h	503.32	−0.042%	$680K	$443K	10x	as long as short
Nado MSFT-PERP	−0.0012%	1h	503.45	−0.015%	$414K	$67K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	504.14	+0.122%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.83	+0.060%	$335K	$1.9M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	503.97	+0.087%	$16.3M	$19.3M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.59	+0.012%	$7.2M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	503.96	+0.085%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.67	+0.028%	$3.1M	$1.9M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	503.78	+0.050%	$3.9M	$2.8M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	503.92	+0.077%	$1.3M	$387K	—	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT MSFT_USDT_Perp	0.0000%	8h	503.92	+0.078%	$19K	$316K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	504.74	+0.240%	$7K	$3.5M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.89	+0.071%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	504.22	+0.137%	$2.2M	$842K	10x	as long as short
Phoenix MSFT	+0.0016%	1h	503.53	0.000%	$11K	$15K	20x	as long as short
QFEX MSFT-USD	+0.0023%	1h	503.89	+0.071%	$1.1M	$4.6M	10x	as long as short
BloFin MSFT-USDT	+0.0025%	8h	503.93	+0.079%	$192K	$203K	20x	as long as short
Lighter MSFT	+0.0032%	1h	503.66	+0.026%	$1.2M	$519K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.66	+0.026%	$700K	$1.9M	20x	as long as short
Hotstuff MSFT-PERPshort	+0.0040%	1h	503.34	−0.038%	$32K	$8K	20x
Arcus MSFT-USD	+0.0040%	1h	503.68	+0.030%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.76	+0.046%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	503.37	−0.032%	$22.4M	$8.9M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.40	−0.026%	$303K	$650K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.64	+0.022%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.43	−0.020%	$534K	$398K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0056%	8h	503.75	+0.044%	$222	—	5x	as long as short
KuCoin MSFTUSDTMlong	+0.0100%	8h	503.53	long leg	$1.6M	$120K	20x
ApeX Omni MSFTUSDT	+0.0100%	1h	503.42	−0.022%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.75	+0.044%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.88	+0.070%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	505.30	+0.352%	$116K	$45K	30x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0247%	1h	503.67	+0.028%	$27K	$45K	10x	as long as short
edgeX MSFTUSDC	+0.0766%	4h	503.86	+0.066%	$102K	$243K	10x	as long as short