Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.1656%/8h= −181.3% APRpaid last 24h −0.100%

Price spread now: Hotstuff against OKX−0.111%53s7-day average — · you buy dearer than you sell

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

Long on OKX 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 −$50 a day on $10k at the current rate, and Hotstuff is 0.111% cheaper against OKX than usual: you would sell low and buy high (−$11 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 53 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	OKX MSFT-USDT-SWAP	505.08	0.0056	pay 0.0056% / 8h	5h 06m	$3.2M	$2.8M	20x
Short	Hotstuff MSFT-PERP	504.52	−0.1600	pay 0.0200% / 1h	6m 47s	$33K	$8K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hotstuff against OKX. 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 OKXbpFee HotstuffbpOrdersPrice spread, now −0.111%Rate

Funding earned: −$347.75
Price spread: −0.111% → 0.000%: −$11.09
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Net: −$373.84
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: OKX: 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 OKX live order book, 4 min ago	0.59 bp	7.6 bp −$8	14.7 bp −$147	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 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-PERPshort	−0.1600%	1h	504.52	−0.111%	$33K	$8K	20x
edgeX MSFTUSDC	−0.0722%	4h	504.77	−0.062%	$103K	$243K	10x	as long as short
Nado MSFT-PERP	−0.0035%	1h	504.67	−0.081%	$412K	$72K	20x	as long as short
BloFin MSFT-USDT	−0.0018%	8h	504.95	−0.026%	$203K	$222K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	505.01	−0.015%	$166K	$118K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	504.79	−0.057%	$328K	$1.9M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	504.98	−0.020%	$16.3M	$21.8M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	504.66	−0.083%	$7.3M	$2.4M	100x	as long as short
Gate MSFT_USDT	0.0000%	8h	504.69	−0.077%	$3.1M	$2.0M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	504.67	−0.081%	$4.0M	$3.1M	100x	as long as short

Show all 34 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni MSFT	0.0000%	8h	504.57	−0.101%	$1.3M	$408K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	504.77	−0.062%	$19K	$326K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	505.76	+0.135%	$6K	$3.5M	20x	as long as short
Coinbase International MSFT-PERP-INTX	0.0000%	1h	504.00	−0.214%	$712K	$662K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	504.77	−0.061%	$49K	$247K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	505.14	+0.012%	$2.3M	$943K	10x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0027%	1h	504.71	−0.073%	$30K	$47K	10x	as long as short
Lighter MSFT	+0.0032%	1h	504.84	−0.048%	$1.2M	$526K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	504.84	−0.048%	$730K	$1.9M	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	504.91	−0.034%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	504.55	−0.105%	$22.4M	$9.4M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	504.62	−0.091%	$319K	$675K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	504.71	−0.073%	$61K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	504.35	−0.145%	$530K	$408K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0054%	8h	504.76	−0.064%	$222	—	5x	as long as short
OKX MSFT-USDT-SWAPlong	+0.0056%	8h	505.08	long leg	$3.2M	$2.8M	20x
QFEX MSFT-USD	+0.0058%	1h	504.81	−0.053%	$1.2M	$4.7M	10x	as long as short
Phoenix MSFT	+0.0079%	1h	504.29	−0.156%	$11K	$5K	20x	as long as short
KuCoin MSFTUSDTM	+0.0088%	8h	504.36	−0.143%	$1.6M	$270K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	504.43	−0.129%	$161K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	504.79	−0.057%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	504.66	−0.082%	$56	—	10x	as long as short
Arcus MSFT-USD	+0.0190%	1h	504.67	−0.081%	$94K	$83K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	504.69	−0.077%	$116K	$45K	30x	as long as short