Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.1600%/8h= −175.2% APRpaid last 24h −0.100%

Price spread now: Hotstuff against Phemex−0.135%7-day average — · you buy dearer than you sell

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

Long on Phemex 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 −$48 a day on $10k at the current rate, and Hotstuff is 0.135% cheaper against Phemex than usual: you would sell low and buy high (−$13 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	Phemex MSFTUSDT	505.14	0	get 0.0000% / 8h	5h 05m	$2.3M	$943K	10x
Short	Hotstuff MSFT-PERP	504.46	−0.1600	pay 0.0200% / 1h	5m 25s	$33K	$8K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hotstuff against Phemex. 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 PhemexbpFee HotstuffbpOrdersPrice spread, now −0.135%Rate

Funding earned: −$336
Price spread: −0.135% → 0.000%: −$13.46
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Net: −$366.46
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 1 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 Phemex live order book, 1 min ago	0.30 bp	28.7 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 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	504.46	−0.135%	$33K	$8K	20x
Nado MSFT-PERP	−0.0032%	1h	504.66	−0.096%	$412K	$72K	20x	as long as short
BloFin MSFT-USDT	−0.0018%	8h	504.95	−0.038%	$203K	$222K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	504.89	−0.049%	$166K	$118K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	504.86	−0.054%	$328K	$1.9M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	505.06	−0.015%	$16.3M	$21.8M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	504.70	−0.087%	$7.3M	$2.4M	100x	as long as short
Gate MSFT_USDT	0.0000%	8h	504.72	−0.083%	$3.1M	$2.0M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	504.69	−0.089%	$4.0M	$3.1M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	504.90	−0.047%	$1.3M	$410K	—	as long as short

Show all 34 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT MSFT_USDT_Perp	0.0000%	8h	504.77	−0.073%	$19K	$326K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	505.80	+0.131%	$6K	$3.5M	20x	as long as short
Coinbase International MSFT-PERP-INTX	0.0000%	1h	504.00	−0.226%	$712K	$662K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	504.88	−0.051%	$49K	$247K	20x	as long as short
Phemex MSFTUSDTlong	0.0000%	8h	505.14	long leg	$2.3M	$943K	10x
Lighter MSFT	+0.0032%	1h	504.71	−0.085%	$1.2M	$526K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	504.73	−0.081%	$729K	$1.9M	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	504.95	−0.038%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	504.56	−0.115%	$22.4M	$9.4M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	504.70	−0.087%	$319K	$675K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	504.75	−0.077%	$61K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	504.57	−0.113%	$530K	$409K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0054%	8h	504.69	−0.089%	$222	—	5x	as long as short
OKX MSFT-USDT-SWAP	+0.0057%	8h	505.02	−0.024%	$3.2M	$2.8M	20x	as long as short
QFEX MSFT-USD	+0.0058%	1h	504.85	−0.057%	$1.2M	$4.7M	10x	as long as short
Phoenix MSFT	+0.0079%	1h	504.29	−0.168%	$11K	$5K	20x	as long as short
KuCoin MSFTUSDTM	+0.0088%	8h	504.39	−0.148%	$1.6M	$271K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	504.43	−0.141%	$161K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	504.79	−0.069%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	504.67	−0.094%	$56	—	10x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0127%	1h	504.70	−0.087%	$30K	$47K	10x	as long as short
Arcus MSFT-USD	+0.0190%	1h	504.71	−0.085%	$94K	$83K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	504.69	−0.089%	$116K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0475%	4h	504.83	−0.061%	$103K	$243K	10x	as long as short