Funding you earn now, next payment 00:00 UTC+0.0024%/8h= +2.7% APRnext payment +$0.03 per $10,000 · paid last 24h −0.093%
Price spread now: Hotstuff against Phoenix+0.050%113s7-day average — · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 3 days (all we have)—no history yet
+Price spread, last 7 days—no price history on both exchanges yet
=Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Hotstuff is 0.050% dearer against Phoenix than usual: you sell high and buy low: +$5 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 113 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 | Phoenix MSFT | 501.48 | 0.0080 | pay 0.0010% / 1h | 29m 32s | $10K | $15K | 20x |
| Short | Hotstuff MSFT-PERP | 501.73 | 0.0104 | get 0.0013% / 1h | 29m 32s | $32K | $8K | 20x |
Phoenix MSFT
Hotstuff MSFT-PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Hotstuff against Phoenix. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $5.1
- Price spread: +0.050% → 0.000%
- $4.99
- Slippage, 4 orders
- no order book: not counted
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Hotstuff: 2.5 bp × 2 orders
- −$5
- Net
- −$1.92
- Costs to cover
- 0.120%
- Break-even
- 9.6 days
Slippage unknown: Phoenix: no order-book sample; 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 Phoenix no order-book sample | — | — | — | — | — |
| Sell Hotstuff no order-book sample | — | — | — | — | — |
Phoenix and 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 | −0.0008% | 1h | 501.13 | −0.070% | $679K | $456K | 10x | as long as short |
| Nado MSFT-PERP | −0.0002% | 1h | 501.70 | +0.043% | $414K | $64K | 20x | as long as short |
| Aster MSFTUSDT | 0.0000% | 8h | 502.04 | +0.112% | $161K | $116K | 20x | as long as short |
| Extended MSFT_24_5-USD | 0.0000% | 1h | 502.03 | +0.110% | $337K | $1.0M | 17x | as long as short |
| Binance MSFTUSDT | 0.0000% | 8h | 502.10 | +0.124% | $15.7M | $18.7M | 20x | as long as short |
| Bybit MSFTUSDT | 0.0000% | 8h | 501.99 | +0.102% | $7.4M | $1.6M | 100x | as long as short |
| OKX MSFT-USDT-SWAP | 0.0000% | 8h | 502.20 | +0.144% | $3.0M | $2.3M | 20x | as long as short |
| Gate MSFT_USDT | 0.0000% | 8h | 501.75 | +0.054% | $3.1M | $1.6M | 100x | as long as short |
| Bitget MSFTUSDT | 0.0000% | 8h | 501.83 | +0.070% | $3.8M | $2.2M | 100x | as long as short |
| Variational Omni MSFT | 0.0000% | 8h | 501.87 | +0.077% | $1.3M | $690K | — | as long as short |
Coinbase International MSFT-PERP-INTX
Nado MSFT-PERP
Aster MSFTUSDT
Extended MSFT_24_5-USD
Binance MSFTUSDT
Bybit MSFTUSDT
OKX MSFT-USDT-SWAP
Gate MSFT_USDT
Bitget MSFTUSDT
Variational Omni MSFTShow all 34 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| GRVT MSFT_USDT_Perp | 0.0000% | 8h | 501.88 | +0.080% | $19K | $292K | 10x | as long as short |
| SunX MSFT-USDT | 0.0000% | 8h | 502.81 | +0.265% | $6K | $4.1M | 20x | as long as short |
| Deribit MSFT_USDC-PERPETUAL | 0.0000% | 1h | 501.83 | +0.070% | $27K | $41K | 10x | as long as short |
| HTX MSFT-USDT | 0.0000% | 8h | 501.95 | +0.094% | $59K | $227K | 20x | as long as short |
| Phemex MSFTUSDT | 0.0000% | 8h | 502.17 | +0.138% | $2.2M | $758K | 10x | as long as short |
| BloFin MSFT-USDT | +0.0020% | 8h | 501.92 | +0.088% | $188K | $206K | 20x | as long as short |
| Lighter RH MSFT | +0.0032% | 1h | 501.92 | +0.088% | $619K | $2.0M | 20x | as long as short |
| QFEX MSFT-USD | +0.0044% | 1h | 501.95 | +0.094% | $1.1M | $5.9M | 10x | as long as short |
| Vest MSFT-USD-PERP | +0.0046% | 1h | 501.82 | +0.068% | — | $1K | 25x | as long as short |
| tradeXYZ xyz:MSFT | +0.0050% | 1h | 501.70 | +0.044% | $22.3M | $9.1M | 20x | as long as short |
| Polymarket Perps MSFT-USD | +0.0050% | 1h | 501.57 | +0.018% | $303K | $674K | 10x | as long as short |
| SoDEX MSFT-USD | +0.0050% | 1h | 501.95 | +0.094% | $60K | $3K | 10x | as long as short |
| Ondo Perps MSFT-USD.P | +0.0050% | 1h | 501.37 | −0.022% | $527K | $488K | 15x | as long as short |
| Paradex MSFT-USD-PERP | +0.0051% | 8h | 501.97 | +0.097% | $221 | — | 5x | as long as short |
| Phoenix MSFTlong | +0.0080% | 1h | 501.48 | long leg | $10K | $15K | 20x | |
| Lighter MSFT | +0.0088% | 1h | 502.13 | +0.130% | $1.1M | $486K | 20x | as long as short |
| KuCoin MSFTUSDTM | +0.0100% | 8h | 501.91 | +0.086% | $1.5M | $19K | 20x | as long as short |
| ApeX Omni MSFTUSDT | +0.0100% | 1h | 501.45 | −0.006% | $160K | $7K | 50x | as long as short |
| Orderly PERP_MSFT_USDC_mythos | +0.0100% | 8h | 501.83 | +0.070% | $8K | — | 10x | as long as short |
| Hotstuff MSFT-PERPshort | +0.0104% | 1h | 501.73 | +0.050% | $32K | $8K | 20x | |
| Aevo MSFT-PERP | +0.0104% | 1h | 501.85 | +0.074% | $55 | — | 10x | as long as short |
| Arcus MSFT-USD | +0.0212% | 1h | 501.70 | +0.044% | $97K | $109K | 10x | as long as short |
| Injective MSFT/USDC PERP | +0.0220% | 1h | 502.00 | +0.104% | $115K | $45K | 30x | as long as short |
| edgeX MSFTUSDC | +0.0679% | 4h | 501.85 | +0.074% | $102K | $244K | 10x | as long as short |
GRVT MSFT_USDT_Perp
SunX MSFT-USDT
Deribit MSFT_USDC-PERPETUAL
HTX MSFT-USDT
Phemex MSFTUSDT
BloFin MSFT-USDT
Lighter RH MSFT
QFEX MSFT-USD
Vest MSFT-USD-PERP
tradeXYZ xyz:MSFT
Polymarket Perps MSFT-USD
SoDEX MSFT-USD
Ondo Perps MSFT-USD.P
Paradex MSFT-USD-PERP
Lighter MSFT
KuCoin MSFTUSDTM
ApeX Omni MSFTUSDT
Orderly PERP_MSFT_USDC_mythos
Aevo MSFT-PERP
Arcus MSFT-USD
Injective MSFT/USDC PERP
edgeX MSFTUSDC