stock · Nasdaq
MSFT · Microsoft Corporation
Listed software company used here as a large-cap reference name.
Demonstration · Snapshot 25 Sep 2026, 20:00 UTC · Not a live feed, venue quotation, or verified term.
Cross-venue dispersion · Screen this name · Calendar
Reference anchor
US$428.90
EPIC aggregate mark
US$428.88
Equal-weight of venue marks. Not a tradable price.
Aggregate basis
-0.00%
Median funding
0.0014%
Tracked 24h notional
815.37m USD
Tracked open interest
305.22m USD
Active venues in the book
2
Reference confidence
Illustrative path
Pinned to the snapshot. Not a historical tape. Session shading is described on AfterClose rather than drawn as a false time axis.
Venue comparison
| Venue | Symbol | Mark | Reference | Basis | Funding | Next funding | Interval | Leverage | Collateral | Settlement | Spread | Volume | Open interest | Confidence | Policy | Verified |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Northline | NL-MSFT-PERP | US$428.68 | US$428.90 | -0.05% | -0.0015%Shorts pay longs | 26 Sep 2026 00:00 UTC | 8h | 20× | USDC | USDC | 3.6 bps | 502.41m | 233.25m | 70Tradable reference, moderate caution | Disclosed | Unverified |
| Aperture | A.MSFT | US$429.08 | US$428.90 | 0.04% | 0.0014%Longs pay shorts | 26 Sep 2026 00:00 UTC | 4h | 5× | USD | USD | 5.2 bps | 312.96m | 71.97m | 64Limited reference quality | Disclosed | Unverified |
Funding
- Northline-0.0015%Shorts pay longs
- Aperture0.0014%Longs pay shorts
Basis
A basis gap is not automatically an arbitrage. Fees, funding, spread, slippage, collateral and access still apply.
- Northline-0.05%
- Aperture0.04%
Liquidity
Northline
Spread 3.6 bps · depth 10 bps 2.84m · 25 bps 8.79m
Volume / open interest 2.15. Illustrative book, not a live ladder.
Aperture
Spread 5.2 bps · depth 10 bps 518.61k · 25 bps 3.73m
Volume / open interest 4.35. Illustrative book, not a live ladder.
Specification differences
- Northline calls the mark “fair price” and the interval “eight-hour funding window”. Normalised: mark price, 8h funding, isolated or cross margin.
- Aperture calls the mark “reference mark” and the interval “4-hour cycle”. Normalised: mark price, 4h funding, cross margin.
After the cash close
The snapshot was taken at 20:00 UTC on 25 Sep 2026, the US cash close. Marks in the book are not updated when the live session clock changes.
Open AfterCloseRisk disclosure status
Northline
1 categories not disclosed in the sample file. None of these venues is labelled safe.
Venue profileAperture
1 categories not disclosed in the sample file. None of these venues is labelled safe.
Venue profileCorporate-action scenarios
No scenario is loaded for this name.
Eligibility
EPIC does not determine legal eligibility. Open the explorer for the sample access phrases.
Eligibility explorerWhy the median score is 67
Component contributions use the weights shown. This is anchor quality, not a valuation.
- Primary cash-market status20%22
- Reference-source freshness15%84
- Independent source count10%87
- Order-book depth10%93
- Spread quality10%92
- Mark versus last trade10%84
- Related-instrument agreement10%68
- Volatility regime5%53
- Event-risk flag5%86
- Price-band or stale-index condition5%73
The breakdown above is the first venue in the table, not a blended score.
Sources
Source type: EPIC demonstration dataset. Captured with the snapshot. Not an official API.