Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0220%/8h= +24.1% APRpaid last 24h +0.055%

Price spread now: Injective against Binance+0.223%7-day average −0.052% · you sell dearer than you buy

Net, funding: paid 7d − costs+$8as in the Funding arb table

Net, price: spread back to 7d avg − costs−$6as in the Price arb table

costs, in and out, $10k−$340.339% of the position

Long on Binance Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.414%+$41 on $10k

Price spread, last 4 days (all we have)−0.236%−$24 · spread now +0.223%, 7d avg −0.052%

Together, before fees+0.178%+$18 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Injective is 0.275% dearer against Binance than usual: you sell high and buy low: +$28 more if the spread goes back to its 7-day average of −0.052%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance MSFTUSDT	503.70	0	get 0.0000% / 8h	40m 54s	$15.8M	$19.1M	20x
Short	Injective MSFT/USDC PERP	504.82	0.0220	get 0.0028% / 1h	40m 54s	$116K	$45K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Binance. 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 BinancebpFee InjectivebpOrdersPrice spread, now +0.223%Rate

Funding earned: $46.2
Price spread: +0.223% → −0.052%: $27.5
Slippage, 4 orders: −$23.87
Fee Binance: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $39.81
Costs to cover: 0.339%
Break-even: 1.0 days

Slippage from Binance: live order book, 15 min ago; Injective: live order book, 63 min ago.

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 Binance live order book, 15 min ago	0.40 bp	7.0 bp −$7	13.5 bp −$135	75.4 bp −$7,538	doesn't fit
Sell Injective live order book, 63 min ago	10.13 bp	10.1 bp −$10	10.1 bp −$101	doesn't fit	doesn't fit

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
Nado MSFT-PERP	−0.0031%	1h	503.42	−0.055%	$414K	$67K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.37	−0.065%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.56	−0.027%	$338K	$1.9M	17x	as long as short
Binance MSFTUSDTlong	0.0000%	8h	503.70	long leg	$15.8M	$19.1M	20x
Bybit MSFTUSDT	0.0000%	8h	503.46	−0.047%	$7.3M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	503.80	+0.020%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.44	−0.051%	$3.1M	$1.8M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	503.64	−0.012%	$3.8M	$2.9M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	503.60	−0.020%	$1.3M	$414K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	503.62	−0.016%	$19K	$326K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX MSFT-USDT	0.0000%	8h	504.47	+0.153%	$6K	$3.8M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	503.41	−0.057%	$27K	$44K	10x	as long as short
Coinbase International MSFT-PERP-INTX	0.0000%	1h	502.97	−0.145%	$682K	$454K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.55	−0.029%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	503.80	+0.020%	$2.2M	$820K	10x	as long as short
BloFin MSFT-USDT	+0.0007%	8h	503.72	+0.004%	$190K	$206K	20x	as long as short
Lighter MSFT	+0.0032%	1h	503.63	−0.014%	$1.2M	$532K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.51	−0.037%	$707K	$1.9M	20x	as long as short
QFEX MSFT-USD	+0.0037%	1h	503.53	−0.033%	$1.2M	$4.7M	10x	as long as short
Hotstuff MSFT-PERP	+0.0040%	1h	503.20	−0.099%	$32K	$8K	20x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.34	−0.071%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.64	−0.012%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	503.19	−0.101%	$22.4M	$8.8M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.36	−0.067%	$303K	$717K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.47	−0.045%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.20	−0.099%	$512K	$428K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0054%	8h	503.58	−0.024%	$222	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	503.31	−0.077%	$11K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.06	−0.127%	$1.6M	$62K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.27	−0.085%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.48	−0.043%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.55	−0.030%	$55	—	10x	as long as short
Injective MSFT/USDC PERPshort	+0.0220%	1h	504.82	+0.223%	$116K	$45K	30x
edgeX MSFTUSDC	+0.0347%	4h	503.57	−0.024%	$102K	$242K	10x	as long as short