Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0220%/8h= +24.1% APRpaid last 24h +0.066%

Price spread now: Injective against Bitget+0.048%61s7-day average −0.066% · you sell dearer than you buy

Net, funding: paid 7d − costs+$4as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$390.392% of the position

Long on Bitget Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.427%+$43 on $10k

Price spread, last 3 days (all we have)+0.072%+$7 · spread now +0.048%, 7d avg −0.066%

Together, before fees+0.499%+$50 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 0.114% dearer against Bitget than usual: you sell high and buy low: +$11 more if the spread goes back to its 7-day average of −0.066%. The two prices were read 61 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	Bitget MSFTUSDT	501.72	0	get 0.0000% / 8h	2h 34m	$3.8M	$2.2M	100x
Short	Injective MSFT/USDC PERP	501.96	0.0220	get 0.0028% / 1h	34m 20s	$115K	$45K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Bitget. 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 BitgetbpFee InjectivebpOrdersPrice spread, now +0.048%Rate

Funding earned: $46.2
Price spread: +0.048% → −0.066%: $11.42
Slippage, 4 orders: −$27.2
Fee Bitget: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $18.4
Costs to cover: 0.392%
Break-even: 4.2 days

Slippage from Bitget: live order book, 3 min ago; Injective: live order book, 54 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 Bitget live order book, 3 min ago	1.20 bp	8.7 bp −$9	11.4 bp −$114	39.4 bp −$3,936	doesn't fit
Sell Injective live order book, 54 min ago	10.46 bp	10.5 bp −$10	10.5 bp −$105	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
edgeX MSFTUSDC	−0.0982%	4h	501.67	−0.011%	$102K	$243K	10x	as long as short
Nado MSFT-PERP	−0.0044%	1h	501.50	−0.044%	$414K	$64K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0040%	1h	501.71	−0.002%	$689K	$431K	10x	as long as short
Hotstuff MSFT-PERP	−0.0016%	1h	501.43	−0.058%	$32K	$8K	20x	as long as short
BloFin MSFT-USDT	−0.0004%	8h	501.78	+0.012%	$189K	$209K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	502.01	+0.058%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.60	−0.023%	$372K	$369K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.66	−0.012%	$15.7M	$19.2M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.79	+0.014%	$7.4M	$1.7M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.61	−0.022%	$3.0M	$2.3M	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate MSFT_USDT	0.0000%	8h	501.41	−0.062%	$3.1M	$1.5M	100x	as long as short
Bitget MSFTUSDTlong	0.0000%	8h	501.72	long leg	$3.8M	$2.2M	100x
Variational Omni MSFT	0.0000%	8h	501.64	−0.015%	$1.3M	$726K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.60	−0.024%	$18K	$330K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.52	+0.159%	$6K	$4.4M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.65	−0.014%	$27K	$104K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.62	−0.020%	$58K	$230K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.84	+0.024%	$2.2M	$759K	10x	as long as short
Lighter MSFT	+0.0032%	1h	501.71	−0.002%	$1.1M	$653K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.61	−0.022%	$666K	$2.2M	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.68	−0.008%	—	—	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.43	−0.058%	$22.2M	$9.9M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.25	−0.094%	$309K	$683K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.68	−0.008%	$60K	$3K	10x	as long as short
Paradex MSFT-USD-PERP	+0.0050%	8h	501.65	−0.014%	$221	—	5x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.25	−0.094%	$515K	$479K	15x	as long as short
QFEX MSFT-USD	+0.0050%	1h	501.69	−0.006%	$1.2M	$5.7M	10x	as long as short
Phoenix MSFT	+0.0096%	1h	501.42	−0.060%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.53	−0.038%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.25	−0.094%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.62	−0.020%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.70	−0.004%	$55	—	10x	as long as short
Injective MSFT/USDC PERPshort	+0.0220%	1h	501.96	+0.048%	$115K	$45K	30x
Arcus MSFT-USD	+0.0531%	1h	501.57	−0.030%	$109K	$90K	10x	as long as short