Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0196%/8h= +21.4% APRpaid last 24h +0.052%

Price spread now: Injective against BloFin+0.253%7-day average −0.067% · you sell dearer than you buy

Net, funding: paid 7d − costs+$1as in the Funding arb table

Net, price: spread back to 7d avg − costs−$8as in the Price arb table

costs, in and out, $10k−$400.396% of the position

Long on BloFin Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.403%+$40 on $10k

Price spread, last 4 days (all we have)+0.045%+$5 · spread now +0.253%, 7d avg −0.067%

Together, before fees+0.448%+$45 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Injective is 0.320% dearer against BloFin than usual: you sell high and buy low: +$32 more if the spread goes back to its 7-day average of −0.067%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin MSFT-USDT	501.97	0.0024	pay 0.0024% / 8h	5h 31m	$189K	$204K	20x
Short	Injective MSFT/USDC PERP	503.24	0.0220	get 0.0028% / 1h	31m 40s	$115K	$45K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against BloFin. 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 BloFinbpFee InjectivebpOrdersPrice spread, now +0.253%Rate

Funding earned: $41.12
Price spread: +0.253% → −0.067%: $31.99
Slippage, 4 orders: −$27.57
Fee BloFin: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $33.51
Costs to cover: 0.396%
Break-even: 1.3 days

Slippage from BloFin: live order book, 6 min ago; Injective: live order book, 32 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 BloFin live order book, 6 min ago	0.10 bp	12.8 bp −$13	17.0 bp −$170	doesn't fit	doesn't fit
Sell Injective live order book, 32 min ago	9.97 bp	10.0 bp −$10	10.0 bp −$100	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
Coinbase International MSFT-PERP-INTX	−0.0064%	1h	501.24	−0.145%	$679K	$456K	10x	as long as short
Nado MSFT-PERP	−0.0035%	1h	501.50	−0.093%	$414K	$64K	20x	as long as short
Hotstuff MSFT-PERP	−0.0024%	1h	501.42	−0.110%	$32K	$8K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.79	−0.036%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.73	−0.048%	$338K	$891K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.88	−0.018%	$15.7M	$18.9M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.79	−0.036%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.96	−0.002%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.70	−0.054%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.79	−0.036%	$4.5M	$2.5M	100x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni MSFT	0.0000%	8h	501.82	−0.030%	$1.3M	$650K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.83	−0.028%	$18K	$297K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.64	+0.133%	$6K	$4.1M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.79	−0.036%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.91	−0.012%	$2.2M	$768K	10x	as long as short
BloFin MSFT-USDTlong	+0.0024%	8h	501.97	long leg	$189K	$204K	20x
QFEX MSFT-USD	+0.0030%	1h	501.76	−0.042%	$1.1M	$5.6M	10x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.68	−0.058%	$685K	$2.0M	20x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.63	−0.068%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.68	−0.058%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.41	−0.112%	$22.1M	$9.1M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.48	−0.098%	$302K	$648K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.77	−0.040%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.26	−0.141%	$525K	$486K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0062%	8h	501.71	−0.052%	$221	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	501.58	−0.078%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.60	−0.074%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.19	−0.155%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.73	−0.048%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.72	−0.049%	$55	—	10x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0109%	1h	501.59	−0.076%	$27K	$41K	10x	as long as short
Lighter MSFT	+0.0176%	1h	502.00	+0.006%	$1.1M	$459K	20x	as long as short
Injective MSFT/USDC PERPshort	+0.0220%	1h	503.24	+0.253%	$115K	$45K	30x
edgeX MSFTUSDC	+0.0610%	4h	501.74	−0.047%	$102K	$243K	10x	as long as short