Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0196%/8h= +21.4% APRpaid last 24h +0.061%

Price spread now: Injective against Bybit+0.076%48s7-day average −0.042% · 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−$400.395% of the position

Long on Bybit Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.437%+$44 on $10k

Price spread, last 3 days (all we have)−0.051%−$5 · spread now +0.076%, 7d avg −0.042%

Together, before fees+0.387%+$39 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 0.118% dearer against Bybit than usual: you sell high and buy low: +$12 more if the spread goes back to its 7-day average of −0.042%. The two prices were read 48 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	Bybit MSFTUSDT	501.96	0.0024	pay 0.0024% / 8h	1h 34m	$7.4M	$1.7M	100x
Short	Injective MSFT/USDC PERP	502.34	0.0220	get 0.0028% / 1h	34m 27s	$115K	$45K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Bybit. 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 BybitbpFee InjectivebpOrdersPrice spread, now +0.076%Rate

Funding earned: $41.09
Price spread: +0.076% → −0.042%: $11.81
Slippage, 4 orders: −$28.51
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $13.37
Costs to cover: 0.395%
Break-even: 4.7 days

Slippage from Bybit: live order book, 4 min ago; Injective: live order book, 49 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 Bybit live order book, 4 min ago	0.80 bp	8.7 bp −$9	16.7 bp −$167	doesn't fit	doesn't fit
Sell Injective live order book, 49 min ago	10.07 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
BloFin MSFT-USDT	−0.0006%	8h	501.92	−0.008%	$187K	$209K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	502.03	+0.013%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.88	−0.017%	$340K	$401K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.99	+0.005%	$15.7M	$19.3M	20x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.96	0.000%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.76	−0.040%	$3.1M	$1.6M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.99	+0.006%	$1.3M	$708K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	502.08	+0.023%	$18K	$319K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.70	+0.147%	$6K	$4.4M	20x	as long as short
Coinbase International MSFT-PERP-INTX	0.0000%	1h	501.58	−0.076%	$688K	$449K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX MSFT-USDT	0.0000%	8h	501.82	−0.028%	$59K	$228K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.93	−0.006%	$2.2M	$763K	10x	as long as short
Bitget MSFTUSDT	+0.0006%	8h	501.96	0.000%	$3.8M	$2.2M	100x	as long as short
Bybit MSFTUSDTlong	+0.0024%	8h	501.96	long leg	$7.4M	$1.7M	100x
Lighter RH MSFT	+0.0032%	1h	501.85	−0.022%	$653K	$2.1M	20x	as long as short
QFEX MSFT-USD	+0.0040%	1h	501.97	+0.002%	$1.2M	$5.8M	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.82	−0.028%	—	—	25x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0049%	1h	501.67	−0.058%	$27K	$104K	10x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.49	−0.094%	$22.3M	$9.9M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.49	−0.094%	$305K	$682K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.82	−0.028%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.60	−0.072%	$529K	$493K	15x	as long as short
Nado MSFT-PERP	+0.0051%	1h	501.55	−0.082%	$414K	$64K	20x	as long as short
Paradex MSFT-USD-PERP	+0.0063%	8h	501.76	−0.040%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.69	−0.054%	$10K	$15K	20x	as long as short
Hotstuff MSFT-PERP	+0.0096%	1h	501.53	−0.086%	$32K	$8K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.49	−0.094%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.56	−0.080%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.83	−0.026%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.86	−0.019%	$55	—	10x	as long as short
edgeX MSFTUSDC	+0.0111%	4h	502.06	+0.021%	$102K	$243K	10x	as long as short
Lighter MSFT	+0.0176%	1h	502.03	+0.014%	$1.1M	$590K	20x	as long as short
Arcus MSFT-USD	+0.0200%	1h	501.90	−0.012%	$99K	$106K	10x	as long as short
Injective MSFT/USDC PERPshort	+0.0220%	1h	502.34	+0.076%	$115K	$45K	30x