Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0220%/8h= +24.1% APRpaid last 24h +0.066%

Price spread now: Injective against Gate+0.309%69s7-day average −0.012% · 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−$450.452% of the position

Long on Gate Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.416%+$42 on $10k

Price spread, last 4 days (all we have)−0.170%−$17 · spread now +0.309%, 7d avg −0.012%

Together, before fees+0.246%+$25 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 0.321% dearer against Gate than usual: you sell high and buy low: +$32 more if the spread goes back to its 7-day average of −0.012%. The two prices were read 69 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	Gate MSFT_USDT	501.15	0	get 0.0000% / 8h	4h 02m	$3.1M	$1.7M	100x
Short	Injective MSFT/USDC PERP	502.70	0.0220	get 0.0028% / 1h	2m 01s	$115K	$45K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Gate. 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 GatebpFee InjectivebpOrdersPrice spread, now +0.309%Rate

Funding earned: $46.2
Price spread: +0.309% → −0.012%: $32.12
Slippage, 4 orders: −$30.15
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $33.15
Costs to cover: 0.452%
Break-even: 2.0 days

Slippage from Gate: live order book, 1 min ago; Injective: live order book, 57 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 Gate live order book, 1 min ago	3.49 bp	13.4 bp −$13	31.4 bp −$314	doesn't fit	doesn't fit
Sell Injective live order book, 57 min ago	10.08 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
edgeX MSFTUSDC	−0.0919%	4h	501.33	+0.035%	$102K	$243K	10x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0040%	1h	500.97	−0.036%	$677K	$451K	10x	as long as short
Nado MSFT-PERP	−0.0025%	1h	501.13	−0.004%	$414K	$64K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.15	0.000%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.20	+0.010%	$337K	$890K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.34	+0.038%	$15.8M	$19.0M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.00	−0.030%	$7.2M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.27	+0.024%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDTlong	0.0000%	8h	501.15	long leg	$3.1M	$1.7M	100x
Bitget MSFTUSDT	0.0000%	8h	501.29	+0.028%	$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	501.33	+0.035%	$1.3M	$609K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.34	+0.038%	$19K	$301K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.03	+0.176%	$6K	$4.0M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.00	−0.030%	$27K	$42K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.19	+0.008%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.32	+0.034%	$2.2M	$769K	10x	as long as short
BloFin MSFT-USDT	+0.0030%	8h	501.35	+0.040%	$189K	$204K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.05	−0.020%	$677K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0036%	1h	501.24	+0.018%	$1.2M	$4.9M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.07	−0.016%	$96K	$111K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.29	+0.028%	—	$1K	25x	as long as short
Phoenix MSFT	+0.0048%	1h	501.11	−0.008%	$10K	$15K	20x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	500.88	−0.054%	$22.0M	$8.7M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	500.94	−0.042%	$302K	$722K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.14	−0.002%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.94	−0.042%	$527K	$444K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0055%	8h	501.18	+0.006%	$221	—	5x	as long as short
Lighter MSFT	+0.0080%	1h	501.28	+0.026%	$1.1M	$499K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	500.98	−0.034%	$1.5M	$20K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.15	0.000%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.17	+0.004%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.21	+0.012%	$55	—	10x	as long as short
Hotstuff MSFT-PERP	+0.0136%	1h	500.87	−0.056%	$32K	$8K	20x	as long as short
Injective MSFT/USDC PERPshort	+0.0220%	1h	502.70	+0.309%	$115K	$45K	30x