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 HTX+0.062%7-day average −0.049% · you sell dearer than you buy

Net, funding: paid 7d − costs+$6as in the Funding arb table

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$390.385% of the position

Long on HTX Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.443%+$44 on $10k

Price spread, last 3 days (all we have)+0.018%+$2 · spread now +0.062%, 7d avg −0.049%

Together, before fees+0.461%+$46 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 0.110% dearer against HTX than usual: you sell high and buy low: +$11 more if the spread goes back to its 7-day average of −0.049%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX MSFT-USDT	501.65	0	get 0.0000% / 8h	2h 30m	$59K	$230K	20x
Short	Injective MSFT/USDC PERP	501.96	0.0220	get 0.0028% / 1h	30m 43s	$115K	$45K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against HTX. 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 HTXbpFee InjectivebpOrdersPrice spread, now +0.062%Rate

Funding earned: $46.2
Price spread: +0.062% → −0.049%: $11.05
Slippage, 4 orders: −$26.5
Fee HTX: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $18.73
Costs to cover: 0.385%
Break-even: 4.2 days

Slippage from HTX: live order book, 55 min ago; Injective: live order book, 58 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 HTX live order book, 55 min ago	2.79 bp	8.8 bp −$9	16.5 bp −$165	doesn't fit	doesn't fit
Sell Injective live order book, 58 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
Coinbase International MSFT-PERP-INTX	−0.0040%	1h	501.53	−0.024%	$689K	$433K	10x	as long as short
Nado MSFT-PERP	−0.0038%	1h	501.41	−0.049%	$414K	$64K	20x	as long as short
BloFin MSFT-USDT	−0.0023%	8h	501.82	+0.034%	$189K	$209K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	502.01	+0.072%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.75	+0.020%	$372K	$369K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.81	+0.031%	$15.7M	$19.2M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.85	+0.040%	$7.4M	$1.7M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.83	+0.036%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.58	−0.014%	$3.1M	$1.5M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.80	+0.030%	$3.8M	$2.2M	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	501.64	−0.002%	$1.3M	$726K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.65	+0.001%	$18K	$329K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.50	+0.169%	$6K	$4.4M	20x	as long as short
HTX MSFT-USDTlong	0.0000%	8h	501.65	long leg	$59K	$230K	20x
Phemex MSFTUSDT	0.0000%	8h	502.02	+0.074%	$2.2M	$759K	10x	as long as short
Lighter MSFT	+0.0032%	1h	501.65	0.000%	$1.1M	$653K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.55	−0.020%	$661K	$2.2M	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.71	+0.012%	—	—	25x	as long as short
Hotstuff MSFT-PERP	+0.0048%	1h	501.37	−0.056%	$32K	$8K	20x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.36	−0.058%	$22.2M	$10.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.30	−0.070%	$309K	$683K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.70	+0.010%	$60K	$3K	10x	as long as short
Paradex MSFT-USD-PERP	+0.0050%	8h	501.63	−0.004%	$221	—	5x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.39	−0.052%	$515K	$479K	15x	as long as short
QFEX MSFT-USD	+0.0050%	1h	501.72	+0.014%	$1.2M	$5.7M	10x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0089%	1h	501.67	+0.004%	$27K	$104K	10x	as long as short
Phoenix MSFT	+0.0096%	1h	501.59	−0.012%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.31	−0.068%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.56	−0.018%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.61	−0.008%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.70	+0.010%	$55	—	10x	as long as short
edgeX MSFTUSDC	+0.0186%	4h	501.76	+0.022%	$102K	$244K	10x	as long as short
Injective MSFT/USDC PERPshort	+0.0220%	1h	501.96	+0.062%	$115K	$45K	30x
Arcus MSFT-USD	+0.0531%	1h	501.58	−0.014%	$109K	$90K	10x	as long as short