Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

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

Price spread now: Aster against Injective−0.042%7-day average +0.070% · you buy dearer than you sell

Net, funding: paid 7d − costs−$109as in the Funding arb table

Net, price: spread back to 7d avg − costs−$79as in the Price arb table

costs, in and out, $10k−$670.673% of the position

Long on Injective Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days−0.417%−$42 on $10k

Price spread, last 3 days (all we have)−0.022%−$2 · spread now −0.042%, 7d avg +0.070%

Together, before fees−0.439%+ Points / potential airdropAster: Stage 5 · farm board−$44 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Aster is 0.112% cheaper against Injective than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of +0.070%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective MSFT/USDC PERP	502.30	0.0220	pay 0.0028% / 1h	56m 48s	$115K	$45K	30x
Short	Aster MSFTUSDT	502.09	0	get 0.0000% / 8h	56m 48s	$161K	$116K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Injective. 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 InjectivebpFee AsterbpOrdersPrice spread, now −0.042%Rate

Funding earned: −$46.2
Price spread: −0.042% → +0.070%: −$11.18
Slippage, 4 orders: −$59.31
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Aster: 4 bp × 2 orders: −$8
Net: −$124.71
Costs to cover: 0.673%
Break-even: never at this rate

Slippage from Injective: live order book, 22 min ago; Aster: live order book, 19 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 Injective live order book, 22 min ago	10.06 bp	10.1 bp −$10	10.1 bp −$101	65077.6 bp −$6.51M	365386.8 bp −$182.69M
Sell Aster live order book, 19 min ago	9.26 bp	23.5 bp −$24	doesn't fit	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	−0.0221%	4h	502.09	−0.042%	$102K	$242K	10x	as long as short
Nado MSFT-PERP	−0.0044%	1h	501.84	−0.092%	$414K	$64K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0016%	1h	501.76	−0.108%	$687K	$450K	10x	as long as short
Aster MSFTUSDTshort	0.0000%	8h	502.09	−0.042%	$161K	$116K	20x
Extended MSFT_24_5-USD	0.0000%	1h	502.03	−0.053%	$337K	$392K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	502.12	−0.036%	$15.7M	$19.1M	20x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	502.28	−0.004%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.86	−0.088%	$3.2M	$1.6M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	502.12	−0.036%	$3.8M	$2.3M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	502.09	−0.042%	$1.3M	$702K	—	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT MSFT_USDT_Perp	0.0000%	8h	502.00	−0.059%	$19K	$307K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.86	+0.111%	$6K	$4.3M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	502.00	−0.060%	$59K	$227K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.15	−0.030%	$2.2M	$753K	10x	as long as short
BloFin MSFT-USDT	+0.0003%	8h	502.13	−0.034%	$188K	$209K	20x	as long as short
Bybit MSFTUSDT	+0.0020%	8h	502.19	−0.022%	$7.4M	$1.7M	100x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0029%	1h	501.93	−0.074%	$27K	$101K	10x	as long as short
Lighter RH MSFT	+0.0032%	1h	502.01	−0.058%	$647K	$2.1M	20x	as long as short
Hotstuff MSFT-PERP	+0.0040%	1h	501.72	−0.115%	$32K	$8K	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.94	−0.072%	—	$1K	25x	as long as short
QFEX MSFT-USD	+0.0049%	1h	501.97	−0.066%	$1.1M	$5.8M	10x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.73	−0.113%	$22.3M	$9.6M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.61	−0.137%	$305K	$674K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	502.03	−0.054%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.71	−0.117%	$529K	$493K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0056%	8h	502.03	−0.054%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.80	−0.100%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.58	−0.143%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.66	−0.127%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.90	−0.080%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	502.03	−0.054%	$55	—	10x	as long as short
Lighter MSFT	+0.0144%	1h	502.20	−0.020%	$1.1M	$585K	20x	as long as short
Injective MSFT/USDC PERPlong	+0.0220%	1h	502.30	long leg	$115K	$45K	30x
Arcus MSFT-USD	+0.0286%	1h	501.99	−0.062%	$98K	$109K	10x	as long as short