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 −0.061%

Price spread now: Bybit against Injective−0.034%7-day average +0.046% · you buy dearer than you sell

Net, funding: paid 7d − costs−$86as in the Funding arb table

Net, price: spread back to 7d avg − costs−$50as in the Price arb table

costs, in and out, $10k−$420.421% of the position

Long on Injective Short on Bybit

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)−0.081%−$8 · spread now −0.034%, 7d avg +0.046%

Together, before fees−0.518%−$52 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 Bybit is 0.080% cheaper against Injective than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of +0.046%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective MSFT/USDC PERP	501.96	0.0220	pay 0.0028% / 1h	32m 49s	$115K	$45K	30x
Short	Bybit MSFTUSDT	501.79	0	get 0.0000% / 8h	2h 32m	$7.4M	$1.7M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.034%Rate

Funding earned: −$46.2
Price spread: −0.034% → +0.046%: −$8.02
Slippage, 4 orders: −$31.09
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$96.33
Costs to cover: 0.421%
Break-even: never at this rate

Slippage from Injective: live order book, 56 min ago; Bybit: live order book, 5 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, 56 min ago	10.46 bp	10.5 bp −$10	10.5 bp −$105	65076.5 bp −$6.51M	365381.6 bp −$182.69M
Sell Bybit live order book, 5 min ago	1.10 bp	11.2 bp −$11	16.5 bp −$165	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
Nado MSFT-PERP	−0.0042%	1h	501.50	−0.092%	$414K	$64K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0040%	1h	501.71	−0.050%	$689K	$431K	10x	as long as short
BloFin MSFT-USDT	−0.0022%	8h	501.81	−0.030%	$189K	$209K	20x	as long as short
Hotstuff MSFT-PERP	−0.0016%	1h	501.41	−0.110%	$32K	$8K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	502.01	+0.010%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.60	−0.071%	$372K	$369K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.66	−0.060%	$15.7M	$19.2M	20x	as long as short
Bybit MSFTUSDTshort	0.0000%	8h	501.79	−0.034%	$7.4M	$1.7M	100x
OKX MSFT-USDT-SWAP	0.0000%	8h	501.68	−0.056%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.50	−0.092%	$3.1M	$1.5M	100x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MSFTUSDT	0.0000%	8h	501.76	−0.040%	$3.8M	$2.2M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.64	−0.063%	$1.3M	$726K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.65	−0.061%	$18K	$329K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.52	+0.112%	$6K	$4.4M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.71	−0.050%	$27K	$104K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.67	−0.058%	$58K	$230K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.84	−0.024%	$2.2M	$759K	10x	as long as short
Lighter MSFT	+0.0032%	1h	501.74	−0.044%	$1.1M	$653K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.64	−0.064%	$662K	$2.2M	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.69	−0.054%	—	—	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.43	−0.106%	$22.2M	$10.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.32	−0.128%	$309K	$683K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.71	−0.050%	$60K	$3K	10x	as long as short
Paradex MSFT-USD-PERP	+0.0050%	8h	501.64	−0.063%	$221	—	5x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.25	−0.141%	$515K	$479K	15x	as long as short
QFEX MSFT-USD	+0.0050%	1h	501.69	−0.054%	$1.2M	$5.7M	10x	as long as short
Phoenix MSFT	+0.0096%	1h	501.59	−0.074%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.56	−0.080%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.25	−0.141%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.66	−0.060%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.75	−0.042%	$55	—	10x	as long as short
Injective MSFT/USDC PERPlong	+0.0220%	1h	501.96	long leg	$115K	$45K	30x
Arcus MSFT-USD	+0.0531%	1h	501.57	−0.078%	$109K	$90K	10x	as long as short
edgeX MSFTUSDC	+0.0930%	4h	501.68	−0.055%	$102K	$243K	10x	as long as short