Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0402%/8h= +44.1% APRpaid last 24h −0.061%

Price spread now: edgeX against Injective+0.022%107s7-day average +0.046% · you sell dearer than you buy

Net, funding: paid 7d − costs−$76as 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−$410.406% of the position

Long on Injective Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.349%−$35 on $10k

Price spread, last 4 days (all we have)−0.468%−$47 · spread now +0.022%, 7d avg +0.046%

Together, before fees−0.817%+ Points / potential airdropedgeX: Active · farm board−$82 on $10k · with fees, hour by hour

Funding pays, the price is against you. edgeX is 0.025% cheaper against Injective than usual: you would sell low and buy high (spread +0.022% now, against its 7-day average of +0.046%). If the spread goes back, that is −$2 on $10k: about 5 hours of funding at the current rate (+$12 a day). Mind the row above: over the last 7 days funding on this pair cost −0.349%, so the current rate has only just turned in your favour. The two prices were read 107 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	Injective MSFT/USDC PERP	501.81	0.0220	pay 0.0028% / 1h	37m 30s	$115K	$45K	30x
Short	edgeX MSFTUSDC	501.92	0.0622	get 0.0311% / 4h	1h 37m	$102K	$242K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now +0.022%Rate

Funding earned: $84.52
Price spread: +0.022% → +0.046%: −$2.45
Slippage, 4 orders: −$31.57
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: $41.48
Costs to cover: 0.406%
Break-even: 3.6 days

Slippage from Injective: live order book, 26 min ago; edgeX: live order book, 25 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, 26 min ago	9.97 bp	10.0 bp −$10	10.0 bp −$100	65077.8 bp −$6.51M	365388.2 bp −$182.69M
Sell edgeX live order book, 25 min ago	5.68 bp	10.3 bp −$10	12.6 bp −$126	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	−0.0064%	1h	501.24	−0.114%	$679K	$456K	10x	as long as short
Nado MSFT-PERP	−0.0047%	1h	501.47	−0.068%	$414K	$64K	20x	as long as short
BloFin MSFT-USDT	−0.0027%	8h	501.97	+0.032%	$189K	$204K	20x	as long as short
Hotstuff MSFT-PERP	−0.0008%	1h	501.35	−0.092%	$32K	$8K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.66	−0.029%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.69	−0.024%	$338K	$891K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.83	+0.004%	$15.7M	$18.9M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.78	−0.006%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	502.04	+0.046%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.78	−0.006%	$3.1M	$1.7M	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	501.81	0.000%	$4.5M	$2.5M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.90	+0.017%	$1.3M	$650K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.90	+0.018%	$19K	$297K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.62	+0.161%	$6K	$4.1M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.71	−0.020%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.28	+0.094%	$2.2M	$770K	10x	as long as short
QFEX MSFT-USD	+0.0030%	1h	501.71	−0.020%	$1.2M	$5.7M	10x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.59	−0.044%	$681K	$2.0M	20x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.62	−0.038%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.61	−0.040%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.36	−0.090%	$22.1M	$9.1M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.45	−0.072%	$302K	$648K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.80	−0.002%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.40	−0.082%	$524K	$487K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0060%	8h	501.62	−0.038%	$221	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	501.58	−0.046%	$10K	$15K	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0069%	1h	501.54	−0.054%	$27K	$41K	10x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.56	−0.050%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.43	−0.076%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.74	−0.014%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.73	−0.017%	$55	—	10x	as long as short
Lighter MSFT	+0.0136%	1h	501.87	+0.012%	$1.1M	$458K	20x	as long as short
Injective MSFT/USDC PERPlong	+0.0220%	1h	501.81	long leg	$115K	$45K	30x
edgeX MSFTUSDCshort	+0.0622%	4h	501.92	+0.022%	$102K	$242K	10x