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: Gate against Injective−0.090%54s7-day average +0.020% · you buy dearer than you sell

Net, funding: paid 7d − costs−$87as 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 Injective Short on Gate

What this pair did over the last

the charts below follow

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

Price spread, last 3 days (all we have)+0.044%+$4 · spread now −0.090%, 7d avg +0.020%

Together, before fees−0.372%−$37 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 Gate is 0.109% cheaper against Injective than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of +0.020%). Swap the legs. The two prices were read 54 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	502.30	0.0220	pay 0.0028% / 1h	56m 15s	$115K	$45K	30x
Short	Gate MSFT_USDT	501.85	0	get 0.0000% / 8h	56m 15s	$3.2M	$1.6M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.090%Rate

Funding earned: −$46.2
Price spread: −0.090% → +0.020%: −$10.91
Slippage, 4 orders: −$30.14
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$102.28
Costs to cover: 0.452%
Break-even: never at this rate

Slippage from Injective: live order book, 22 min ago; Gate: live order book, 2 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 Gate live order book, 2 min ago	1.49 bp	14.0 bp −$14	52.1 bp −$521	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	−0.0040%	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 MSFTUSDT	0.0000%	8h	502.11	−0.037%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	502.08	−0.044%	$337K	$392K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	502.16	−0.029%	$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_USDTshort	0.0000%	8h	501.85	−0.090%	$3.2M	$1.6M	100x
Bitget MSFTUSDT	0.0000%	8h	502.20	−0.020%	$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	502.05	−0.050%	$59K	$227K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.26	−0.008%	$2.2M	$754K	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	502.21	−0.018%	$7.4M	$1.7M	100x	as long as short
Lighter RH MSFT	+0.0032%	1h	502.04	−0.052%	$647K	$2.1M	20x	as long as short
Hotstuff MSFT-PERP	+0.0040%	1h	501.73	−0.113%	$32K	$8K	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.95	−0.070%	—	$1K	25x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0049%	1h	501.95	−0.070%	$27K	$101K	10x	as long as short
QFEX MSFT-USD	+0.0049%	1h	502.00	−0.060%	$1.2M	$5.8M	10x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.74	−0.111%	$22.3M	$9.6M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.63	−0.133%	$305K	$674K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	502.11	−0.038%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.67	−0.125%	$529K	$493K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0056%	8h	502.02	−0.055%	$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	501.56	−0.147%	$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	501.94	−0.072%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	502.04	−0.051%	$55	—	10x	as long as short
Lighter MSFT	+0.0144%	1h	502.21	−0.018%	$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	501.98	−0.064%	$98K	$109K	10x	as long as short