Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0220%/8h= −24.1% APRpaid last 24h −0.066%

Price spread now: OKX against Injective−0.044%78s7-day average +0.045% · you buy dearer than you sell

Net, funding: paid 7d − costs−$80as 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−$370.371% of the position

Long on Injective Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.429%−$43 on $10k

Price spread, last 4 days (all we have)−0.056%−$6 · spread now −0.044%, 7d avg +0.045%

Together, before fees−0.485%−$49 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 OKX is 0.089% cheaper against Injective than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of +0.045%). Swap the legs. The two prices were read 78 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	501.54	0.0220	pay 0.0028% / 1h	52m 07s	$115K	$45K	30x
Short	OKX MSFT-USDT-SWAP	501.32	0	get 0.0000% / 8h	3h 52m	$3.0M	$2.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.044%Rate

Funding earned: −$46.2
Price spread: −0.044% → +0.045%: −$8.94
Slippage, 4 orders: −$27.1
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee OKX: 5 bp × 2 orders: −$10
Net: −$92.26
Costs to cover: 0.371%
Break-even: never at this rate

Slippage from Injective: live order book, 2 min ago; OKX: 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, 2 min ago	9.98 bp	10.0 bp −$10	10.0 bp −$100	65077.0 bp −$6.51M	365383.9 bp −$182.69M
Sell OKX live order book, 5 min ago	1.60 bp	9.2 bp −$9	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
edgeX MSFTUSDC	−0.0270%	4h	501.26	−0.057%	$102K	$243K	10x	as long as short
Nado MSFT-PERP	−0.0122%	1h	501.19	−0.070%	$414K	$64K	20x	as long as short
tradeXYZ xyz:MSFT	−0.0035%	1h	500.90	−0.128%	$22.1M	$8.7M	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0032%	1h	500.97	−0.114%	$677K	$450K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.24	−0.059%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.20	−0.068%	$337K	$883K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.33	−0.042%	$15.7M	$19.0M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.11	−0.086%	$7.2M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAPshort	0.0000%	8h	501.32	−0.044%	$3.0M	$2.3M	20x
Hotstuff MSFT-PERP	0.0000%	1h	500.92	−0.124%	$32K	$8K	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate MSFT_USDT	0.0000%	8h	501.21	−0.066%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.25	−0.058%	$4.5M	$2.5M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.25	−0.058%	$1.3M	$607K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.30	−0.049%	$19K	$300K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.10	+0.112%	$6K	$4.0M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.06	−0.096%	$27K	$42K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.22	−0.064%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.46	−0.016%	$2.2M	$770K	10x	as long as short
BloFin MSFT-USDT	+0.0022%	8h	501.32	−0.044%	$189K	$204K	20x	as long as short
Lighter MSFT	+0.0032%	1h	501.33	−0.042%	$1.1M	$498K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.08	−0.092%	$677K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0035%	1h	501.24	−0.060%	$1.1M	$4.9M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.04	−0.100%	$96K	$111K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.33	−0.042%	—	$1K	25x	as long as short
Phoenix MSFT	+0.0048%	1h	501.06	−0.096%	$10K	$15K	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	500.94	−0.120%	$302K	$697K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.20	−0.068%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.94	−0.120%	$518K	$452K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0054%	8h	501.25	−0.057%	$221	—	5x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	500.77	−0.154%	$1.6M	$49K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.20	−0.068%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.22	−0.064%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.25	−0.057%	$55	—	10x	as long as short
Injective MSFT/USDC PERPlong	+0.0220%	1h	501.54	long leg	$115K	$45K	30x