Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0120%/8h= −13.1% APRpaid last 24h −0.036%

Price spread now: Orderly against Injective−0.060%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Injective Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Orderly is 0.060% cheaper against Injective than usual: you would sell low and buy high (−$6 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective MSFT/USDC PERP	504.07	0.0220	pay 0.0028% / 1h	12m 59s	$115K	$45K	30x
Short	Orderly PERP_MSFT_USDC_mythos	503.77	0.0100	get 0.0100% / 8h	7h 12m	$8K	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.060%Rate

Funding earned: −$25.2
Price spread: −0.060% → 0.000%: −$5.95
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$37.17
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Injective: live order book, 21 min ago; Orderly: no order-book sample. Net counts fees only.

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, 21 min ago	30.23 bp	30.2 bp −$30	21047.1 bp −$210.5K	300462.6 bp −$30.05M	1542299.4 bp −$771.15M
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0056%	1h	503.64	−0.085%	$685K	$450K	10x	as long as short
BloFin MSFT-USDT	−0.0016%	8h	504.18	+0.022%	$191K	$205K	20x	as long as short
Nado MSFT-PERP	−0.0011%	1h	503.79	−0.056%	$415K	$67K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	504.13	+0.012%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	504.01	−0.012%	$335K	$1.9M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	504.13	+0.012%	$16.3M	$19.5M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.79	−0.056%	$7.2M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	504.12	+0.010%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.82	−0.050%	$3.1M	$1.9M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	504.04	−0.006%	$3.9M	$2.8M	100x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni MSFT	0.0000%	8h	504.13	+0.012%	$1.3M	$392K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	504.10	+0.006%	$19K	$314K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	504.90	+0.165%	$6K	$3.5M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	503.83	−0.048%	$27K	$45K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	504.06	−0.002%	$58K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	504.26	+0.038%	$2.2M	$852K	10x	as long as short
Phoenix MSFT	+0.0016%	1h	503.73	−0.067%	$11K	$15K	20x	as long as short
QFEX MSFT-USD	+0.0023%	1h	504.02	−0.010%	$1.1M	$4.6M	10x	as long as short
Lighter MSFT	+0.0032%	1h	503.89	−0.036%	$1.2M	$526K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.93	−0.028%	$701K	$1.9M	20x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.83	−0.048%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	504.09	+0.004%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	503.51	−0.111%	$22.4M	$8.9M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.82	−0.050%	$303K	$650K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.84	−0.046%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.65	−0.083%	$536K	$392K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0056%	8h	503.92	−0.029%	$222	—	5x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.56	−0.101%	$1.6M	$128K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.75	−0.063%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythosshort	+0.0100%	8h	503.77	−0.060%	$8K	—	10x
Aevo MSFT-PERP	+0.0104%	1h	503.97	−0.019%	$55	—	10x	as long as short
Hotstuff MSFT-PERP	+0.0216%	1h	503.55	−0.103%	$32K	$8K	20x	as long as short
Injective MSFT/USDC PERPlong	+0.0220%	1h	504.07	long leg	$115K	$45K	30x
edgeX MSFTUSDC	+0.0856%	4h	504.04	−0.007%	$103K	$244K	10x	as long as short