Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0170%/8h= −18.6% APRpaid last 24h −0.038%

Price spread now: Paradex against Injective−0.034%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 Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Paradex is 0.034% cheaper against Injective than usual: you would sell low and buy high (−$3 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	501.89	0.0220	pay 0.0028% / 1h	9m 00s	$115K	$45K	30x
Short	Paradex MSFT-USD-PERP	501.72	0.0050	get 0.0050% / 8h	2h 09m	$221	—	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.034%Rate

Funding earned: −$35.67
Price spread: −0.034% → 0.000%: −$3.45
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$43.14
Costs to cover: 0.040%
Break-even: never at this rate

Slippage unknown: Injective: live order book, 15 min ago; Paradex: 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, 15 min ago	10.07 bp	10.1 bp −$10	10.1 bp −$101	65075.9 bp −$6.51M	365378.4 bp −$182.69M
Sell Paradex no order-book sample	—	—	—	—	—

Paradex: 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
Hotstuff MSFT-PERP	−0.0072%	1h	501.40	−0.098%	$32K	$8K	20x	as long as short
edgeX MSFTUSDC	−0.0058%	4h	501.82	−0.015%	$102K	$242K	10x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0040%	1h	501.47	−0.084%	$690K	$433K	10x	as long as short
Nado MSFT-PERP	−0.0002%	1h	501.38	−0.101%	$414K	$64K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.95	+0.011%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.79	−0.020%	$372K	$369K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.83	−0.012%	$15.7M	$19.3M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.88	−0.002%	$7.4M	$1.7M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.78	−0.022%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.59	−0.060%	$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	501.79	−0.020%	$3.8M	$2.2M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.81	−0.015%	$1.3M	$726K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.76	−0.026%	$19K	$328K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.63	+0.147%	$6K	$4.4M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.58	−0.062%	$59K	$230K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.98	+0.018%	$2.2M	$768K	10x	as long as short
BloFin MSFT-USDT	+0.0020%	8h	501.84	−0.010%	$188K	$210K	20x	as long as short
Lighter MSFT	+0.0032%	1h	501.71	−0.036%	$1.1M	$654K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.60	−0.058%	$652K	$2.2M	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.62	−0.054%	—	—	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.37	−0.104%	$22.2M	$10.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.36	−0.106%	$309K	$683K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.78	−0.022%	$60K	$3K	10x	as long as short
Paradex MSFT-USD-PERPshort	+0.0050%	8h	501.72	−0.034%	$221	—	5x
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.27	−0.124%	$521K	$485K	15x	as long as short
QFEX MSFT-USD	+0.0050%	1h	501.68	−0.042%	$1.2M	$5.7M	10x	as long as short
Phoenix MSFT	+0.0096%	1h	501.60	−0.058%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.20	−0.137%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.43	−0.092%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.72	−0.034%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.80	−0.018%	$55	—	10x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0109%	1h	501.63	−0.052%	$27K	$104K	10x	as long as short
Injective MSFT/USDC PERPlong	+0.0220%	1h	501.89	long leg	$115K	$45K	30x
Arcus MSFT-USD	+0.0531%	1h	501.62	−0.054%	$109K	$90K	10x	as long as short