Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0220%/8h= −24.1% APRpaid last 24h −0.066%

Price spread now: Phemex against Injective0.000%65s7-day average +0.096% · you sell dearer than you buy

Net, funding: paid 7d − costs−$124as 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−$790.794% of the position

Long on Injective Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.443%−$44 on $10k

Price spread, last 3 days (all we have)+0.093%+$9 · spread now 0.000%, 7d avg +0.096%

Together, before fees−0.349%−$35 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 Phemex is 0.096% cheaper against Injective than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of +0.096%). Swap the legs. The two prices were read 65 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	501.76	0.0220	pay 0.0028% / 1h	7m 58s	$115K	$45K	30x
Short	Phemex MSFTUSDT	501.76	0	get 0.0000% / 8h	7h 07m	$2.2M	$760K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now 0.000%Rate

Funding earned: −$46.2
Price spread: 0.000% → +0.096%: −$9.61
Slippage, 4 orders: −$67.38
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$135.21
Costs to cover: 0.794%
Break-even: never at this rate

Slippage from Injective: live order book, 1 min ago; Phemex: 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, 1 min ago	9.98 bp	10.0 bp −$10	10.0 bp −$100	65080.0 bp −$6.51M	365399.3 bp −$182.70M
Sell Phemex live order book, 5 min ago	3.59 bp	28.2 bp −$28	doesn't fit	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	−0.0383%	4h	501.35	−0.081%	$102K	$242K	10x	as long as short
BloFin MSFT-USDT	−0.0018%	8h	501.41	−0.070%	$188K	$205K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0008%	1h	501.03	−0.145%	$685K	$453K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.41	−0.070%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.37	−0.078%	$342K	$905K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.48	−0.056%	$15.7M	$18.7M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.30	−0.092%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.38	−0.076%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.16	−0.120%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.41	−0.070%	$3.8M	$2.1M	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	501.33	−0.085%	$1.3M	$690K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.50	−0.052%	$19K	$293K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.18	+0.084%	$6K	$4.1M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.06	−0.140%	$27K	$41K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.21	−0.110%	$58K	$227K	20x	as long as short
Phemex MSFTUSDTshort	0.0000%	8h	501.76	0.000%	$2.2M	$760K	10x
Nado MSFT-PERP	+0.0012%	1h	501.13	−0.125%	$414K	$64K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.25	−0.102%	$619K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0044%	1h	501.29	−0.094%	$1.1M	$5.8M	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.21	−0.110%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	500.98	−0.155%	$22.1M	$9.2M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	500.95	−0.161%	$303K	$672K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.23	−0.106%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.92	−0.167%	$514K	$503K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0051%	8h	501.24	−0.104%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.07	−0.138%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.22	−0.108%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	500.98	−0.155%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.24	−0.104%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.22	−0.107%	$55	—	10x	as long as short
Lighter MSFT	+0.0112%	1h	501.48	−0.056%	$1.1M	$486K	20x	as long as short
Hotstuff MSFT-PERP	+0.0176%	1h	500.97	−0.157%	$32K	$8K	20x	as long as short
Arcus MSFT-USD	+0.0212%	1h	501.23	−0.106%	$97K	$109K	10x	as long as short
Injective MSFT/USDC PERPlong	+0.0220%	1h	501.76	long leg	$115K	$45K	30x