Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0220%/8h= −24.1% APRpaid last 24h −0.066%

Price spread now: SunX against Injective+0.135%7-day average +0.220% · you sell dearer than you buy

Net, funding: paid 7d − costs−$280as in the Funding arb table

Net, price: spread back to 7d avg − costs−$245as in the Price arb table

costs, in and out, $10k−$2362.361% of the position

Long on Injective Short on SunX

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)+0.036%+$4 · spread now +0.135%, 7d avg +0.220%

Together, before fees−0.407%−$41 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 SunX is 0.085% cheaper against Injective than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of +0.220%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective MSFT/USDC PERP	502.17	0.0220	pay 0.0028% / 1h	29m 08s	$115K	$45K	30x
Short	SunX MSFT-USDT	502.85	0	get 0.0000% / 8h	1h 29m	$6K	$4.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.135%Rate

Funding earned: −$46.2
Price spread: +0.135% → +0.220%: −$8.48
Slippage, 4 orders: −$228.07
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee SunX: 4 bp × 2 orders: −$8
Net: −$290.77
Costs to cover: 2.361%
Break-even: never at this rate

Slippage from Injective: live order book, 54 min ago; SunX: live order book, 9 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, 54 min ago	10.07 bp	10.1 bp −$10	10.1 bp −$101	65075.9 bp −$6.51M	365378.4 bp −$182.69M
Sell SunX live order book, 9 min ago	29.23 bp	104.3 bp −$104	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	−0.0817%	4h	501.97	−0.040%	$102K	$243K	10x	as long as short
BloFin MSFT-USDT	−0.0009%	8h	502.04	−0.026%	$188K	$209K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	502.01	−0.032%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.97	−0.040%	$337K	$407K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	502.11	−0.012%	$15.7M	$19.3M	20x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	502.18	+0.002%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.85	−0.064%	$3.1M	$1.6M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.98	−0.037%	$1.3M	$708K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	502.02	−0.030%	$19K	$318K	10x	as long as short
SunX MSFT-USDTshort	0.0000%	8h	502.85	+0.135%	$6K	$4.4M	20x

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International MSFT-PERP-INTX	0.0000%	1h	501.58	−0.117%	$688K	$449K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.92	−0.050%	$58K	$228K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.20	+0.006%	$2.2M	$763K	10x	as long as short
Bitget MSFTUSDT	+0.0006%	8h	502.08	−0.018%	$3.8M	$2.2M	100x	as long as short
Bybit MSFTUSDT	+0.0021%	8h	502.07	−0.020%	$7.4M	$1.7M	100x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.94	−0.046%	$653K	$2.1M	20x	as long as short
QFEX MSFT-USD	+0.0040%	1h	501.95	−0.044%	$1.1M	$5.8M	10x	as long as short
Nado MSFT-PERP	+0.0041%	1h	501.70	−0.094%	$414K	$64K	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.74	−0.086%	—	$1K	25x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0049%	1h	501.86	−0.062%	$27K	$104K	10x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.74	−0.086%	$22.3M	$9.9M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.56	−0.121%	$305K	$679K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.99	−0.036%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.62	−0.110%	$529K	$493K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0062%	8h	501.87	−0.059%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.88	−0.058%	$10K	$15K	20x	as long as short
Hotstuff MSFT-PERP	+0.0088%	1h	501.62	−0.110%	$32K	$8K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.55	−0.123%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.79	−0.076%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.91	−0.052%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.96	−0.041%	$55	—	10x	as long as short
Lighter MSFT	+0.0168%	1h	502.12	−0.010%	$1.1M	$590K	20x	as long as short
Arcus MSFT-USD	+0.0200%	1h	501.91	−0.052%	$98K	$109K	10x	as long as short
Injective MSFT/USDC PERPlong	+0.0220%	1h	502.17	long leg	$115K	$45K	30x