Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0220%/8h= +24.1% APRpaid last 24h +0.066%

Price spread now: Injective against OKX+0.044%68s7-day average −0.055% · you sell dearer than you buy

Net, funding: paid 7d − costs+$3as 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−$400.396% of the position

Long on OKX Short on Injective

What this pair did over the last

the charts below follow

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

Price spread, last 3 days (all we have)+0.056%+$6 · spread now +0.044%, 7d avg −0.055%

Together, before fees+0.486%+$49 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Injective is 0.099% dearer against OKX than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of −0.055%. The two prices were read 68 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	OKX MSFT-USDT-SWAP	501.81	0	get 0.0000% / 8h	2h 22m	$3.0M	$2.3M	20x
Short	Injective MSFT/USDC PERP	502.03	0.0220	get 0.0028% / 1h	22m 10s	$115K	$45K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against OKX. 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 OKXbpFee InjectivebpOrdersPrice spread, now +0.044%Rate

Funding earned: $46.2
Price spread: +0.044% → −0.055%: $9.93
Slippage, 4 orders: −$29.56
Fee OKX: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $16.54
Costs to cover: 0.396%
Break-even: 4.5 days

Slippage from OKX: live order book, 5 min ago; Injective: live order book, 1 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 OKX live order book, 5 min ago	1.69 bp	9.3 bp −$9	17.4 bp −$174	doesn't fit	doesn't fit
Sell Injective live order book, 1 min ago	10.07 bp	10.1 bp −$10	10.1 bp −$101	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
Coinbase International MSFT-PERP-INTX	−0.0040%	1h	501.47	−0.068%	$690K	$434K	10x	as long as short
Nado MSFT-PERP	−0.0024%	1h	501.51	−0.061%	$414K	$64K	20x	as long as short
BloFin MSFT-USDT	0.0000%	8h	501.67	−0.028%	$189K	$209K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.84	+0.005%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.60	−0.041%	$372K	$369K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.68	−0.026%	$15.7M	$19.3M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.80	−0.002%	$7.4M	$1.7M	100x	as long as short
OKX MSFT-USDT-SWAPlong	0.0000%	8h	501.81	long leg	$3.0M	$2.3M	20x
Gate MSFT_USDT	0.0000%	8h	501.53	−0.056%	$3.1M	$1.5M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.68	−0.026%	$3.8M	$2.2M	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	501.67	−0.028%	$1.3M	$726K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.75	−0.012%	$18K	$330K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.42	+0.122%	$6K	$4.4M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.55	−0.052%	$27K	$104K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.59	−0.044%	$59K	$230K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.82	+0.002%	$2.2M	$765K	10x	as long as short
Hotstuff MSFT-PERP	+0.0024%	1h	501.40	−0.082%	$32K	$8K	20x	as long as short
Lighter MSFT	+0.0032%	1h	501.67	−0.028%	$1.1M	$653K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.59	−0.044%	$652K	$2.2M	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.70	−0.022%	—	—	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.36	−0.090%	$22.2M	$10.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.27	−0.108%	$309K	$683K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.61	−0.040%	$60K	$3K	10x	as long as short
Paradex MSFT-USD-PERP	+0.0050%	8h	501.64	−0.034%	$221	—	5x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.25	−0.112%	$521K	$485K	15x	as long as short
QFEX MSFT-USD	+0.0050%	1h	501.69	−0.024%	$1.1M	$5.7M	10x	as long as short
Phoenix MSFT	+0.0096%	1h	501.45	−0.072%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.21	−0.120%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.53	−0.056%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.56	−0.050%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.61	−0.039%	$55	—	10x	as long as short
Injective MSFT/USDC PERPshort	+0.0220%	1h	502.03	+0.044%	$115K	$45K	30x
Arcus MSFT-USD	+0.0531%	1h	501.51	−0.060%	$109K	$90K	10x	as long as short
edgeX MSFTUSDC	+0.0989%	4h	501.68	−0.025%	$102K	$242K	10x	as long as short