Funding you earn now, next payment 01:00 UTC+0.0220%/8h= +24.1% APRpaid last 24h +0.066%
Price spread now: Injective against Phemex+0.004%7-day average −0.096% · you sell dearer than you buy
Net, funding: paid 7d − costs−$36as in the Funding arb table
Net, price: spread back to 7d avg − costs−$71as in the Price arb table
costs, in and out, $10k−$810.807% of the position
Funding, last 7 days+0.443%+$44 on $10k
+Price spread, last 3 days (all we have)−0.097%−$10 · spread now +0.004%, 7d avg −0.096%
=Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Injective is 0.100% dearer against Phemex than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of −0.096%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phemex MSFTUSDT | 501.74 | 0 | get 0.0000% / 8h | 7h 06m | $2.2M | $761K | 10x |
| Short | Injective MSFT/USDC PERP | 501.76 | 0.0220 | get 0.0028% / 1h | 6m 32s | $115K | $45K | 30x |
Phemex MSFTUSDT
Injective MSFT/USDC PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Injective against Phemex. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $46.2
- Price spread: +0.004% → −0.096%
- $10.01
- Slippage, 4 orders
- −$68.64
- Fee Phemex: 6 bp × 2 orders
- −$12
- Fee Injective: 0.01 bp × 2 orders
- −$0.02
- Net
- −$24.45
- Costs to cover
- 0.807%
- Break-even
- 10.7 days
Slippage from Phemex: live order book, 2 min ago; Injective: live order book, 2 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 Phemex live order book, 2 min ago | 1.60 bp | 32.7 bp −$33 | doesn't fit | doesn't fit | doesn't fit |
| Sell Injective live order book, 2 min ago | 9.98 bp | 10.0 bp −$10 | 10.0 bp −$100 | 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 | −0.0619% | 4h | 501.32 | −0.084% | $102K | $242K | 10x | as long as short |
| Coinbase International MSFT-PERP-INTX | −0.0008% | 1h | 501.03 | −0.142% | $685K | $454K | 10x | as long as short |
| Aster MSFTUSDT | 0.0000% | 8h | 501.46 | −0.056% | $161K | $116K | 20x | as long as short |
| Extended MSFT_24_5-USD | 0.0000% | 1h | 501.29 | −0.089% | $342K | $905K | 17x | as long as short |
| Binance MSFTUSDT | 0.0000% | 8h | 501.42 | −0.064% | $15.6M | $18.7M | 20x | as long as short |
| Bybit MSFTUSDT | 0.0000% | 8h | 501.25 | −0.098% | $7.4M | $1.6M | 100x | as long as short |
| OKX MSFT-USDT-SWAP | 0.0000% | 8h | 501.51 | −0.046% | $3.0M | $2.3M | 20x | as long as short |
| Gate MSFT_USDT | 0.0000% | 8h | 501.23 | −0.102% | $3.1M | $1.7M | 100x | as long as short |
| Bitget MSFTUSDT | 0.0000% | 8h | 501.42 | −0.064% | $3.8M | $2.1M | 100x | as long as short |
| Variational Omni MSFT | 0.0000% | 8h | 501.33 | −0.081% | $1.3M | $690K | — | as long as short |
edgeX MSFTUSDC
Coinbase International MSFT-PERP-INTX
Aster MSFTUSDT
Extended MSFT_24_5-USD
Binance MSFTUSDT
Bybit MSFTUSDT
OKX MSFT-USDT-SWAP
Gate MSFT_USDT
Bitget MSFTUSDT
Variational Omni MSFTShow all 34 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| GRVT MSFT_USDT_Perp | 0.0000% | 8h | 501.41 | −0.065% | $19K | $293K | 10x | as long as short |
| SunX MSFT-USDT | 0.0000% | 8h | 502.20 | +0.092% | $6K | $4.1M | 20x | as long as short |
| Deribit MSFT_USDC-PERPETUAL | 0.0000% | 1h | 501.13 | −0.122% | $27K | $41K | 10x | as long as short |
| HTX MSFT-USDT | 0.0000% | 8h | 501.33 | −0.082% | $58K | $227K | 20x | as long as short |
| Phemex MSFTUSDTlong | 0.0000% | 8h | 501.74 | long leg | $2.2M | $761K | 10x | |
| Nado MSFT-PERP | +0.0011% | 1h | 501.19 | −0.110% | $414K | $64K | 20x | as long as short |
| BloFin MSFT-USDT | +0.0020% | 8h | 501.42 | −0.064% | $188K | $205K | 20x | as long as short |
| Lighter RH MSFT | +0.0032% | 1h | 501.26 | −0.096% | $617K | $2.0M | 20x | as long as short |
| QFEX MSFT-USD | +0.0044% | 1h | 501.39 | −0.070% | $1.1M | $5.8M | 10x | as long as short |
| Vest MSFT-USD-PERP | +0.0046% | 1h | 501.28 | −0.092% | — | $1K | 25x | as long as short |
| tradeXYZ xyz:MSFT | +0.0050% | 1h | 500.97 | −0.153% | $22.1M | $9.2M | 20x | as long as short |
| Polymarket Perps MSFT-USD | +0.0050% | 1h | 500.94 | −0.159% | $303K | $672K | 10x | as long as short |
| SoDEX MSFT-USD | +0.0050% | 1h | 501.29 | −0.090% | $60K | $3K | 10x | as long as short |
| Ondo Perps MSFT-USD.P | +0.0050% | 1h | 500.92 | −0.163% | $514K | $503K | 15x | as long as short |
| Paradex MSFT-USD-PERP | +0.0051% | 8h | 501.34 | −0.081% | $221 | — | 5x | as long as short |
| Phoenix MSFT | +0.0080% | 1h | 501.07 | −0.134% | $10K | $15K | 20x | as long as short |
| KuCoin MSFTUSDTM | +0.0100% | 8h | 501.27 | −0.094% | $1.5M | $19K | 20x | as long as short |
| ApeX Omni MSFTUSDT | +0.0100% | 1h | 500.87 | −0.173% | $159K | $7K | 50x | as long as short |
| Orderly PERP_MSFT_USDC_mythos | +0.0100% | 8h | 501.26 | −0.096% | $8K | — | 10x | as long as short |
| Aevo MSFT-PERP | +0.0104% | 1h | 501.22 | −0.103% | $55 | — | 10x | as long as short |
| Lighter MSFT | +0.0112% | 1h | 501.50 | −0.048% | $1.1M | $486K | 20x | as long as short |
| Hotstuff MSFT-PERP | +0.0176% | 1h | 500.99 | −0.149% | $32K | $8K | 20x | as long as short |
| Arcus MSFT-USD | +0.0212% | 1h | 501.23 | −0.102% | $97K | $109K | 10x | as long as short |
| Injective MSFT/USDC PERPshort | +0.0220% | 1h | 501.76 | +0.004% | $115K | $45K | 30x |
GRVT MSFT_USDT_Perp
SunX MSFT-USDT
Deribit MSFT_USDC-PERPETUAL
HTX MSFT-USDT
Nado MSFT-PERP
BloFin MSFT-USDT
Lighter RH MSFT
QFEX MSFT-USD
Vest MSFT-USD-PERP
tradeXYZ xyz:MSFT
Polymarket Perps MSFT-USD
SoDEX MSFT-USD
Ondo Perps MSFT-USD.P
Paradex MSFT-USD-PERP
Phoenix MSFT
KuCoin MSFTUSDTM
ApeX Omni MSFTUSDT
Orderly PERP_MSFT_USDC_mythos
Aevo MSFT-PERP
Lighter MSFT
Hotstuff MSFT-PERP
Arcus MSFT-USD