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: Injective against SunX−0.072%7-day average −0.220% · you buy dearer than you sell

Net, funding: paid 7d − costs−$192as in the Funding arb table

Net, price: spread back to 7d avg − costs−$221as in the Price arb table

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

Long on SunX Short on Injective

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)−0.100%−$10 · spread now −0.072%, 7d avg −0.220%

Together, before fees+0.343%+$34 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 0.149% dearer against SunX than usual: you sell high and buy low: +$15 more if the spread goes back to its 7-day average of −0.220%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX MSFT-USDT	502.70	0	get 0.0000% / 8h	1h 34m	$6K	$4.4M	20x
Short	Injective MSFT/USDC PERP	502.34	0.0220	get 0.0028% / 1h	34m 38s	$115K	$45K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against SunX. 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 SunXbpFee InjectivebpOrdersPrice spread, now −0.072%Rate

Funding earned: $46.2
Price spread: −0.072% → −0.220%: $14.86
Slippage, 4 orders: −$228.07
Fee SunX: 4 bp × 2 orders: −$8
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$175.03
Costs to cover: 2.361%
Break-even: 33.5 days

Slippage from SunX: live order book, 4 min ago; Injective: live order book, 49 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 SunX live order book, 4 min ago	29.23 bp	111.6 bp −$112	doesn't fit	doesn't fit	doesn't fit
Sell Injective live order book, 49 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
BloFin MSFT-USDT	−0.0006%	8h	501.92	−0.155%	$187K	$209K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	502.03	−0.134%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.88	−0.164%	$340K	$401K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.96	−0.148%	$15.7M	$19.3M	20x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.96	−0.147%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.76	−0.187%	$3.1M	$1.6M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.99	−0.141%	$1.3M	$708K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	502.08	−0.124%	$18K	$319K	10x	as long as short
SunX MSFT-USDTlong	0.0000%	8h	502.70	long leg	$6K	$4.4M	20x
Coinbase International MSFT-PERP-INTX	0.0000%	1h	501.58	−0.223%	$688K	$449K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX MSFT-USDT	0.0000%	8h	501.82	−0.175%	$59K	$228K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.93	−0.153%	$2.2M	$763K	10x	as long as short
Bitget MSFTUSDT	+0.0006%	8h	501.97	−0.145%	$3.8M	$2.2M	100x	as long as short
Bybit MSFTUSDT	+0.0024%	8h	501.96	−0.147%	$7.4M	$1.7M	100x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.85	−0.169%	$653K	$2.1M	20x	as long as short
QFEX MSFT-USD	+0.0040%	1h	501.94	−0.151%	$1.2M	$5.8M	10x	as long as short
Hotstuff MSFT-PERP	+0.0040%	1h	501.57	−0.225%	$32K	$8K	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.74	−0.191%	—	—	25x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0049%	1h	501.67	−0.205%	$27K	$104K	10x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.48	−0.243%	$22.3M	$9.9M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.47	−0.245%	$305K	$682K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.82	−0.175%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.60	−0.219%	$529K	$493K	15x	as long as short
Nado MSFT-PERP	+0.0052%	1h	501.55	−0.229%	$414K	$64K	20x	as long as short
Paradex MSFT-USD-PERP	+0.0063%	8h	501.76	−0.187%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.69	−0.201%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.49	−0.241%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.56	−0.227%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.83	−0.173%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.86	−0.167%	$55	—	10x	as long as short
edgeX MSFTUSDC	+0.0111%	4h	502.06	−0.127%	$102K	$243K	10x	as long as short
Lighter MSFT	+0.0176%	1h	502.03	−0.133%	$1.1M	$590K	20x	as long as short
Arcus MSFT-USD	+0.0200%	1h	501.90	−0.159%	$99K	$106K	10x	as long as short
Injective MSFT/USDC PERPshort	+0.0220%	1h	502.34	−0.072%	$115K	$45K	30x