Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0220%/8h= +24.1% APRpaid last 24h +0.066%

Price spread now: Injective against Aster+0.053%67s7-day average −0.065% · you sell dearer than you buy

Net, funding: paid 7d − costs−$19as 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−$600.604% of the position

Long on Aster Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.417%+$42 on $10k

Price spread, last 3 days (all we have)−0.030%−$3 · spread now +0.053%, 7d avg −0.065%

Together, before fees+0.387%+ Points / potential airdropAster: Stage 5 · farm board+$39 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 0.118% dearer against Aster than usual: you sell high and buy low: +$12 more if the spread goes back to its 7-day average of −0.065%. The two prices were read 67 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	Aster MSFTUSDT	501.29	0	get 0.0000% / 8h	6h 42m	$161K	$116K	20x
Short	Injective MSFT/USDC PERP	501.56	0.0220	get 0.0028% / 1h	42m 11s	$115K	$45K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Aster. 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 AsterbpFee InjectivebpOrdersPrice spread, now +0.053%Rate

Funding earned: $46.2
Price spread: +0.053% → −0.065%: $11.85
Slippage, 4 orders: −$52.38
Fee Aster: 4 bp × 2 orders: −$8
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$2.35
Costs to cover: 0.604%
Break-even: 7.4 days

Slippage from Aster: live order book, 24 min ago; Injective: live order book, 26 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 Aster live order book, 24 min ago	9.77 bp	22.4 bp −$22	doesn't fit	doesn't fit	doesn't fit
Sell Injective live order book, 26 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	−0.0244%	4h	501.23	−0.012%	$102K	$243K	10x	as long as short
BloFin MSFT-USDT	−0.0028%	8h	501.33	+0.007%	$189K	$204K	20x	as long as short
Nado MSFT-PERP	−0.0018%	1h	500.88	−0.084%	$414K	$64K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0016%	1h	500.76	−0.107%	$684K	$449K	10x	as long as short
Aster MSFTUSDTlong	0.0000%	8h	501.29	long leg	$161K	$116K	20x
Extended MSFT_24_5-USD	0.0000%	1h	501.05	−0.049%	$342K	$894K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.17	−0.025%	$15.6M	$18.7M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.07	−0.045%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.24	−0.011%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	500.88	−0.083%	$3.1M	$1.6M	100x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MSFTUSDT	0.0000%	8h	501.17	−0.025%	$4.3M	$2.4M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.24	−0.011%	$1.3M	$677K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.20	−0.018%	$19K	$294K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	501.93	+0.127%	$6K	$4.1M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.02	−0.055%	$58K	$227K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.38	+0.017%	$2.2M	$757K	10x	as long as short
Lighter RH MSFT	+0.0032%	1h	500.97	−0.065%	$618K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0038%	1h	501.18	−0.023%	$1.1M	$5.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.05	−0.049%	$97K	$109K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.06	−0.047%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	500.90	−0.079%	$22.1M	$9.2M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	500.88	−0.083%	$303K	$672K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.03	−0.053%	$60K	$3K	10x	as long as short
Paradex MSFT-USD-PERP	+0.0050%	8h	501.06	−0.047%	$220	—	5x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.85	−0.089%	$513K	$503K	15x	as long as short
Phoenix MSFT	+0.0080%	1h	501.10	−0.039%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	500.81	−0.097%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	500.67	−0.124%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.09	−0.041%	$8K	—	10x	as long as short
Hotstuff MSFT-PERP	+0.0104%	1h	500.88	−0.083%	$32K	$8K	20x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.04	−0.050%	$55	—	10x	as long as short
Lighter MSFT	+0.0120%	1h	501.24	−0.011%	$1.1M	$489K	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0169%	1h	501.01	−0.057%	$27K	$41K	10x	as long as short
Injective MSFT/USDC PERPshort	+0.0220%	1h	501.56	+0.053%	$115K	$45K	30x