Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0220%/8h= +24.1% APRpaid last 24h +0.066%

Price spread now: Injective against Bitget+0.050%7-day average −0.050% · 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−$30as in the Price arb table

costs, in and out, $10k−$400.397% of the position

Long on Bitget Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.427%+$43 on $10k

Price spread, last 4 days (all we have)−0.073%−$7 · spread now +0.050%, 7d avg −0.050%

Together, before fees+0.354%+$35 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 Bitget than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of −0.050%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget MSFTUSDT	503.79	0	get 0.0000% / 8h	2h 29m	$3.8M	$2.9M	100x
Short	Injective MSFT/USDC PERP	504.04	0.0220	get 0.0028% / 1h	29m 07s	$115K	$45K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Bitget. 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 BitgetbpFee InjectivebpOrdersPrice spread, now +0.050%Rate

Funding earned: $46.2
Price spread: +0.050% → −0.050%: $9.93
Slippage, 4 orders: −$27.67
Fee Bitget: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $16.44
Costs to cover: 0.397%
Break-even: 4.5 days

Slippage from Bitget: live order book, 4 min ago; Injective: live order book, 19 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 Bitget live order book, 4 min ago	1.59 bp	10.1 bp −$10	13.0 bp −$130	37.8 bp −$3,785	doesn't fit
Sell Injective live order book, 19 min ago	10.05 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
edgeX MSFTUSDC	−0.0759%	4h	503.75	−0.007%	$102K	$244K	10x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0064%	1h	503.26	−0.105%	$682K	$465K	10x	as long as short
Nado MSFT-PERP	−0.0020%	1h	503.84	+0.009%	$413K	$67K	20x	as long as short
BloFin MSFT-USDT	−0.0007%	8h	503.77	−0.004%	$189K	$206K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.61	−0.035%	$162K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.64	−0.029%	$341K	$1.2M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	503.78	−0.002%	$15.8M	$19.3M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.51	−0.056%	$7.2M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	503.77	−0.004%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.55	−0.048%	$3.1M	$1.7M	100x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MSFTUSDTlong	0.0000%	8h	503.79	long leg	$3.8M	$2.9M	100x
Variational Omni MSFT	0.0000%	8h	503.95	+0.031%	$1.3M	$477K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	503.94	+0.030%	$19K	$317K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	504.87	+0.214%	$6K	$3.9M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	503.63	−0.032%	$27K	$43K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.98	+0.038%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	504.14	+0.069%	$2.2M	$796K	10x	as long as short
Phoenix MSFT	+0.0016%	1h	503.58	−0.042%	$11K	$15K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.60	−0.038%	$689K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0036%	1h	503.96	+0.034%	$1.1M	$4.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.63	−0.032%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	504.04	+0.050%	—	$1K	25x	as long as short
Hotstuff MSFT-PERP	+0.0048%	1h	503.62	−0.034%	$32K	$8K	20x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	503.35	−0.087%	$22.3M	$8.9M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.65	−0.028%	$303K	$720K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.66	−0.026%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.47	−0.064%	$517K	$471K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0052%	8h	503.90	+0.022%	$222	—	5x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.05	−0.147%	$1.6M	$57K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.54	−0.050%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.69	−0.020%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.77	−0.005%	$55	—	10x	as long as short
Lighter MSFT	+0.0112%	1h	503.94	+0.030%	$1.2M	$506K	20x	as long as short
Injective MSFT/USDC PERPshort	+0.0220%	1h	504.04	+0.050%	$115K	$45K	30x