Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0220%/8h= +24.1% APRpaid last 24h +0.066%

Price spread now: Injective against HTX+0.389%65s7-day average −0.027% · you sell dearer than you buy

Net, funding: paid 7d − costs+$6as 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−$380.381% of the position

Long on HTX 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 4 days (all we have)+0.012%+$1 · spread now +0.389%, 7d avg −0.027%

Together, before fees+0.455%+$45 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 0.416% dearer against HTX than usual: you sell high and buy low: +$42 more if the spread goes back to its 7-day average of −0.027%. The two prices were read 65 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	HTX MSFT-USDT	503.98	0	get 0.0000% / 8h	7h 41m	$59K	$224K	20x
Short	Injective MSFT/USDC PERP	505.94	0.0220	get 0.0028% / 1h	41m 48s	$116K	$45K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against HTX. 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 HTXbpFee InjectivebpOrdersPrice spread, now +0.389%Rate

Funding earned: $46.2
Price spread: +0.389% → −0.027%: $41.57
Slippage, 4 orders: −$26.08
Fee HTX: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $49.66
Costs to cover: 0.381%
Break-even: from the start

Slippage from HTX: live order book, 55 min ago; Injective: live order book, 57 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 HTX live order book, 55 min ago	2.68 bp	9.3 bp −$9	19.2 bp −$192	doesn't fit	doesn't fit
Sell Injective live order book, 57 min ago	10.03 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
Nado MSFT-PERP	−0.0071%	1h	503.79	−0.037%	$415K	$67K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0056%	1h	503.83	−0.030%	$682K	$494K	10x	as long as short
BloFin MSFT-USDT	−0.0003%	8h	503.97	−0.002%	$191K	$205K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	504.34	+0.072%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	504.03	+0.010%	$338K	$1.9M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	504.17	+0.038%	$15.9M	$19.0M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.91	−0.014%	$7.2M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	504.20	+0.044%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.87	−0.022%	$3.2M	$1.8M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	504.07	+0.018%	$3.9M	$2.9M	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	504.21	+0.046%	$1.3M	$401K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	504.19	+0.041%	$19K	$316K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	504.96	+0.194%	$6K	$3.6M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	503.84	−0.028%	$27K	$44K	10x	as long as short
HTX MSFT-USDTlong	0.0000%	8h	503.98	long leg	$59K	$224K	20x
Phemex MSFTUSDT	0.0000%	8h	504.45	+0.093%	$2.2M	$829K	10x	as long as short
Phoenix MSFT	+0.0016%	1h	504.00	+0.004%	$11K	$15K	20x	as long as short
QFEX MSFT-USD	+0.0023%	1h	504.02	+0.008%	$1.2M	$4.6M	10x	as long as short
Lighter MSFT	+0.0032%	1h	503.99	+0.002%	$1.2M	$510K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.95	−0.006%	$697K	$1.9M	20x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.86	−0.024%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	504.06	+0.016%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	503.70	−0.056%	$22.4M	$9.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.65	−0.065%	$303K	$654K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.89	−0.018%	$61K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.50	−0.095%	$514K	$410K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0052%	8h	503.89	−0.017%	$222	—	5x	as long as short
edgeX MSFTUSDC	+0.0079%	4h	504.22	+0.047%	$103K	$244K	10x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.74	−0.048%	$1.6M	$101K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.66	−0.063%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	504.07	+0.018%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.97	−0.003%	$55	—	10x	as long as short
Hotstuff MSFT-PERP	+0.0112%	1h	503.84	−0.028%	$33K	$8K	20x	as long as short
Injective MSFT/USDC PERPshort	+0.0220%	1h	505.94	+0.389%	$116K	$45K	30x