Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC−0.0220%/8hpaid last 24h −0.066%

Price spread now: HTX against Injective+0.034%65s7-day average +0.050% · you sell dearer than you buy

Net, funding: paid 7d − costs−$84as 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−$400.396% of the position

Long on Injective Short on HTX

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)−0.035%−$4 · spread now +0.034%, 7d avg +0.050%

Together, before fees−0.478%−$48 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.050%, so right now this pair is about funding alone: −$7 a day on $10k at the current rate. 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	Injective MSFT/USDC PERP	500.66	0.0220	pay 0.0028% / 1h	21m 59s	$115K	$45K	30x
Short	HTX MSFT-USDT	500.83	0	get 0.0000% / 8h	4h 21m	$58K	$231K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against Injective. 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 InjectivebpFee HTXbpOrdersPrice spread, now +0.034%Rate

Funding earned: −$46.2
Price spread: +0.034% → +0.050%: −$1.64
Slippage, 4 orders: −$27.61
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee HTX: 6 bp × 2 orders: −$12
Net: −$87.47
Costs to cover: 0.396%
Break-even: never at this rate

Slippage from Injective: live order book, 11 min ago; HTX: live order book, 8 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 Injective live order book, 11 min ago	11.01 bp	11.0 bp −$11	11.0 bp −$110	65087.9 bp −$6.51M	365438.6 bp −$182.72M
Sell HTX live order book, 8 min ago	2.80 bp	8.8 bp −$9	11.2 bp −$112	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	−0.0036%	1h	500.77	+0.023%	$447K	$41K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0016%	1h	500.15	−0.102%	$687K	$377K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	500.82	+0.032%	$156K	$87K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	500.95	+0.058%	$374K	$398K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	500.91	+0.050%	$15.7M	$17.9M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	500.92	+0.052%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	500.99	+0.066%	$3.1M	$2.2M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	500.67	+0.002%	$3.0M	$1.5M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	500.70	+0.007%	$1.3M	$732K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	500.67	+0.002%	$19K	$338K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX MSFT-USDT	0.0000%	8h	501.54	+0.176%	$6K	$4.4M	20x	as long as short
HTX MSFT-USDTshort	0.0000%	8h	500.83	+0.034%	$58K	$231K	20x
Phemex MSFTUSDT	0.0000%	8h	501.13	+0.094%	$2.2M	$719K	10x	as long as short
BloFin MSFT-USDT	+0.0001%	8h	500.71	+0.010%	$192K	$202K	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0010%	1h	500.95	+0.058%	$27K	$115K	10x	as long as short
Bitget MSFTUSDT	+0.0015%	8h	500.96	+0.060%	$3.8M	$1.8M	100x	as long as short
Hotstuff MSFT-PERP	+0.0016%	1h	500.51	−0.030%	$40K	—	20x	as long as short
Lighter MSFT	+0.0032%	1h	501.06	+0.080%	$1.1M	$624K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	500.94	+0.056%	$674K	$2.2M	20x	as long as short
QFEX MSFT-USD	+0.0045%	1h	500.68	+0.004%	$1.2M	$5.3M	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	500.88	+0.044%	—	—	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	500.72	+0.012%	$22.5M	$9.3M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	500.52	−0.028%	$299K	$450K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	500.94	+0.056%	$60K	$3K	10x	as long as short
Paradex MSFT-USD-PERP	+0.0050%	8h	500.70	+0.009%	$220	—	5x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.44	−0.044%	$510K	$458K	15x	as long as short
Phoenix MSFT	+0.0080%	1h	500.73	+0.014%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	500.46	−0.040%	$1.5M	$11K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	500.58	−0.016%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	500.89	+0.046%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	500.90	+0.047%	$55	—	10x	as long as short
Injective MSFT/USDC PERPlong	+0.0220%	1h	500.66	long leg	$115K	$45K	30x
Arcus MSFT-USD	+0.0553%	1h	500.73	+0.014%	$111K	$76K	10x	as long as short
edgeX MSFTUSDC	+0.0773%	4h	500.68	+0.005%	$102K	$243K	10x	as long as short