Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0161%/8h= +17.6% APRpaid last 24h +0.066%

Price spread now: Injective against OKX+0.230%7-day average −0.034% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$10as in the Price arb table

costs, in and out, $10k−$360.364% of the position

Long on OKX Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.429%+$43 on $10k

Price spread, last 4 days (all we have)−0.216%−$22 · spread now +0.230%, 7d avg −0.034%

Together, before fees+0.213%+$21 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Injective is 0.264% dearer against OKX than usual: you sell high and buy low: +$26 more if the spread goes back to its 7-day average of −0.034%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX MSFT-USDT-SWAP	504.98	0.0059	pay 0.0059% / 8h	5h 02m	$3.2M	$2.8M	20x
Short	Injective MSFT/USDC PERP	506.14	0.0220	get 0.0028% / 1h	2m 53s	$116K	$45K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against OKX. 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 OKXbpFee InjectivebpOrdersPrice spread, now +0.230%Rate

Funding earned: $33.77
Price spread: +0.230% → −0.034%: $26.36
Slippage, 4 orders: −$26.4
Fee OKX: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $23.72
Costs to cover: 0.364%
Break-even: 2.1 days

Slippage from OKX: live order book, 2 min ago; Injective: live order book, 44 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 OKX live order book, 2 min ago	0.99 bp	9.2 bp −$9	16.6 bp −$166	doesn't fit	doesn't fit
Sell Injective live order book, 44 min ago	10.05 bp	10.1 bp −$10	10.1 bp −$101	doesn't fit	doesn't fit

MSFT on 34 exchanges

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
Hotstuff MSFT-PERP	−0.1600%	1h	504.67	−0.061%	$33K	$8K	20x	as long as short
edgeX MSFTUSDC	−0.0420%	4h	504.94	−0.008%	$103K	$244K	10x	as long as short
Nado MSFT-PERP	−0.0027%	1h	504.59	−0.078%	$412K	$72K	20x	as long as short
BloFin MSFT-USDT	−0.0005%	8h	504.96	−0.004%	$203K	$221K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	504.72	−0.051%	$166K	$118K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	504.80	−0.036%	$328K	$1.9M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	504.93	−0.010%	$16.3M	$21.8M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	504.61	−0.073%	$7.3M	$2.4M	100x	as long as short
Gate MSFT_USDT	0.0000%	8h	504.67	−0.061%	$3.1M	$2.0M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	504.67	−0.061%	$4.0M	$3.1M	100x	as long as short

Show all 34 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni MSFT	0.0000%	8h	504.90	−0.016%	$1.3M	$410K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	504.94	−0.007%	$19K	$326K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	505.76	+0.154%	$6K	$3.5M	20x	as long as short
Coinbase International MSFT-PERP-INTX	0.0000%	1h	504.00	−0.194%	$712K	$657K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	504.82	−0.032%	$49K	$247K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	505.06	+0.016%	$2.3M	$942K	10x	as long as short
Lighter MSFT	+0.0032%	1h	504.69	−0.057%	$1.2M	$526K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	504.73	−0.050%	$729K	$1.9M	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	504.81	−0.034%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	504.46	−0.103%	$22.4M	$9.4M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	504.57	−0.081%	$319K	$675K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	504.74	−0.048%	$61K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	504.48	−0.099%	$530K	$408K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0055%	8h	504.73	−0.049%	$222	—	5x	as long as short
QFEX MSFT-USD	+0.0058%	1h	504.86	−0.024%	$1.2M	$4.7M	10x	as long as short
OKX MSFT-USDT-SWAPlong	+0.0059%	8h	504.98	long leg	$3.2M	$2.8M	20x
Phoenix MSFT	+0.0079%	1h	504.72	−0.051%	$11K	$5K	20x	as long as short
KuCoin MSFTUSDTM	+0.0087%	8h	504.30	−0.135%	$1.6M	$274K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	504.60	−0.075%	$161K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	504.72	−0.051%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	504.56	−0.083%	$56	—	10x	as long as short
Arcus MSFT-USD	+0.0190%	1h	504.66	−0.063%	$94K	$83K	10x	as long as short
Injective MSFT/USDC PERPshort	+0.0220%	1h	506.14	+0.230%	$116K	$45K	30x
Deribit MSFT_USDC-PERPETUAL	+0.0404%	1h	504.77	−0.042%	$30K	$47K	10x	as long as short