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 Phemex+0.028%7-day average −0.086% · you sell dearer than you buy

Net, funding: paid 7d − costs−$36as in the Funding arb table

Net, price: spread back to 7d avg − costs−$69as in the Price arb table

costs, in and out, $10k−$810.805% of the position

Long on Phemex 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)−0.089%−$9 · spread now +0.028%, 7d avg −0.086%

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 0.114% dearer against Phemex than usual: you sell high and buy low: +$11 more if the spread goes back to its 7-day average of −0.086%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex MSFTUSDT	503.10	0	get 0.0000% / 8h	2h 46m	$2.2M	$791K	10x
Short	Injective MSFT/USDC PERP	503.24	0.0220	get 0.0028% / 1h	46m 58s	$115K	$45K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Phemex. 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 PhemexbpFee InjectivebpOrdersPrice spread, now +0.028%Rate

Funding earned: $46.2
Price spread: +0.028% → −0.086%: $11.42
Slippage, 4 orders: −$68.53
Fee Phemex: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$22.92
Costs to cover: 0.805%
Break-even: 10.5 days

Slippage from Phemex: live order book, 1 min ago; Injective: live order book, 2 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 Phemex live order book, 1 min ago	0.20 bp	29.9 bp −$30	doesn't fit	doesn't fit	doesn't fit
Sell Injective live order book, 2 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
Coinbase International MSFT-PERP-INTX	−0.0064%	1h	502.41	−0.137%	$684K	$454K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	502.59	−0.101%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	502.71	−0.077%	$341K	$1.2M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	502.67	−0.085%	$15.8M	$19.3M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	502.47	−0.125%	$7.2M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	502.85	−0.050%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	502.46	−0.127%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	502.70	−0.080%	$4.2M	$2.7M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	502.78	−0.064%	$1.3M	$493K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	502.91	−0.038%	$18K	$311K	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	503.60	+0.099%	$6K	$3.9M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	502.52	−0.115%	$27K	$42K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	502.71	−0.078%	$59K	$225K	20x	as long as short
Phemex MSFTUSDTlong	0.0000%	8h	503.10	long leg	$2.2M	$791K	10x
Nado MSFT-PERP	+0.0001%	1h	502.52	−0.115%	$412K	$66K	20x	as long as short
Phoenix MSFT	+0.0016%	1h	502.53	−0.113%	$11K	$15K	20x	as long as short
BloFin MSFT-USDT	+0.0019%	8h	502.85	−0.050%	$190K	$204K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	502.60	−0.099%	$678K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0036%	1h	502.67	−0.085%	$1.2M	$4.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	502.59	−0.101%	$96K	$111K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	502.69	−0.081%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	502.26	−0.167%	$22.2M	$8.9M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	502.46	−0.127%	$303K	$713K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	502.59	−0.101%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	502.31	−0.157%	$512K	$463K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0052%	8h	502.68	−0.084%	$221	—	5x	as long as short
Hotstuff MSFT-PERP	+0.0064%	1h	502.38	−0.143%	$32K	$8K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	502.57	−0.105%	$1.6M	$57K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	502.63	−0.093%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	502.67	−0.085%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	502.73	−0.074%	$55	—	10x	as long as short
Lighter MSFT	+0.0120%	1h	502.79	−0.062%	$1.2M	$495K	20x	as long as short
Injective MSFT/USDC PERPshort	+0.0220%	1h	503.24	+0.028%	$115K	$45K	30x
edgeX MSFTUSDC	+0.0752%	4h	502.72	−0.075%	$102K	$244K	10x	as long as short