Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0220%/8h= +24.1% APRpaid last 24h +0.066%

Price spread now: Injective against HTX−0.012%65s7-day average −0.041% · you buy dearer than you sell

Net, funding: paid 7d − costs+$5as 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−$390.389% 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 3 days (all we have)−0.041%−$4 · spread now −0.012%, 7d avg −0.041%

Together, before fees+0.402%+$40 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 0.029% dearer against HTX than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.041%. 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	502.06	0	get 0.0000% / 8h	7h 27m	$58K	$227K	20x
Short	Injective MSFT/USDC PERP	502.00	0.0220	get 0.0028% / 1h	27m 48s	$115K	$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 −0.012%Rate

Funding earned: $46.2
Price spread: −0.012% → −0.041%: $2.89
Slippage, 4 orders: −$26.9
Fee HTX: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $10.17
Costs to cover: 0.389%
Break-even: 5.5 days

Slippage from HTX: live order book, 44 min ago; Injective: live order book, 46 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, 44 min ago	2.69 bp	8.7 bp −$9	17.0 bp −$170	doesn't fit	doesn't fit
Sell Injective live order book, 46 min ago	10.76 bp	10.8 bp −$11	10.8 bp −$108	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	−0.0008%	1h	501.13	−0.185%	$679K	$448K	10x	as long as short
BloFin MSFT-USDT	−0.0003%	8h	502.14	+0.016%	$188K	$206K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.97	−0.019%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	502.02	−0.007%	$337K	$1.0M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	502.14	+0.016%	$15.7M	$18.7M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.98	−0.016%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	502.32	+0.052%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.79	−0.054%	$3.1M	$1.6M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.86	−0.040%	$3.8M	$2.2M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.87	−0.038%	$1.3M	$690K	—	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT MSFT_USDT_Perp	0.0000%	8h	501.88	−0.036%	$19K	$292K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.95	+0.177%	$6K	$4.2M	20x	as long as short
HTX MSFT-USDTlong	0.0000%	8h	502.06	long leg	$58K	$227K	20x
Phemex MSFTUSDT	0.0000%	8h	502.43	+0.074%	$2.2M	$757K	10x	as long as short
Nado MSFT-PERP	0.0000%	1h	501.72	−0.068%	$414K	$64K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.86	−0.040%	$618K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0044%	1h	501.94	−0.024%	$1.1M	$5.9M	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.94	−0.024%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.68	−0.076%	$22.3M	$9.1M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.74	−0.064%	$303K	$674K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	502.06	0.000%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.52	−0.108%	$527K	$489K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0051%	8h	501.95	−0.023%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.48	−0.116%	$10K	$15K	20x	as long as short
Lighter MSFT	+0.0088%	1h	502.07	+0.002%	$1.1M	$486K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.86	−0.040%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.45	−0.121%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.87	−0.038%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.88	−0.035%	$55	—	10x	as long as short
Hotstuff MSFT-PERP	+0.0136%	1h	501.75	−0.062%	$32K	$8K	20x	as long as short
Arcus MSFT-USD	+0.0212%	1h	501.77	−0.058%	$97K	$109K	10x	as long as short
Injective MSFT/USDC PERPshort	+0.0220%	1h	502.00	−0.012%	$115K	$45K	30x
Deribit MSFT_USDC-PERPETUAL	+0.0248%	1h	501.91	−0.030%	$27K	$41K	10x	as long as short
edgeX MSFTUSDC	+0.0679%	4h	501.85	−0.041%	$102K	$244K	10x	as long as short