Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0220%/8h= −24.1% APRpaid last 24h −0.066%

Price spread now: Aster against Injective+0.013%67s7-day average +0.058% · you sell dearer than you buy

Net, funding: paid 7d − costs−$103as 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−$620.617% of the position

Long on Injective Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days−0.417%−$42 on $10k

Price spread, last 4 days (all we have)−0.076%−$8 · spread now +0.013%, 7d avg +0.058%

Together, before fees−0.493%+ Points / potential airdropAster: Stage 5 · farm board−$49 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Aster is 0.045% cheaper against Injective than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.058%). Swap the legs. The two prices were read 67 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	502.14	0.0220	pay 0.0028% / 1h	28m 09s	$115K	$45K	30x
Short	Aster MSFTUSDT	502.20	0	get 0.0000% / 8h	3h 28m	$161K	$116K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster 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 AsterbpOrdersPrice spread, now +0.013%Rate

Funding earned: −$46.2
Price spread: +0.013% → +0.058%: −$4.51
Slippage, 4 orders: −$53.66
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Aster: 4 bp × 2 orders: −$8
Net: −$112.39
Costs to cover: 0.617%
Break-even: never at this rate

Slippage from Injective: live order book, 25 min ago; Aster: live order book, 23 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, 25 min ago	9.98 bp	10.0 bp −$10	10.0 bp −$100	65077.0 bp −$6.51M	365383.9 bp −$182.69M
Sell Aster live order book, 23 min ago	13.65 bp	20.7 bp −$21	71.8 bp −$718	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
edgeX MSFTUSDC	−0.0515%	4h	502.04	−0.021%	$102K	$244K	10x	as long as short
Hotstuff MSFT-PERP	−0.0152%	1h	501.90	−0.048%	$32K	$8K	20x	as long as short
Nado MSFT-PERP	−0.0099%	1h	502.15	+0.001%	$415K	$64K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0032%	1h	500.97	−0.233%	$677K	$447K	10x	as long as short
BloFin MSFT-USDT	−0.0028%	8h	502.10	−0.008%	$189K	$204K	20x	as long as short
tradeXYZ xyz:MSFT	−0.0005%	1h	501.95	−0.038%	$22.1M	$8.7M	20x	as long as short
Aster MSFTUSDTshort	0.0000%	8h	502.20	+0.013%	$161K	$116K	20x
Extended MSFT_24_5-USD	0.0000%	1h	502.23	+0.019%	$337K	$881K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	502.38	+0.048%	$15.8M	$19.1M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	502.08	−0.012%	$7.2M	$2.2M	100x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX MSFT-USDT-SWAP	0.0000%	8h	502.32	+0.036%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	502.03	−0.022%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.98	−0.032%	$4.5M	$2.5M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	502.04	−0.020%	$1.3M	$607K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	502.05	−0.019%	$18K	$297K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	503.12	+0.195%	$6K	$4.0M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	502.16	+0.004%	$27K	$42K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	502.65	+0.102%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.33	+0.038%	$2.2M	$775K	10x	as long as short
Lighter MSFT	+0.0032%	1h	502.36	+0.044%	$1.1M	$503K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	502.14	0.000%	$679K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0035%	1h	502.30	+0.032%	$1.1M	$4.9M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.79	−0.070%	$96K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	502.21	+0.014%	—	$1K	25x	as long as short
Phoenix MSFT	+0.0048%	1h	501.61	−0.106%	$10K	$15K	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.96	−0.036%	$303K	$701K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	502.07	−0.014%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.82	−0.064%	$519K	$452K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0051%	8h	502.19	+0.011%	$221	—	5x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.79	−0.070%	$1.6M	$52K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.65	−0.098%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	502.23	+0.018%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	502.26	+0.024%	$55	—	10x	as long as short
Injective MSFT/USDC PERPlong	+0.0220%	1h	502.14	long leg	$115K	$45K	30x