Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0220%/8h= −24.1% APRpaid last 24h −0.066%

Price spread now: Bitget against Injective−0.056%7-day average +0.058% · you buy dearer than you sell

Net, funding: paid 7d − costs−$81as in the Funding arb table

Net, price: spread back to 7d avg − costs−$50as in the Price arb table

costs, in and out, $10k−$390.386% of the position

Long on Injective Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.427%−$43 on $10k

Price spread, last 3 days (all we have)+0.050%+$5 · spread now −0.056%, 7d avg +0.058%

Together, before fees−0.377%−$38 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 Bitget is 0.114% cheaper against Injective than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of +0.058%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective MSFT/USDC PERP	501.56	0.0220	pay 0.0028% / 1h	46m 48s	$115K	$45K	30x
Short	Bitget MSFTUSDT	501.28	0	get 0.0000% / 8h	6h 46m	$4.3M	$2.4M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.056%Rate

Funding earned: −$46.2
Price spread: −0.056% → +0.058%: −$11.36
Slippage, 4 orders: −$26.61
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$96.19
Costs to cover: 0.386%
Break-even: never at this rate

Slippage from Injective: live order book, 22 min ago; Bitget: live order book, 1 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, 22 min ago	9.98 bp	10.0 bp −$10	10.0 bp −$100	65080.0 bp −$6.51M	365399.3 bp −$182.70M
Sell Bitget live order book, 1 min ago	0.90 bp	10.4 bp −$10	12.7 bp −$127	30.4 bp −$3,043	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	−0.0949%	4h	501.27	−0.057%	$102K	$243K	10x	as long as short
Hotstuff MSFT-PERP	−0.0080%	1h	500.80	−0.152%	$32K	$8K	20x	as long as short
Nado MSFT-PERP	−0.0036%	1h	501.01	−0.110%	$414K	$64K	20x	as long as short
BloFin MSFT-USDT	−0.0028%	8h	501.33	−0.046%	$189K	$204K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0016%	1h	500.76	−0.160%	$684K	$449K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.28	−0.056%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.16	−0.080%	$342K	$898K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.32	−0.048%	$15.6M	$18.7M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.16	−0.080%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.42	−0.028%	$3.0M	$2.3M	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate MSFT_USDT	0.0000%	8h	500.99	−0.114%	$3.1M	$1.6M	100x	as long as short
Bitget MSFTUSDTshort	0.0000%	8h	501.28	−0.056%	$4.3M	$2.4M	100x
Variational Omni MSFT	0.0000%	8h	501.30	−0.052%	$1.3M	$688K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.31	−0.050%	$19K	$293K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.08	+0.104%	$6K	$4.1M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.13	−0.086%	$58K	$227K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.51	−0.010%	$2.2M	$758K	10x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.01	−0.110%	$620K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0038%	1h	501.18	−0.076%	$1.1M	$5.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.11	−0.090%	$97K	$109K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.03	−0.106%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	500.86	−0.140%	$22.1M	$9.2M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	500.86	−0.140%	$303K	$672K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.18	−0.076%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.95	−0.122%	$514K	$502K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0050%	8h	501.07	−0.097%	$220	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	500.97	−0.118%	$10K	$15K	20x	as long as short
Lighter MSFT	+0.0080%	1h	501.25	−0.062%	$1.1M	$487K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	500.80	−0.152%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	500.80	−0.152%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.13	−0.086%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.10	−0.093%	$55	—	10x	as long as short
Injective MSFT/USDC PERPlong	+0.0220%	1h	501.56	long leg	$115K	$45K	30x
Deribit MSFT_USDC-PERPETUAL	+0.0389%	1h	501.16	−0.080%	$27K	$41K	10x	as long as short