Funding arb · Price arb /

MSFT

RWAall MSFT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0220%/8h= −24.1% APRpaid last 24h −0.063%

Price spread now: Bybit against Injective−0.153%88s7-day average +0.020% · you buy dearer than you sell

Net, funding: paid 7d − costs−$88as 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−$450.448% of the position

Long on Injective Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.434%−$43 on $10k

Price spread, last 4 days (all we have)+0.038%+$4 · spread now −0.153%, 7d avg +0.020%

Together, before fees−0.396%−$40 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 Bybit is 0.173% cheaper against Injective than usual: you would sell low and buy high (−$17 if the spread goes back to its 7-day average of +0.020%). Swap the legs. The two prices were read 88 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	504.07	0.0220	pay 0.0028% / 1h	51m 53s	$115K	$45K	30x
Short	Bybit MSFTUSDT	503.30	0	get 0.0000% / 8h	5h 51m	$7.3M	$2.3M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.153%Rate

Funding earned: −$46.2
Price spread: −0.153% → +0.020%: −$17.28
Slippage, 4 orders: −$33.76
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$108.25
Costs to cover: 0.448%
Break-even: never at this rate

Slippage from Injective: live order book, 59 min ago; Bybit: live order book, 4 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, 59 min ago	9.92 bp	9.9 bp −$10	9.9 bp −$99	65094.6 bp −$6.51M	365471.9 bp −$182.74M
Sell Bybit live order book, 4 min ago	1.39 bp	13.0 bp −$13	24.3 bp −$243	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	503.33	−0.147%	$32K	$8K	20x	as long as short
Nado MSFT-PERP	−0.0025%	1h	503.27	−0.160%	$411K	$72K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	504.06	−0.001%	$166K	$118K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.43	−0.127%	$326K	$1.9M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	503.60	−0.093%	$16.4M	$20.9M	20x	as long as short
Bybit MSFTUSDTshort	0.0000%	8h	503.30	−0.153%	$7.3M	$2.3M	100x
Gate MSFT_USDT	0.0000%	8h	503.38	−0.137%	$3.1M	$1.9M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	503.58	−0.097%	$3.9M	$2.9M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	503.47	−0.120%	$1.3M	$396K	—	as long as short
SunX MSFT-USDT	0.0000%	8h	504.32	+0.050%	$6K	$3.5M	20x	as long as short

Show all 34 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	503.21	−0.171%	$30K	$47K	10x	as long as short
Coinbase International MSFT-PERP-INTX	0.0000%	1h	502.80	−0.252%	$702K	$522K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.46	−0.121%	$48K	$246K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	503.70	−0.073%	$2.3M	$907K	10x	as long as short
BloFin MSFT-USDT	+0.0002%	8h	503.63	−0.087%	$202K	$213K	20x	as long as short
Ondo Perps MSFT-USD.P	+0.0020%	1h	503.04	−0.204%	$532K	$382K	15x	as long as short
GRVT MSFT_USDT_Perp	+0.0026%	8h	503.55	−0.103%	$18K	$317K	10x	as long as short
Lighter MSFT	+0.0032%	1h	503.41	−0.131%	$1.2M	$480K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.43	−0.127%	$690K	$1.8M	20x	as long as short
tradeXYZ xyz:MSFT	+0.0040%	1h	503.13	−0.186%	$22.5M	$9.2M	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.40	−0.133%	—	$1K	25x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.15	−0.183%	$318K	$677K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.34	−0.145%	$60K	$3K	10x	as long as short
Paradex MSFT-USD-PERP	+0.0057%	8h	503.27	−0.158%	$221	—	5x	as long as short
QFEX MSFT-USD	+0.0058%	1h	503.43	−0.127%	$1.1M	$4.7M	10x	as long as short
OKX MSFT-USDT-SWAP	+0.0061%	8h	503.58	−0.097%	$3.2M	$2.7M	20x	as long as short
Phoenix MSFT	+0.0079%	1h	503.25	−0.163%	$11K	$5K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.06	−0.200%	$1.6M	$219K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.41	−0.131%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.42	−0.129%	$8K	—	10x	as long as short
edgeX MSFTUSDC	+0.0101%	4h	503.12	−0.189%	$102K	$242K	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.42	−0.129%	$55	—	10x	as long as short
Arcus MSFT-USD	+0.0190%	1h	503.21	−0.171%	$93K	$83K	10x	as long as short
Injective MSFT/USDC PERPlong	+0.0220%	1h	504.07	long leg	$115K	$45K	30x