Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

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

Price spread now: Gate against Injective−0.113%99s7-day average +0.018% · you buy dearer than you sell

Net, funding: paid 7d − costs−$87as 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−$450.451% of the position

Long on Injective Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.416%−$42 on $10k

Price spread, last 3 days (all we have)+0.111%+$11 · spread now −0.113%, 7d avg +0.018%

Together, before fees−0.305%−$30 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 Gate is 0.132% cheaper against Injective than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of +0.018%). Swap the legs. The two prices were read 99 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	502.37	0.0220	pay 0.0028% / 1h	21m 33s	$115K	$45K	30x
Short	Gate MSFT_USDT	501.80	0	get 0.0000% / 8h	21m 33s	$3.1M	$1.7M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.113%Rate

Funding earned: −$46.2
Price spread: −0.113% → +0.018%: −$13.17
Slippage, 4 orders: −$30.03
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$104.42
Costs to cover: 0.451%
Break-even: never at this rate

Slippage from Injective: live order book, 57 min ago; Gate: 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, 57 min ago	10.06 bp	10.1 bp −$10	10.1 bp −$101	65077.6 bp −$6.51M	365386.8 bp −$182.69M
Sell Gate live order book, 1 min ago	2.89 bp	12.3 bp −$12	55.4 bp −$554	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	−0.0223%	4h	502.05	−0.064%	$102K	$243K	10x	as long as short
Nado MSFT-PERP	−0.0019%	1h	501.83	−0.107%	$414K	$64K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0016%	1h	501.76	−0.121%	$687K	$449K	10x	as long as short
BloFin MSFT-USDT	−0.0015%	8h	502.07	−0.060%	$189K	$209K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	502.19	−0.035%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	502.00	−0.074%	$337K	$392K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	502.09	−0.056%	$15.7M	$19.0M	20x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	502.14	−0.046%	$3.0M	$2.3M	20x	as long as short
Hotstuff MSFT-PERP	0.0000%	1h	501.63	−0.147%	$32K	$8K	20x	as long as short
Gate MSFT_USDTshort	0.0000%	8h	501.80	−0.113%	$3.1M	$1.7M	100x

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MSFTUSDT	0.0000%	8h	502.08	−0.058%	$3.8M	$2.3M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.99	−0.076%	$1.3M	$692K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	502.05	−0.064%	$19K	$298K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.87	+0.100%	$6K	$4.3M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.80	−0.113%	$27K	$101K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	502.03	−0.068%	$59K	$227K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.12	−0.050%	$2.2M	$747K	10x	as long as short
Bybit MSFTUSDT	+0.0031%	8h	502.18	−0.038%	$7.4M	$1.7M	100x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.98	−0.078%	$619K	$2.1M	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.93	−0.088%	—	$1K	25x	as long as short
QFEX MSFT-USD	+0.0049%	1h	502.05	−0.064%	$1.2M	$5.9M	10x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.74	−0.125%	$22.3M	$9.4M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.66	−0.141%	$303K	$678K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	502.02	−0.070%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.63	−0.147%	$529K	$493K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0052%	8h	502.01	−0.071%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.79	−0.115%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.53	−0.167%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.77	−0.119%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.99	−0.076%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	502.04	−0.066%	$55	—	10x	as long as short
Lighter MSFT	+0.0168%	1h	502.19	−0.036%	$1.1M	$585K	20x	as long as short
Injective MSFT/USDC PERPlong	+0.0220%	1h	502.37	long leg	$115K	$45K	30x
Arcus MSFT-USD	+0.0286%	1h	501.98	−0.078%	$97K	$109K	10x	as long as short