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: HTX against Injective+0.109%7-day average +0.032% · you sell dearer than you buy

Net, funding: paid 7d − costs−$82as in the Funding arb table

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

costs, in and out, $10k−$380.375% of the position

Long on Injective Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.443%−$44 on $10k

Price spread, last 4 days (all we have)−0.116%−$12 · spread now +0.109%, 7d avg +0.032%

Together, before fees−0.558%−$56 on $10k · with fees, hour by hour

The price spread pays, funding is against you. HTX is 0.077% dearer against Injective than usual: you sell high and buy low (spread +0.109% now, against its 7-day average of +0.032%): +$8 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 28 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective MSFT/USDC PERP	503.08	0.0220	pay 0.0028% / 1h	7m 01s	$115K	$45K	30x
Short	HTX MSFT-USDT	503.63	0	get 0.0000% / 8h	3h 07m	$59K	$225K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now +0.109%Rate

Funding earned: −$46.2
Price spread: +0.109% → +0.032%: $7.73
Slippage, 4 orders: −$25.49
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee HTX: 6 bp × 2 orders: −$12
Net: −$75.97
Costs to cover: 0.375%
Break-even: never at this rate

Slippage from Injective: live order book, 47 min ago; HTX: live order book, 44 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, 47 min ago	9.98 bp	10.0 bp −$10	10.0 bp −$100	65077.0 bp −$6.51M	365383.9 bp −$182.69M
Sell HTX live order book, 44 min ago	2.69 bp	8.7 bp −$9	9.9 bp −$99	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
Hotstuff MSFT-PERP	−0.0112%	1h	503.30	+0.044%	$32K	$8K	20x	as long as short
Nado MSFT-PERP	−0.0102%	1h	503.53	+0.090%	$414K	$65K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0032%	1h	503.14	+0.012%	$681K	$452K	10x	as long as short
BloFin MSFT-USDT	−0.0023%	8h	503.83	+0.149%	$189K	$205K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.61	+0.105%	$162K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.59	+0.101%	$339K	$885K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	503.87	+0.157%	$15.8M	$19.1M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.58	+0.099%	$7.2M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	503.83	+0.149%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.50	+0.083%	$3.1M	$1.8M	100x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MSFTUSDT	0.0000%	8h	503.73	+0.129%	$4.4M	$2.6M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	502.85	−0.046%	$1.3M	$490K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	503.55	+0.093%	$18K	$300K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	504.51	+0.284%	$6K	$4.0M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	503.58	+0.099%	$27K	$42K	10x	as long as short
HTX MSFT-USDTshort	0.0000%	8h	503.63	+0.109%	$59K	$225K	20x
Phemex MSFTUSDT	0.0000%	8h	503.83	+0.149%	$2.2M	$781K	10x	as long as short
tradeXYZ xyz:MSFT	+0.0012%	1h	503.41	+0.066%	$22.3M	$8.8M	20x	as long as short
Lighter MSFT	+0.0032%	1h	503.76	+0.135%	$1.1M	$514K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.53	+0.089%	$680K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0035%	1h	503.64	+0.111%	$1.1M	$4.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.19	+0.022%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.58	+0.099%	—	$1K	25x	as long as short
Phoenix MSFT	+0.0048%	1h	503.14	+0.012%	$11K	$15K	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.27	+0.038%	$304K	$712K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.62	+0.107%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.25	+0.034%	$512K	$459K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0051%	8h	503.63	+0.110%	$222	—	5x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.17	+0.018%	$1.6M	$56K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.14	+0.012%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.64	+0.111%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.66	+0.115%	$55	—	10x	as long as short
edgeX MSFTUSDC	+0.0208%	4h	503.56	+0.096%	$102K	$243K	10x	as long as short
Injective MSFT/USDC PERPlong	+0.0220%	1h	503.08	long leg	$115K	$45K	30x