Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0220%/8h= −24.1% APRpaid last 24h −0.066%

Price spread now: Phemex against Injective−0.179%65s7-day average +0.099% · you buy dearer than you sell

Net, funding: paid 7d − costs−$130as 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−$860.857% of the position

Long on Injective Short on Phemex

What this pair did over the last

the charts below follow

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

Price spread, last 3 days (all we have)+0.207%+$21 · spread now −0.179%, 7d avg +0.099%

Together, before fees−0.236%−$24 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 Phemex is 0.278% cheaper against Injective than usual: you would sell low and buy high (−$28 if the spread goes back to its 7-day average of +0.099%). Swap the legs. The two prices were read 65 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	503.17	0.0220	pay 0.0028% / 1h	45m 48s	$115K	$45K	30x
Short	Phemex MSFTUSDT	502.27	0	get 0.0000% / 8h	1h 45m	$2.2M	$769K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.179%Rate

Funding earned: −$46.2
Price spread: −0.179% → +0.099%: −$27.83
Slippage, 4 orders: −$73.67
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$159.72
Costs to cover: 0.857%
Break-even: never at this rate

Slippage from Injective: live order book, 38 min ago; Phemex: live order book, 3 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, 38 min ago	10.07 bp	10.1 bp −$10	10.1 bp −$101	65075.9 bp −$6.51M	365378.4 bp −$182.69M
Sell Phemex live order book, 3 min ago	0.20 bp	38.1 bp −$38	doesn't fit	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	−0.0510%	4h	502.15	−0.203%	$102K	$243K	10x	as long as short
BloFin MSFT-USDT	−0.0017%	8h	502.07	−0.219%	$188K	$210K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	502.01	−0.231%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	502.01	−0.230%	$372K	$369K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	502.12	−0.209%	$15.7M	$19.3M	20x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	502.14	−0.205%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.79	−0.274%	$3.1M	$1.5M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	502.12	−0.209%	$3.8M	$2.2M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	502.15	−0.202%	$1.3M	$710K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	502.05	−0.223%	$19K	$321K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX MSFT-USDT	0.0000%	8h	502.83	−0.068%	$6K	$4.4M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.65	−0.302%	$27K	$104K	10x	as long as short
Coinbase International MSFT-PERP-INTX	0.0000%	1h	501.58	−0.316%	$688K	$449K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.94	−0.244%	$59K	$229K	20x	as long as short
Phemex MSFTUSDTshort	0.0000%	8h	502.27	−0.179%	$2.2M	$769K	10x
Bybit MSFTUSDT	+0.0007%	8h	502.12	−0.209%	$7.4M	$1.7M	100x	as long as short
Nado MSFT-PERP	+0.0008%	1h	501.54	−0.324%	$414K	$64K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.87	−0.258%	$653K	$2.1M	20x	as long as short
QFEX MSFT-USD	+0.0040%	1h	501.96	−0.240%	$1.2M	$5.8M	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.91	−0.250%	—	—	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.61	−0.310%	$22.3M	$10.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.56	−0.320%	$305K	$684K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	502.01	−0.231%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.64	−0.304%	$529K	$494K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0057%	8h	501.90	−0.252%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.75	−0.282%	$10K	$15K	20x	as long as short
Hotstuff MSFT-PERP	+0.0096%	1h	501.68	−0.296%	$32K	$8K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.57	−0.318%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.55	−0.322%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.98	−0.237%	$8K	—	10x	as long as short
Lighter MSFT	+0.0104%	1h	502.03	−0.227%	$1.1M	$589K	20x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	502.03	−0.226%	$55	—	10x	as long as short
Arcus MSFT-USD	+0.0200%	1h	501.83	−0.266%	$110K	$90K	10x	as long as short
Injective MSFT/USDC PERPlong	+0.0220%	1h	503.17	long leg	$115K	$45K	30x