Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0220%/8h= +24.1% APRpaid last 24h +0.066%

Price spread now: Injective against SunX−0.083%61s7-day average −0.206% · you buy dearer than you sell

Net, funding: paid 7d − costs−$192as 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−$2362.364% of the position

Long on SunX Short on Injective

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)−0.147%−$15 · spread now −0.083%, 7d avg −0.206%

Together, before fees+0.296%+$30 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Injective is 0.123% dearer against SunX than usual: you sell high and buy low: +$12 more if the spread goes back to its 7-day average of −0.206%. The two prices were read 61 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	SunX MSFT-USDT	504.40	0	get 0.0000% / 8h	1h 01m	$6K	$3.9M	20x
Short	Injective MSFT/USDC PERP	503.98	0.0220	get 0.0028% / 1h	1m 49s	$115K	$45K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against SunX. 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 SunXbpFee InjectivebpOrdersPrice spread, now −0.083%Rate

Funding earned: $46.2
Price spread: −0.083% → −0.206%: $12.29
Slippage, 4 orders: −$228.37
Fee SunX: 4 bp × 2 orders: −$8
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$177.9
Costs to cover: 2.364%
Break-even: 34.0 days

Slippage from SunX: live order book, 6 min ago; Injective: live order book, 42 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 SunX live order book, 6 min ago	29.13 bp	111.6 bp −$112	doesn't fit	doesn't fit	doesn't fit
Sell Injective live order book, 42 min ago	10.13 bp	10.1 bp −$10	10.1 bp −$101	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	−0.0649%	4h	503.62	−0.155%	$102K	$243K	10x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0048%	1h	503.66	−0.147%	$682K	$499K	10x	as long as short
BloFin MSFT-USDT	−0.0008%	8h	503.61	−0.157%	$190K	$207K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.31	−0.216%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.42	−0.194%	$340K	$1.3M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	503.52	−0.175%	$15.8M	$19.5M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.35	−0.208%	$7.3M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	503.59	−0.161%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.32	−0.214%	$3.1M	$1.8M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	503.54	−0.170%	$3.8M	$3.0M	100x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni MSFT	0.0000%	8h	503.60	−0.159%	$1.3M	$414K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	503.59	−0.161%	$18K	$328K	10x	as long as short
SunX MSFT-USDTlong	0.0000%	8h	504.40	long leg	$6K	$3.9M	20x
HTX MSFT-USDT	0.0000%	8h	503.37	−0.204%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	503.63	−0.153%	$2.2M	$823K	10x	as long as short
Nado MSFT-PERP	+0.0023%	1h	503.27	−0.224%	$414K	$67K	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0028%	1h	503.44	−0.190%	$27K	$44K	10x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.37	−0.204%	$695K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0039%	1h	503.48	−0.182%	$1.1M	$4.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.37	−0.204%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.63	−0.153%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	503.21	−0.236%	$22.4M	$8.9M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.26	−0.226%	$303K	$718K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.30	−0.218%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.25	−0.228%	$513K	$453K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0056%	8h	503.44	−0.190%	$222	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	503.38	−0.202%	$11K	$15K	20x	as long as short
Hotstuff MSFT-PERP	+0.0072%	1h	503.22	−0.234%	$32K	$8K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.10	−0.258%	$1.6M	$60K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.26	−0.226%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.43	−0.192%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.53	−0.173%	$55	—	10x	as long as short
Lighter MSFT	+0.0136%	1h	503.49	−0.180%	$1.2M	$533K	20x	as long as short
Injective MSFT/USDC PERPshort	+0.0220%	1h	503.98	−0.083%	$115K	$45K	30x