Funding arb · Price arb /

MSFT

RWAall MSFT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.027%

Price spread now: Variational Omni against ApeX Omni+0.093%73s7-day average +0.070% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on ApeX Omni Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.095%−$9 on $10k

Price spread, last 4 days (all we have)−0.081%−$8 · spread now +0.093%, 7d avg +0.070%

Together, before fees−0.176%+ Points / potential airdropVariational Omni: Active · farm board−$18 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.024% dearer against ApeX Omni than usual: you sell high and buy low (spread +0.093% now, against its 7-day average of +0.070%): +$2 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 19 hours. The two prices were read 73 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	ApeX Omni MSFTUSDT	501.07	0.0100	pay 0.0013% / 1h	26m 08s	$159K	$7K	50x
Short	Variational Omni MSFT	501.54	0	get 0.0000% / 8h	6h 26m	$1.3M	$682K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against ApeX Omni. 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 ApeX OmnibpFee Variational OmnibpOrdersPrice spread, now +0.093%Rate

Funding earned: −$21
Price spread: +0.093% → +0.070%: $2.37
Slippage, 4 orders: no order book: not counted
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$28.63
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: ApeX Omni: live order book, 40 min ago; Variational Omni: RFQ quote, 3 min ago. Net counts fees only.

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 ApeX Omni live order book, 40 min ago	5.09 bp	10.1 bp −$10	61.3 bp −$613	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 3 min ago	2.53 bp	doesn't fit	18.4 bp −$184	doesn't fit	doesn't fit

MSFT on 33 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
Coinbase International MSFT-PERP-INTX	−0.0016%	1h	500.87	−0.040%	$684K	$451K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.49	+0.085%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.46	+0.078%	$337K	$899K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.61	+0.107%	$15.6M	$18.8M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.51	+0.088%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.65	+0.116%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.40	+0.066%	$3.1M	$1.6M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.44	+0.074%	$4.5M	$2.5M	100x	as long as short
Variational Omni MSFTshort	0.0000%	8h	501.54	+0.093%	$1.3M	$682K	—
GRVT MSFT_USDT_Perp	0.0000%	8h	501.43	+0.071%	$19K	$294K	10x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX MSFT-USDT	0.0000%	8h	502.39	+0.263%	$6K	$4.1M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.45	+0.076%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.64	+0.114%	$2.2M	$765K	10x	as long as short
Nado MSFT-PERP	+0.0006%	1h	501.22	+0.030%	$414K	$64K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.40	+0.066%	$618K	$2.0M	20x	as long as short
Hotstuff MSFT-PERP	+0.0032%	1h	501.13	+0.012%	$32K	$8K	20x	as long as short
QFEX MSFT-USD	+0.0038%	1h	501.43	+0.072%	$1.1M	$5.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.33	+0.052%	$97K	$109K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.30	+0.046%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.19	+0.024%	$22.1M	$9.2M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.20	+0.026%	$303K	$671K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.49	+0.084%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.15	+0.016%	$521K	$518K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0055%	8h	501.42	+0.070%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.21	+0.028%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.15	+0.016%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDTlong	+0.0100%	1h	501.07	long leg	$159K	$7K	50x
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.43	+0.072%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.48	+0.081%	$55	—	10x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0129%	1h	501.39	+0.064%	$27K	$41K	10x	as long as short
Lighter MSFT	+0.0176%	1h	501.67	+0.120%	$1.1M	$489K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.62	+0.110%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0314%	4h	501.51	+0.088%	$102K	$242K	10x	as long as short