Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0288%/8h= −31.6% APRpaid last 24h −0.019%

Price spread now: Variational Omni against Deribit+0.051%7-day average +0.033% · you sell dearer than you buy

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

Long on Deribit Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.075%−$8 on $10k

Price spread, last 3 days (all we have)−0.085%−$9 · spread now +0.051%, 7d avg +0.033%

Together, before fees−0.161%+ Points / potential airdropVariational Omni: Active · farm board−$16 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.033%, so right now this pair is about funding alone: −$9 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.075% in total (about -8.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit MSFT_USDC-PERPETUAL	501.74	0.0288	pay 0.0036% / 1h	35m 56s	$27K	$104K	10x
Short	Variational Omni MSFT	502.00	0	get 0.0000% / 8h	1h 35m	$1.3M	$708K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Deribit. 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 DeribitbpFee Variational OmnibpOrdersPrice spread, now +0.051%Rate

Funding earned: −$60.57
Price spread: +0.051% → +0.033%: $1.86
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$65.71
Costs to cover: 0.070%
Break-even: never at this rate

Slippage unknown: Deribit: live order book, 47 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 Deribit live order book, 47 min ago	0.10 bp	3.6 bp −$4	5.3 bp −$53	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 3 min ago	2.53 bp	doesn't fit	10.6 bp −$106	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
BloFin MSFT-USDT	−0.0008%	8h	502.20	+0.092%	$188K	$210K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.96	+0.045%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.87	+0.027%	$358K	$383K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.95	+0.042%	$15.7M	$19.3M	20x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.95	+0.042%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.73	−0.002%	$3.1M	$1.6M	100x	as long as short
Variational Omni MSFTshort	0.0000%	8h	502.00	+0.051%	$1.3M	$708K	—
GRVT MSFT_USDT_Perp	0.0000%	8h	502.08	+0.069%	$18K	$319K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.86	+0.223%	$6K	$4.4M	20x	as long as short
Coinbase International MSFT-PERP-INTX	0.0000%	1h	501.58	−0.032%	$688K	$449K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX MSFT-USDT	0.0000%	8h	501.76	+0.004%	$59K	$229K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.93	+0.038%	$2.2M	$762K	10x	as long as short
Bitget MSFTUSDT	+0.0005%	8h	501.93	+0.038%	$3.8M	$2.2M	100x	as long as short
Bybit MSFTUSDT	+0.0023%	8h	501.94	+0.040%	$7.4M	$1.7M	100x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.78	+0.008%	$653K	$2.1M	20x	as long as short
QFEX MSFT-USD	+0.0040%	1h	501.92	+0.036%	$1.2M	$5.8M	10x	as long as short
Hotstuff MSFT-PERP	+0.0040%	1h	501.57	−0.034%	$32K	$8K	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.75	+0.002%	—	—	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.34	−0.080%	$22.3M	$9.8M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.48	−0.052%	$305K	$683K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.84	+0.020%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.60	−0.028%	$529K	$493K	15x	as long as short
Nado MSFT-PERP	+0.0053%	1h	501.50	−0.048%	$414K	$64K	20x	as long as short
Paradex MSFT-USD-PERP	+0.0064%	8h	501.80	+0.011%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.69	−0.010%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.44	−0.060%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.56	−0.036%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.83	+0.018%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.92	+0.036%	$55	—	10x	as long as short
Lighter MSFT	+0.0176%	1h	502.00	+0.052%	$1.1M	$589K	20x	as long as short
Arcus MSFT-USD	+0.0200%	1h	501.89	+0.030%	$110K	$90K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.34	+0.120%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0244%	4h	502.05	+0.062%	$102K	$242K	10x	as long as short
Deribit MSFT_USDC-PERPETUALlong	+0.0288%	1h	501.74	long leg	$27K	$104K	10x