Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.003%

Price spread now: Variational Omni against GRVT+0.012%7-day average −0.009% · you sell dearer than you buy

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

Long on GRVT Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.004%$0 on $10k

Price spread, last 4 days (all we have)−0.046%−$5 · spread now +0.012%, 7d avg −0.009%

Together, before fees−0.042%+ Points / potential airdropGRVT: Active · Variational Omni: Active · farm board−$4 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Variational Omni is 0.021% dearer against GRVT than usual: you sell high and buy low, +$2 on $10k if it goes back to its 7-day average of −0.009%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT MSFT_USDT_Perp	501.43	0	get 0.0000% / 8h	6h 26m	$19K	$294K	10x
Short	Variational Omni MSFT	501.49	0	get 0.0000% / 8h	6h 26m	$1.3M	$682K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against GRVT. 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 GRVTbpFee Variational OmnibpOrdersPrice spread, now +0.012%Rate

Funding earned: $0
Price spread: +0.012% → −0.009%: $2.11
Slippage, 4 orders: no order book: not counted
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$6.89
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: GRVT: live order book, 41 min ago; Variational Omni: RFQ quote, 2 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 GRVT live order book, 41 min ago	1.20 bp	8.0 bp −$8	20.0 bp −$200	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 2 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
Hotstuff MSFT-PERP	−0.0064%	1h	501.15	−0.055%	$32K	$8K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0016%	1h	500.87	−0.111%	$684K	$451K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.49	+0.013%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.44	+0.002%	$342K	$894K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.56	+0.027%	$15.6M	$18.8M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.46	+0.007%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.65	+0.045%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.40	−0.005%	$3.1M	$1.6M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.43	+0.001%	$4.5M	$2.5M	100x	as long as short
Variational Omni MSFTshort	0.0000%	8h	501.49	+0.012%	$1.3M	$682K	—

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT MSFT_USDT_Perplong	0.0000%	8h	501.43	long leg	$19K	$294K	10x
SunX MSFT-USDT	0.0000%	8h	502.33	+0.180%	$6K	$4.1M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.45	+0.005%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.59	+0.033%	$2.2M	$765K	10x	as long as short
Nado MSFT-PERP	+0.0005%	1h	501.18	−0.049%	$414K	$64K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.37	−0.011%	$619K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0038%	1h	501.45	+0.005%	$1.1M	$5.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.31	−0.023%	$97K	$109K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.31	−0.023%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.07	−0.071%	$22.1M	$9.2M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.21	−0.043%	$303K	$671K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.45	+0.005%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.15	−0.055%	$521K	$518K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0054%	8h	501.39	−0.007%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.21	−0.043%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.12	−0.061%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.07	−0.071%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.42	−0.001%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.43	0.000%	$55	—	10x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0149%	1h	501.34	−0.017%	$27K	$41K	10x	as long as short
Lighter MSFT	+0.0168%	1h	501.65	+0.045%	$1.1M	$489K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.62	+0.039%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0314%	4h	501.51	+0.016%	$102K	$242K	10x	as long as short