Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0024%/8h= −2.6% APRpaid last 24h +0.072%

Price spread now: Variational Omni against Hotstuff+0.056%7-day average — · you sell dearer than you buy

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

Long on Hotstuff Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHotstuff: Active · Variational Omni: Active · farm boardneeds both histories

The price spread pays, funding is against you. Variational Omni is 0.056% dearer against Hotstuff than usual: you sell high and buy low (spread +0.056% now, against zero (this spread has no 7-day history yet)): +$6 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 7.8 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hotstuff MSFT-PERP	501.77	0.0024	pay 0.0003% / 1h	55m 06s	$32K	$8K	20x
Short	Variational Omni MSFT	502.05	0	get 0.0000% / 8h	55m 06s	$1.3M	$702K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Hotstuff. 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 HotstuffbpFee Variational OmnibpOrdersPrice spread, now +0.056%Rate

Funding earned: −$5.04
Price spread: +0.056% → 0.000%: $5.62
Slippage, 4 orders: no order book: not counted
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$4.42
Costs to cover: 0.050%
Break-even: from the start

Slippage unknown: Hotstuff: no order-book sample; Variational Omni: RFQ quote, 4 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 Hotstuff no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 4 min ago	2.53 bp	doesn't fit	16.9 bp −$169	doesn't fit	doesn't fit

Hotstuff: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0940%	4h	502.06	+0.058%	$102K	$242K	10x	as long as short
Nado MSFT-PERP	−0.0036%	1h	501.88	+0.021%	$414K	$64K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0016%	1h	501.76	−0.002%	$687K	$450K	10x	as long as short
BloFin MSFT-USDT	−0.0008%	8h	502.22	+0.090%	$188K	$209K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	502.12	+0.070%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	502.13	+0.071%	$337K	$392K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	502.22	+0.090%	$15.7M	$19.1M	20x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	502.25	+0.096%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.89	+0.024%	$3.2M	$1.6M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	502.20	+0.086%	$3.8M	$2.3M	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 MSFTshort	0.0000%	8h	502.05	+0.056%	$1.3M	$702K	—
GRVT MSFT_USDT_Perp	0.0000%	8h	502.07	+0.060%	$19K	$307K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.98	+0.241%	$6K	$4.3M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.95	+0.036%	$27K	$101K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	502.09	+0.064%	$59K	$227K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.26	+0.098%	$2.2M	$753K	10x	as long as short
Bybit MSFTUSDT	+0.0021%	8h	502.26	+0.098%	$7.4M	$1.7M	100x	as long as short
Hotstuff MSFT-PERPlong	+0.0024%	1h	501.77	long leg	$32K	$8K	20x
Lighter RH MSFT	+0.0032%	1h	502.07	+0.060%	$646K	$2.1M	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.95	+0.036%	—	$1K	25x	as long as short
QFEX MSFT-USD	+0.0049%	1h	502.03	+0.052%	$1.2M	$5.8M	10x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.77	0.000%	$22.3M	$9.6M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.70	−0.014%	$303K	$678K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	502.12	+0.070%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.67	−0.020%	$529K	$493K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0055%	8h	502.08	+0.062%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.80	+0.006%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.57	−0.040%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.86	+0.018%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.94	+0.034%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	502.07	+0.060%	$55	—	10x	as long as short
Lighter MSFT	+0.0152%	1h	502.26	+0.098%	$1.1M	$585K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.36	+0.118%	$115K	$45K	30x	as long as short
Arcus MSFT-USD	+0.0286%	1h	502.03	+0.052%	$98K	$109K	10x	as long as short