Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0220%/8h= −24.1% APRpaid last 24h −0.063%

Price spread now: Variational Omni against Injective−0.285%61s7-day average +0.043% · you buy dearer than you sell

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

Long on Injective Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.221%−$22 on $10k

Price spread, last 4 days (all we have)+0.128%+$13 · spread now −0.285%, 7d avg +0.043%

Together, before fees−0.093%+ Points / potential airdropVariational Omni: Active · farm board−$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Variational Omni is 0.328% cheaper against Injective than usual: you would sell low and buy high (−$33 if the spread goes back to its 7-day average of +0.043%). Swap the legs. 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	Injective MSFT/USDC PERP	502.70	0.0220	pay 0.0028% / 1h	0m 24s	$115K	$45K	30x
Short	Variational Omni MSFT	501.27	0	get 0.0000% / 8h	4h 00m	$1.3M	$609K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Injective. 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 InjectivebpFee Variational OmnibpOrdersPrice spread, now −0.285%Rate

Funding earned: −$46.2
Price spread: −0.285% → +0.043%: −$32.84
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$79.06
Costs to cover: 0.000%
Break-even: never at this rate

Slippage unknown: Injective: live order book, 58 min ago; 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 Injective live order book, 58 min ago	10.08 bp	10.1 bp −$10	10.1 bp −$101	65071.6 bp −$6.51M	365357.3 bp −$182.68M
Sell Variational Omni RFQ quote, 4 min ago	2.53 bp	doesn't fit	8.8 bp −$88	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	−0.0370%	4h	501.29	−0.281%	$102K	$244K	10x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0040%	1h	500.97	−0.344%	$677K	$451K	10x	as long as short
Nado MSFT-PERP	−0.0028%	1h	501.18	−0.303%	$414K	$64K	20x	as long as short
BloFin MSFT-USDT	−0.0006%	8h	501.36	−0.267%	$189K	$204K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.19	−0.301%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.17	−0.304%	$337K	$890K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.31	−0.277%	$15.8M	$19.0M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	500.99	−0.340%	$7.2M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.27	−0.284%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.16	−0.306%	$3.1M	$1.7M	100x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MSFTUSDT	0.0000%	8h	501.29	−0.280%	$4.5M	$2.5M	100x	as long as short
Variational Omni MSFTshort	0.0000%	8h	501.27	−0.285%	$1.3M	$609K	—
GRVT MSFT_USDT_Perp	0.0000%	8h	501.29	−0.280%	$19K	$301K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.10	−0.119%	$6K	$4.0M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	500.99	−0.340%	$27K	$42K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.25	−0.288%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.37	−0.265%	$2.2M	$769K	10x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.05	−0.328%	$677K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0036%	1h	501.24	−0.290%	$1.1M	$4.9M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.05	−0.328%	$96K	$111K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.33	−0.273%	—	$1K	25x	as long as short
Phoenix MSFT	+0.0048%	1h	501.11	−0.316%	$10K	$15K	20x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	500.84	−0.370%	$22.0M	$8.7M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	500.96	−0.346%	$302K	$697K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.19	−0.300%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.94	−0.350%	$527K	$443K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0055%	8h	501.20	−0.299%	$221	—	5x	as long as short
Lighter MSFT	+0.0080%	1h	501.30	−0.278%	$1.1M	$499K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	500.92	−0.354%	$1.5M	$20K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.08	−0.322%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.19	−0.300%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.19	−0.301%	$55	—	10x	as long as short
Hotstuff MSFT-PERP	+0.0144%	1h	500.89	−0.360%	$32K	$8K	20x	as long as short
Injective MSFT/USDC PERPlong	+0.0220%	1h	502.70	long leg	$115K	$45K	30x