Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 16:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Variational Omni against OKX−0.047%7-day average −0.007% · you buy dearer than you sell

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

Long on OKX Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.006%+$1 on $10k

Price spread, last 7 days+0.016%+$2 · spread now −0.047%, 7d avg −0.007%

Together, before fees+0.022%+ Points / potential airdropVariational Omni: Active · farm board+$2 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 0.040% cheaper against OKX than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of −0.007%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX MSFT-USDT-SWAP	504.37	0	get 0.0000% / 8h	7h 10m	$3.0M	$2.4M	20x
Short	Variational Omni MSFT	504.13	0	get 0.0000% / 8h	7h 10m	$1.3M	$392K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against OKX. 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 OKXbpFee Variational OmnibpOrdersPrice spread, now −0.047%Rate

Funding earned: $0
Price spread: −0.047% → −0.007%: −$4.03
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$14.03
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: OKX: live order book, 1 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 OKX live order book, 1 min ago	0.69 bp	8.4 bp −$8	19.8 bp −$198	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 3 min ago	2.53 bp	doesn't fit	7.2 bp −$72	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
Coinbase International MSFT-PERP-INTX	−0.0056%	1h	503.64	−0.145%	$685K	$450K	10x	as long as short
Nado MSFT-PERP	−0.0010%	1h	503.90	−0.093%	$415K	$67K	20x	as long as short
BloFin MSFT-USDT	−0.0008%	8h	504.38	+0.002%	$191K	$205K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	504.17	−0.040%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	504.24	−0.026%	$336K	$1.9M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	504.37	0.000%	$16.3M	$19.5M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	504.00	−0.073%	$7.2M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAPlong	0.0000%	8h	504.37	long leg	$3.0M	$2.4M	20x
Gate MSFT_USDT	0.0000%	8h	504.03	−0.067%	$3.1M	$1.9M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	504.26	−0.022%	$3.9M	$2.8M	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	504.13	−0.047%	$1.3M	$392K	—
GRVT MSFT_USDT_Perp	0.0000%	8h	504.10	−0.054%	$19K	$314K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	505.12	+0.149%	$6K	$3.5M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	504.23	−0.028%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	504.49	+0.024%	$2.2M	$853K	10x	as long as short
Phoenix MSFT	+0.0016%	1h	503.67	−0.139%	$11K	$15K	20x	as long as short
QFEX MSFT-USD	+0.0023%	1h	504.23	−0.028%	$1.1M	$4.6M	10x	as long as short
Lighter MSFT	+0.0032%	1h	504.07	−0.059%	$1.2M	$527K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	504.08	−0.057%	$701K	$1.9M	20x	as long as short
Arcus MSFT-USD	+0.0040%	1h	504.03	−0.067%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	504.16	−0.042%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	503.77	−0.119%	$22.4M	$8.9M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.94	−0.085%	$303K	$650K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	504.09	−0.056%	$61K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.92	−0.089%	$536K	$392K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0057%	8h	504.14	−0.046%	$222	—	5x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.65	−0.143%	$1.6M	$130K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.74	−0.125%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	504.08	−0.057%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	504.09	−0.055%	$55	—	10x	as long as short
Hotstuff MSFT-PERP	+0.0216%	1h	503.55	−0.163%	$32K	$8K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	504.07	−0.059%	$115K	$45K	30x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0286%	1h	504.10	−0.054%	$27K	$45K	10x	as long as short
edgeX MSFTUSDC	+0.0856%	4h	504.04	−0.066%	$103K	$244K	10x	as long as short