Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.012%

Price spread now: Variational Omni against Ondo Perps+0.083%7-day average +0.094% · you sell dearer than you buy

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

Long on Ondo Perps Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.059%−$6 on $10k

Price spread, last 4 days (all we have)+0.258%+$26 · spread now +0.083%, 7d avg +0.094%

Together, before fees+0.199%+ Points / potential airdropOndo Perps: Active · Variational Omni: Active · farm board+$20 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.094%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps MSFT-USD.P	501.40	0.0050	pay 0.0006% / 1h	34m 39s	$525K	$487K	15x
Short	Variational Omni MSFT	501.82	0	get 0.0000% / 8h	5h 34m	$1.3M	$650K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Ondo Perps. 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 Ondo PerpsbpFee Variational OmnibpOrdersPrice spread, now +0.083%Rate

Funding earned: −$10.58
Price spread: +0.083% → +0.094%: −$1.11
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$16.7
Costs to cover: 0.050%
Break-even: never at this rate

Slippage unknown: Ondo Perps: 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 Ondo Perps no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 4 min ago	2.53 bp	doesn't fit	19.9 bp −$199	doesn't fit	doesn't fit

Ondo Perps: 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
Coinbase International MSFT-PERP-INTX	−0.0064%	1h	501.24	−0.032%	$679K	$456K	10x	as long as short
Nado MSFT-PERP	−0.0037%	1h	501.44	+0.008%	$414K	$64K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.75	+0.069%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.64	+0.049%	$338K	$891K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.78	+0.076%	$15.7M	$18.9M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.71	+0.062%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.96	+0.112%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.63	+0.046%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.76	+0.072%	$4.5M	$2.5M	100x	as long as short
Variational Omni MSFTshort	0.0000%	8h	501.82	+0.083%	$1.3M	$650K	—

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT MSFT_USDT_Perp	0.0000%	8h	501.88	+0.096%	$19K	$297K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.56	+0.231%	$6K	$4.1M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.59	+0.038%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.96	+0.112%	$2.2M	$769K	10x	as long as short
BloFin MSFT-USDT	+0.0021%	8h	501.90	+0.100%	$189K	$204K	20x	as long as short
Hotstuff MSFT-PERP	+0.0024%	1h	501.34	−0.012%	$32K	$8K	20x	as long as short
QFEX MSFT-USD	+0.0030%	1h	501.63	+0.046%	$1.1M	$5.7M	10x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.57	+0.034%	$684K	$2.0M	20x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.62	+0.044%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.65	+0.050%	—	$1K	25x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0049%	1h	501.50	+0.020%	$27K	$41K	10x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.36	−0.008%	$22.1M	$9.1M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.40	0.000%	$302K	$648K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.65	+0.050%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.Plong	+0.0050%	1h	501.40	long leg	$525K	$487K	15x
Paradex MSFT-USD-PERP	+0.0062%	8h	501.64	+0.047%	$221	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	501.58	+0.036%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.56	+0.032%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.40	0.000%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.69	+0.058%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.65	+0.050%	$55	—	10x	as long as short
Lighter MSFT	+0.0160%	1h	501.94	+0.108%	$1.1M	$458K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	503.24	+0.367%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0697%	4h	501.78	+0.075%	$102K	$243K	10x	as long as short