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 Phemex−0.026%7-day average −0.047% · you buy dearer than you sell

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

Long on Phemex 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 4 days (all we have)−0.040%−$4 · spread now −0.026%, 7d avg −0.047%

Together, before fees−0.033%+ Points / potential airdropVariational Omni: Active · farm board−$3 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 Phemex than usual: you sell high and buy low, +$2 on $10k if it goes back to its 7-day average of −0.047%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex MSFTUSDT	504.14	0	get 0.0000% / 8h	1h 33m	$2.2M	$821K	10x
Short	Variational Omni MSFT	504.01	0	get 0.0000% / 8h	1h 33m	$1.3M	$499K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Phemex. 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 PhemexbpFee Variational OmnibpOrdersPrice spread, now −0.026%Rate

Funding earned: $0
Price spread: −0.026% → −0.047%: $2.09
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$9.91
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 5 min ago; Variational Omni: RFQ quote, just now. 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 Phemex live order book, 5 min ago	1.39 bp	37.7 bp −$38	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, just now	2.53 bp	doesn't fit	15.4 bp −$154	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	−0.0088%	4h	503.94	−0.039%	$103K	$243K	10x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0048%	1h	503.66	−0.095%	$682K	$500K	10x	as long as short
Hotstuff MSFT-PERP	−0.0016%	1h	503.54	−0.119%	$32K	$8K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.78	−0.071%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.90	−0.048%	$338K	$1.2M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	504.02	−0.024%	$15.8M	$19.6M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.79	−0.069%	$7.3M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	503.93	−0.042%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.80	−0.067%	$3.1M	$1.8M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	503.97	−0.034%	$3.8M	$3.0M	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	504.01	−0.026%	$1.3M	$499K	—
GRVT MSFT_USDT_Perp	0.0000%	8h	504.01	−0.026%	$19K	$328K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	504.75	+0.121%	$6K	$3.9M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	503.75	−0.077%	$27K	$43K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.90	−0.048%	$59K	$226K	20x	as long as short
Phemex MSFTUSDTlong	0.0000%	8h	504.14	long leg	$2.2M	$821K	10x
BloFin MSFT-USDT	+0.0012%	8h	504.10	−0.008%	$190K	$206K	20x	as long as short
Nado MSFT-PERP	+0.0013%	1h	503.70	−0.088%	$415K	$67K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.81	−0.065%	$689K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0039%	1h	503.91	−0.046%	$1.1M	$4.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.71	−0.085%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.88	−0.052%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	503.54	−0.119%	$22.4M	$9.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.69	−0.089%	$303K	$718K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.83	−0.061%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.54	−0.119%	$522K	$476K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0057%	8h	503.86	−0.056%	$222	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	503.80	−0.067%	$11K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.45	−0.137%	$1.6M	$60K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.64	−0.099%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.87	−0.054%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.93	−0.042%	$55	—	10x	as long as short
Lighter MSFT	+0.0128%	1h	504.07	−0.014%	$1.2M	$514K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	504.21	+0.014%	$115K	$45K	30x	as long as short