Funding you earn now, next payment 22:00 UTC−0.0080%/8h= −8.7% APRpaid last 24h −0.012%
Price spread now: Variational Omni against Phoenix+0.050%54s7-day average — · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
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 airdropVariational Omni: Active · farm boardneeds both histories
The price spread pays, funding is against you. Variational Omni is 0.050% dearer against Phoenix than usual: you sell high and buy low (spread +0.050% now, against zero (this spread has no 7-day history yet)): +$5 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 2.1 days. The two prices were read 54 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 | Phoenix MSFT | 501.80 | 0.0080 | pay 0.0010% / 1h | 54m 40s | $10K | $15K | 20x |
| Short | Variational Omni MSFT | 502.05 | 0 | get 0.0000% / 8h | 54m 40s | $1.3M | $702K | — |
Phoenix MSFT
Variational Omni MSFTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Variational Omni against Phoenix. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$16.75
- Price spread: +0.050% → 0.000%
- $5.03
- Slippage, 4 orders
- no order book: not counted
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Variational Omni: 0 bp × 2 orders
- $0
- Net
- −$18.72
- Costs to cover
- 0.070%
- Break-even
- never at this rate
Slippage unknown: Phoenix: 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 Phoenix 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 |
Phoenix: 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 | +0.052% | $102K | $242K | 10x | as long as short |
| Nado MSFT-PERP | −0.0036% | 1h | 501.89 | +0.018% | $414K | $64K | 20x | as long as short |
| Coinbase International MSFT-PERP-INTX | −0.0016% | 1h | 501.76 | −0.008% | $687K | $450K | 10x | as long as short |
| BloFin MSFT-USDT | −0.0008% | 8h | 502.22 | +0.084% | $188K | $209K | 20x | as long as short |
| Aster MSFTUSDT | 0.0000% | 8h | 502.16 | +0.071% | $161K | $116K | 20x | as long as short |
| Extended MSFT_24_5-USD | 0.0000% | 1h | 502.12 | +0.063% | $337K | $392K | 17x | as long as short |
| Binance MSFTUSDT | 0.0000% | 8h | 502.21 | +0.082% | $15.7M | $19.1M | 20x | as long as short |
| OKX MSFT-USDT-SWAP | 0.0000% | 8h | 502.31 | +0.102% | $3.0M | $2.3M | 20x | as long as short |
| Gate MSFT_USDT | 0.0000% | 8h | 501.98 | +0.036% | $3.2M | $1.6M | 100x | as long as short |
| Bitget MSFTUSDT | 0.0000% | 8h | 502.20 | +0.080% | $3.8M | $2.3M | 100x | as long as short |
edgeX MSFTUSDC
Nado MSFT-PERP
Coinbase International MSFT-PERP-INTX
BloFin MSFT-USDT
Aster MSFTUSDT
Extended MSFT_24_5-USD
Binance MSFTUSDT
OKX MSFT-USDT-SWAP
Gate MSFT_USDT
Bitget MSFTUSDTShow 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 | +0.050% | $1.3M | $702K | — | |
| GRVT MSFT_USDT_Perp | 0.0000% | 8h | 502.07 | +0.054% | $19K | $307K | 10x | as long as short |
| SunX MSFT-USDT | 0.0000% | 8h | 502.98 | +0.235% | $6K | $4.3M | 20x | as long as short |
| Deribit MSFT_USDC-PERPETUAL | 0.0000% | 1h | 501.95 | +0.030% | $27K | $101K | 10x | as long as short |
| HTX MSFT-USDT | 0.0000% | 8h | 502.09 | +0.058% | $59K | $227K | 20x | as long as short |
| Phemex MSFTUSDT | 0.0000% | 8h | 502.26 | +0.092% | $2.2M | $753K | 10x | as long as short |
| Bybit MSFTUSDT | +0.0021% | 8h | 502.26 | +0.092% | $7.4M | $1.7M | 100x | as long as short |
| Lighter RH MSFT | +0.0032% | 1h | 502.05 | +0.050% | $645K | $2.1M | 20x | as long as short |
| Vest MSFT-USD-PERP | +0.0046% | 1h | 501.95 | +0.030% | — | $1K | 25x | as long as short |
| Hotstuff MSFT-PERP | +0.0048% | 1h | 501.79 | −0.002% | $32K | $8K | 20x | as long as short |
| QFEX MSFT-USD | +0.0049% | 1h | 502.10 | +0.060% | $1.2M | $5.8M | 10x | as long as short |
| tradeXYZ xyz:MSFT | +0.0050% | 1h | 501.76 | −0.008% | $22.3M | $9.6M | 20x | as long as short |
| Polymarket Perps MSFT-USD | +0.0050% | 1h | 501.70 | −0.020% | $303K | $678K | 10x | as long as short |
| SoDEX MSFT-USD | +0.0050% | 1h | 502.12 | +0.064% | $60K | $3K | 10x | as long as short |
| Ondo Perps MSFT-USD.P | +0.0050% | 1h | 501.81 | +0.002% | $529K | $494K | 15x | as long as short |
| Paradex MSFT-USD-PERP | +0.0055% | 8h | 502.11 | +0.063% | $221 | — | 5x | as long as short |
| Phoenix MSFTlong | +0.0080% | 1h | 501.80 | long leg | $10K | $15K | 20x | |
| KuCoin MSFTUSDTM | +0.0100% | 8h | 501.63 | −0.034% | $1.5M | $19K | 20x | as long as short |
| ApeX Omni MSFTUSDT | +0.0100% | 1h | 501.86 | +0.012% | $160K | $7K | 50x | as long as short |
| Orderly PERP_MSFT_USDC_mythos | +0.0100% | 8h | 501.94 | +0.028% | $8K | — | 10x | as long as short |
| Aevo MSFT-PERP | +0.0104% | 1h | 502.07 | +0.054% | $55 | — | 10x | as long as short |
| Lighter MSFT | +0.0152% | 1h | 502.26 | +0.092% | $1.1M | $585K | 20x | as long as short |
| Injective MSFT/USDC PERP | +0.0220% | 1h | 502.36 | +0.112% | $115K | $45K | 30x | as long as short |
| Arcus MSFT-USD | +0.0286% | 1h | 502.05 | +0.050% | $98K | $108K | 10x | as long as short |
GRVT MSFT_USDT_Perp
SunX MSFT-USDT
Deribit MSFT_USDC-PERPETUAL
HTX MSFT-USDT
Phemex MSFTUSDT
Bybit MSFTUSDT
Lighter RH MSFT
Vest MSFT-USD-PERP
Hotstuff MSFT-PERP
QFEX MSFT-USD
tradeXYZ xyz:MSFT
Polymarket Perps MSFT-USD
SoDEX MSFT-USD
Ondo Perps MSFT-USD.P
Paradex MSFT-USD-PERP
KuCoin MSFTUSDTM
ApeX Omni MSFTUSDT
Orderly PERP_MSFT_USDC_mythos
Aevo MSFT-PERP
Lighter MSFT
Injective MSFT/USDC PERP
Arcus MSFT-USD