Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0049%/8h= −5.4% APRpaid last 24h −0.008%

Price spread now: Variational Omni against QFEX−0.002%7-day average +0.040% · you buy dearer than you sell

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

Long on QFEX Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.010%−$1 on $10k

Price spread, last 7 days−0.002%$0 · spread now −0.002%, 7d avg +0.040%

Together, before fees−0.012%+ Points / potential airdropVariational Omni: Active · farm board−$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Variational Omni is 0.041% cheaper against QFEX than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.040%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX MSFT-USD	502.06	0.0049	pay 0.0006% / 1h	52m 05s	$1.2M	$5.8M	10x
Short	Variational Omni MSFT	502.05	0	get 0.0000% / 8h	52m 05s	$1.3M	$702K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against QFEX. 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 QFEXbpFee Variational OmnibpOrdersPrice spread, now −0.002%Rate

Funding earned: −$10.32
Price spread: −0.002% → +0.040%: −$4.14
Slippage, 4 orders: no order book: not counted
Fee QFEX: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$24.46
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: QFEX: live order book, 7 min ago; Variational Omni: RFQ quote, 2 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 QFEX live order book, 7 min ago	1.20 bp	6.2 bp −$6	6.3 bp −$63	12.5 bp −$1,251	doesn't fit
Sell Variational Omni RFQ quote, 2 min ago	3.37 bp	doesn't fit	12.4 bp −$124	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
Nado MSFT-PERP	−0.0035%	1h	501.92	−0.028%	$414K	$64K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0016%	1h	501.76	−0.060%	$687K	$450K	10x	as long as short
BloFin MSFT-USDT	−0.0013%	8h	502.18	+0.024%	$188K	$210K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	502.19	+0.026%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	502.20	+0.028%	$337K	$392K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	502.30	+0.048%	$15.7M	$19.1M	20x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	502.31	+0.050%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.99	−0.014%	$3.2M	$1.6M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	502.29	+0.046%	$3.8M	$2.3M	100x	as long as short
Variational Omni MSFTshort	0.0000%	8h	502.05	−0.002%	$1.3M	$702K	—

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	502.12	+0.011%	$19K	$307K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	503.05	+0.197%	$6K	$4.3M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	502.03	−0.006%	$27K	$101K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	502.11	+0.010%	$58K	$228K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.28	+0.044%	$2.2M	$754K	10x	as long as short
Bybit MSFTUSDT	+0.0022%	8h	502.28	+0.044%	$7.4M	$1.7M	100x	as long as short
Lighter RH MSFT	+0.0032%	1h	502.16	+0.020%	$645K	$2.1M	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	502.05	−0.002%	—	$1K	25x	as long as short
QFEX MSFT-USDlong	+0.0049%	1h	502.06	long leg	$1.2M	$5.8M	10x
tradeXYZ xyz:MSFT	+0.0050%	1h	501.86	−0.040%	$22.3M	$9.6M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.77	−0.058%	$303K	$678K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	502.19	+0.026%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.81	−0.050%	$529K	$494K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0055%	8h	502.11	+0.011%	$221	—	5x	as long as short
Hotstuff MSFT-PERP	+0.0056%	1h	501.80	−0.052%	$32K	$8K	20x	as long as short
Phoenix MSFT	+0.0080%	1h	501.80	−0.052%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.63	−0.086%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.86	−0.040%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	502.12	+0.012%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	502.15	+0.018%	$55	—	10x	as long as short
Lighter MSFT	+0.0144%	1h	502.37	+0.062%	$1.1M	$585K	20x	as long as short
edgeX MSFTUSDC	+0.0216%	4h	502.16	+0.019%	$102K	$242K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.36	+0.060%	$115K	$45K	30x	as long as short
Arcus MSFT-USD	+0.0286%	1h	502.15	+0.018%	$98K	$108K	10x	as long as short