Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.010%

Price spread now: Variational Omni against tradeXYZ+0.092%7-day average +0.117% · you sell dearer than you buy

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

Long on tradeXYZ Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.043%−$4 on $10k

Price spread, last 7 days+0.001%$0 · spread now +0.092%, 7d avg +0.117%

Together, before fees−0.043%+ Points / potential airdroptradeXYZ: Active · Variational Omni: Active · farm board−$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Variational Omni is 0.025% cheaper against tradeXYZ than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of +0.117%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	tradeXYZ xyz:MSFT	503.48	0.0050	pay 0.0006% / 1h	28m 21s	$22.4M	$9.0M	20x
Short	Variational Omni MSFT	503.94	0	get 0.0000% / 8h	1h 28m	$1.3M	$499K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against tradeXYZ. 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 tradeXYZbpFee Variational OmnibpOrdersPrice spread, now +0.092%Rate

Funding earned: −$10.5
Price spread: +0.092% → +0.117%: −$2.49
Slippage, 4 orders: no order book: not counted
Fee tradeXYZ: 9 bp × 2 orders: −$18
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$30.99
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: tradeXYZ: live order book, 11 min ago; Variational Omni: RFQ quote, 1 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 tradeXYZ live order book, 11 min ago	0.40 bp	10.0 bp −$10	12.1 bp −$121	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 1 min ago	2.53 bp	doesn't fit	20.0 bp −$200	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	−0.0048%	1h	503.66	+0.036%	$682K	$500K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.62	+0.028%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.82	+0.068%	$338K	$1.2M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	503.94	+0.091%	$15.8M	$19.6M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.64	+0.032%	$7.3M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	503.93	+0.089%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.77	+0.058%	$3.1M	$1.8M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	503.96	+0.095%	$3.8M	$3.0M	100x	as long as short
Variational Omni MSFTshort	0.0000%	8h	503.94	+0.092%	$1.3M	$499K	—
GRVT MSFT_USDT_Perp	0.0000%	8h	503.99	+0.101%	$18K	$327K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX MSFT-USDT	0.0000%	8h	504.77	+0.256%	$6K	$3.9M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.94	+0.091%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	504.14	+0.131%	$2.2M	$821K	10x	as long as short
Hotstuff MSFT-PERP	+0.0008%	1h	503.50	+0.004%	$32K	$8K	20x	as long as short
Nado MSFT-PERP	+0.0016%	1h	503.59	+0.022%	$415K	$67K	20x	as long as short
BloFin MSFT-USDT	+0.0023%	8h	504.09	+0.121%	$191K	$207K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.72	+0.048%	$701K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0039%	1h	503.88	+0.079%	$1.1M	$4.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.70	+0.044%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.84	+0.072%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFTlong	+0.0050%	1h	503.48	long leg	$22.4M	$9.0M	20x
Polymarket Perps MSFT-USD	+0.0050%	1h	503.60	+0.024%	$303K	$718K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.83	+0.070%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.54	+0.012%	$522K	$476K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0056%	8h	503.82	+0.068%	$222	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	503.69	+0.042%	$11K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.36	−0.024%	$1.6M	$60K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.48	0.000%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.77	+0.058%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.84	+0.071%	$55	—	10x	as long as short
Lighter MSFT	+0.0144%	1h	503.97	+0.097%	$1.2M	$514K	20x	as long as short
edgeX MSFTUSDC	+0.0164%	4h	503.94	+0.092%	$103K	$244K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	504.21	+0.145%	$115K	$45K	30x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0246%	1h	503.80	+0.064%	$27K	$43K	10x	as long as short