Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.027%

Price spread now: ApeX Omni against Variational Omni−0.092%118s7-day average −0.070% · you buy dearer than you sell

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

Long on Variational Omni Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.097%+$10 on $10k

Price spread, last 4 days (all we have)+0.049%+$5 · spread now −0.092%, 7d avg −0.070%

Together, before fees+0.147%+ Points / potential airdropVariational Omni: Active · farm board+$15 on $10k · with fees, hour by hour

Funding pays, the price is against you. ApeX Omni is 0.022% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.092% now, against its 7-day average of −0.070%). If the spread goes back, that is −$2 on $10k: about 18 hours of funding at the current rate (+$3 a day). The two prices were read 118 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	Variational Omni MSFT	501.27	0	get 0.0000% / 8h	4h 45m	$1.3M	$617K	—
Short	ApeX Omni MSFTUSDT	500.81	0.0100	get 0.0013% / 1h	45m 34s	$159K	$7K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Variational Omni. 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 Variational OmnibpFee ApeX OmnibpOrdersPrice spread, now −0.092%Rate

Funding earned: $21
Price spread: −0.092% → −0.070%: −$2.23
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: $8.77
Costs to cover: 0.100%
Break-even: 4.1 days

Slippage unknown: Variational Omni: RFQ quote, 4 min ago; ApeX Omni: live order book, 10 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 Variational Omni RFQ quote, 4 min ago	2.53 bp	doesn't fit	19.5 bp −$195	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 10 min ago	5.09 bp	10.1 bp −$10	59.7 bp −$597	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	−0.0045%	1h	501.06	−0.042%	$414K	$64K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0040%	1h	500.97	−0.060%	$678K	$458K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.02	−0.050%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.23	−0.009%	$341K	$893K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.36	+0.018%	$15.7M	$19.0M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.08	−0.038%	$7.2M	$2.1M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.31	+0.008%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.21	−0.012%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.32	+0.010%	$4.5M	$2.5M	100x	as long as short
Variational Omni MSFTlong	0.0000%	8h	501.27	long leg	$1.3M	$617K	—

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	501.29	+0.004%	$19K	$300K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.12	+0.169%	$6K	$4.0M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	500.99	−0.056%	$27K	$41K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.21	−0.012%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.59	+0.063%	$2.2M	$777K	10x	as long as short
BloFin MSFT-USDT	+0.0002%	8h	501.45	+0.035%	$190K	$204K	20x	as long as short
Hotstuff MSFT-PERP	+0.0024%	1h	500.84	−0.086%	$32K	$8K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.11	−0.032%	$680K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0036%	1h	501.21	−0.012%	$1.1M	$5.6M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.01	−0.052%	$96K	$111K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.09	−0.036%	—	$1K	25x	as long as short
Phoenix MSFT	+0.0048%	1h	501.06	−0.042%	$10K	$15K	20x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	500.83	−0.088%	$22.1M	$8.8M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	500.89	−0.076%	$295K	$673K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.24	−0.006%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.99	−0.056%	$527K	$456K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0056%	8h	501.19	−0.016%	$221	—	5x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	500.83	−0.088%	$1.5M	$20K	20x	as long as short
ApeX Omni MSFTUSDTshort	+0.0100%	1h	500.81	−0.092%	$159K	$7K	50x
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.18	−0.018%	$8K	—	10x	as long as short
Lighter MSFT	+0.0104%	1h	501.35	+0.016%	$1.1M	$489K	20x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.18	−0.018%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.34	+0.014%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0292%	4h	501.27	0.000%	$102K	$244K	10x	as long as short