Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.003%

Price spread now: Deribit against Variational Omni+0.134%7-day average — · you sell dearer than you buy

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

Long on Variational Omni Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 4 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

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Deribit is 0.134% dearer against Variational Omni than usual: you sell high and buy low, +$13 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni MSFT	502.85	0	get 0.0000% / 8h	3h 07m	$1.3M	$490K	—
Short	Deribit MSFT_USDC-PERPETUAL	503.52	0	get 0.0000% / 1h	7m 43s	$27K	$42K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.134%Rate

Funding earned: $0
Price spread: +0.134% → 0.000%: $13.38
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $6.38
Costs to cover: 0.070%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; Deribit: no order-book sample. 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, 1 min ago	3.36 bp	doesn't fit	25.2 bp −$252	doesn't fit	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

Deribit: 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	−0.0324%	4h	503.07	+0.045%	$102K	$242K	10x	as long as short
Nado MSFT-PERP	−0.0103%	1h	503.53	+0.136%	$414K	$65K	20x	as long as short
Hotstuff MSFT-PERP	−0.0048%	1h	503.19	+0.068%	$32K	$8K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0032%	1h	503.14	+0.058%	$681K	$452K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.54	+0.138%	$162K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.61	+0.152%	$339K	$885K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	503.77	+0.183%	$15.8M	$19.1M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.43	+0.116%	$7.2M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	503.95	+0.219%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.48	+0.126%	$3.1M	$1.8M	100x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MSFTUSDT	0.0000%	8h	503.65	+0.160%	$4.4M	$2.6M	100x	as long as short
Variational Omni MSFTlong	0.0000%	8h	502.85	long leg	$1.3M	$490K	—
GRVT MSFT_USDT_Perp	0.0000%	8h	503.10	+0.051%	$19K	$301K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	504.48	+0.325%	$6K	$4.0M	20x	as long as short
Deribit MSFT_USDC-PERPETUALshort	0.0000%	1h	503.52	+0.134%	$27K	$42K	10x
HTX MSFT-USDT	0.0000%	8h	503.58	+0.146%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	503.84	+0.197%	$2.2M	$781K	10x	as long as short
tradeXYZ xyz:MSFT	+0.0010%	1h	503.26	+0.082%	$22.2M	$8.8M	20x	as long as short
BloFin MSFT-USDT	+0.0010%	8h	503.60	+0.150%	$189K	$205K	20x	as long as short
Lighter MSFT	+0.0032%	1h	503.79	+0.188%	$1.1M	$514K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.53	+0.136%	$680K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0035%	1h	503.52	+0.134%	$1.1M	$4.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.08	+0.046%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.57	+0.144%	—	$1K	25x	as long as short
Phoenix MSFT	+0.0048%	1h	503.14	+0.058%	$11K	$15K	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.29	+0.088%	$304K	$712K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.40	+0.110%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.25	+0.080%	$512K	$459K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0051%	8h	503.64	+0.158%	$222	—	5x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.11	+0.052%	$1.6M	$56K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	502.93	+0.017%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.51	+0.132%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.59	+0.148%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	503.08	+0.046%	$115K	$45K	30x	as long as short