Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0347%/8h= +38.0% APRpaid last 24h −0.064%

Price spread now: edgeX against Variational Omni−0.004%7-day average +0.001% · you buy dearer than you sell

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

Long on Variational Omni Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.021%−$2 on $10k

Price spread, last 4 days (all we have)+0.010%+$1 · spread now −0.004%, 7d avg +0.001%

Together, before fees−0.011%+ Points / potential airdropVariational Omni: Active · edgeX: Active · farm board−$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.001%, so right now this pair is about funding alone: +$10 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.021% in total (about -2.1% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni MSFT	503.60	0	get 0.0000% / 8h	40m 58s	$1.3M	$414K	—
Short	edgeX MSFTUSDC	503.57	0.0347	get 0.0174% / 4h	40m 58s	$102K	$242K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.004%Rate

Funding earned: $72.89
Price spread: −0.004% → +0.001%: −$0.55
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: $63.34
Costs to cover: 0.090%
Break-even: 0.9 days

Slippage unknown: Variational Omni: RFQ quote, 3 min ago; edgeX: live order book, 61 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, 3 min ago	2.74 bp	doesn't fit	21.7 bp −$217	doesn't fit	doesn't fit
Sell edgeX live order book, 61 min ago	5.26 bp	9.9 bp −$10	12.3 bp −$123	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	−0.0031%	1h	503.42	−0.034%	$414K	$67K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.37	−0.045%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.56	−0.007%	$338K	$1.9M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	503.70	+0.020%	$15.8M	$19.1M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.46	−0.027%	$7.3M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	503.80	+0.040%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.44	−0.031%	$3.1M	$1.8M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	503.64	+0.009%	$3.8M	$2.9M	100x	as long as short
Variational Omni MSFTlong	0.0000%	8h	503.60	long leg	$1.3M	$414K	—
GRVT MSFT_USDT_Perp	0.0000%	8h	503.62	+0.005%	$19K	$326K	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	504.47	+0.173%	$6K	$3.8M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	503.41	−0.037%	$27K	$44K	10x	as long as short
Coinbase International MSFT-PERP-INTX	0.0000%	1h	502.97	−0.124%	$682K	$454K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.55	−0.009%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	503.80	+0.040%	$2.2M	$820K	10x	as long as short
BloFin MSFT-USDT	+0.0007%	8h	503.72	+0.024%	$190K	$206K	20x	as long as short
Lighter MSFT	+0.0032%	1h	503.63	+0.007%	$1.2M	$532K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.51	−0.017%	$707K	$1.9M	20x	as long as short
QFEX MSFT-USD	+0.0037%	1h	503.53	−0.013%	$1.2M	$4.7M	10x	as long as short
Hotstuff MSFT-PERP	+0.0040%	1h	503.20	−0.079%	$32K	$8K	20x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.34	−0.051%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.64	+0.009%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	503.19	−0.081%	$22.4M	$8.8M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.36	−0.047%	$303K	$717K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.47	−0.025%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.20	−0.079%	$512K	$428K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0054%	8h	503.58	−0.004%	$222	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	503.31	−0.057%	$11K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.06	−0.107%	$1.6M	$62K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.27	−0.065%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.48	−0.023%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.55	−0.010%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	504.82	+0.243%	$116K	$45K	30x	as long as short
edgeX MSFTUSDCshort	+0.0347%	4h	503.57	−0.004%	$102K	$242K	10x