Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Extended against Variational Omni+0.022%7-day average −0.023% · you sell dearer than you buy

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

Long on Variational Omni Short on Extended

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.006%+$1 on $10k

Price spread, last 4 days (all we have)−0.157%−$16 · spread now +0.022%, 7d avg −0.023%

Together, before fees−0.151%+ Points / potential airdropVariational Omni: Active · Extended: Active · farm board−$15 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Extended is 0.045% dearer against Variational Omni than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of −0.023%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni MSFT	503.40	0	get 0.0000% / 8h	42m 39s	$1.3M	$414K	—
Short	Extended MSFT_24_5-USD	503.51	0	get 0.0000% / 1h	42m 39s	$338K	$1.9M	17x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now +0.022%Rate

Funding earned: $0
Price spread: +0.022% → −0.023%: $4.52
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$0.48
Costs to cover: 0.050%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; Extended: live order book, 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 Variational Omni RFQ quote, 1 min ago	2.74 bp	doesn't fit	21.7 bp −$217	doesn't fit	doesn't fit
Sell Extended live order book, 1 min ago	0.20 bp	5.3 bp −$5	33.2 bp −$332	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	−0.0036%	1h	503.42	+0.004%	$414K	$67K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.34	−0.011%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USDshort	0.0000%	1h	503.51	+0.022%	$338K	$1.9M	17x
Binance MSFTUSDT	0.0000%	8h	503.67	+0.055%	$15.8M	$19.1M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.42	+0.005%	$7.3M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	503.80	+0.080%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.40	+0.001%	$3.1M	$1.8M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	503.64	+0.048%	$3.8M	$2.9M	100x	as long as short
Variational Omni MSFTlong	0.0000%	8h	503.40	long leg	$1.3M	$414K	—
GRVT MSFT_USDT_Perp	0.0000%	8h	503.62	+0.044%	$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	504.44	+0.207%	$6K	$3.8M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	503.36	−0.007%	$27K	$44K	10x	as long as short
Coinbase International MSFT-PERP-INTX	0.0000%	1h	502.97	−0.085%	$682K	$454K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.53	+0.026%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	503.83	+0.086%	$2.2M	$820K	10x	as long as short
BloFin MSFT-USDT	+0.0027%	8h	503.68	+0.056%	$191K	$206K	20x	as long as short
Lighter MSFT	+0.0032%	1h	503.54	+0.028%	$1.2M	$522K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.41	+0.003%	$698K	$1.9M	20x	as long as short
QFEX MSFT-USD	+0.0037%	1h	503.51	+0.022%	$1.2M	$4.7M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.31	−0.017%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.62	+0.044%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	503.15	−0.049%	$22.4M	$8.8M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.27	−0.025%	$303K	$717K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.47	+0.015%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.06	−0.067%	$512K	$428K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0054%	8h	503.49	+0.018%	$222	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	503.31	−0.017%	$11K	$15K	20x	as long as short
Hotstuff MSFT-PERP	+0.0096%	1h	503.13	−0.053%	$32K	$8K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.04	−0.071%	$1.6M	$62K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.27	−0.025%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.43	+0.007%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.53	+0.027%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	504.82	+0.283%	$116K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0666%	4h	503.46	+0.012%	$102K	$244K	10x	as long as short