Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0220%/8h= +24.1% APRpaid last 24h +0.063%

Price spread now: Injective against Variational Omni+0.052%106s7-day average −0.037% · you sell dearer than you buy

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

Long on Variational Omni Short on Injective

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.230%+$23 on $10k

Price spread, last 4 days (all we have)−0.080%−$8 · spread now +0.052%, 7d avg −0.037%

Together, before fees+0.150%+ Points / potential airdropVariational Omni: Active · farm board+$15 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Injective is 0.089% dearer against Variational Omni than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of −0.037%. The two prices were read 106 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	503.95	0	get 0.0000% / 8h	1h 37m	$1.3M	$499K	—
Short	Injective MSFT/USDC PERP	504.21	0.0220	get 0.0028% / 1h	37m 28s	$115K	$45K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now +0.052%Rate

Funding earned: $46.2
Price spread: +0.052% → −0.037%: $8.94
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $55.12
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 2 min ago; Injective: live order book, 6 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, 2 min ago	2.95 bp	doesn't fit	15.5 bp −$155	doesn't fit	doesn't fit
Sell Injective live order book, 6 min ago	10.13 bp	10.1 bp −$10	10.1 bp −$101	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
edgeX MSFTUSDC	−0.0586%	4h	503.91	−0.007%	$103K	$243K	10x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0048%	1h	503.66	−0.057%	$682K	$500K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.80	−0.029%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.90	−0.009%	$341K	$1.2M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	504.03	+0.017%	$15.8M	$19.6M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.75	−0.039%	$7.3M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	503.97	+0.005%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.75	−0.039%	$3.1M	$1.8M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	503.97	+0.005%	$3.8M	$3.0M	100x	as long as short
Variational Omni MSFTlong	0.0000%	8h	503.95	long leg	$1.3M	$499K	—

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	504.01	+0.012%	$19K	$328K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	504.73	+0.155%	$6K	$3.9M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	503.66	−0.057%	$27K	$43K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.80	−0.029%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	504.10	+0.030%	$2.2M	$821K	10x	as long as short
BloFin MSFT-USDT	+0.0006%	8h	504.03	+0.017%	$190K	$206K	20x	as long as short
Nado MSFT-PERP	+0.0011%	1h	503.83	−0.022%	$415K	$67K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.81	−0.027%	$690K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0039%	1h	503.95	+0.001%	$1.1M	$4.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.71	−0.047%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.96	+0.003%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	503.57	−0.075%	$22.4M	$9.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.68	−0.053%	$303K	$718K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.77	−0.035%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.52	−0.085%	$522K	$476K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0057%	8h	503.87	−0.016%	$222	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	503.80	−0.029%	$11K	$15K	20x	as long as short
Hotstuff MSFT-PERP	+0.0072%	1h	503.64	−0.061%	$32K	$8K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.42	−0.105%	$1.6M	$59K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.47	−0.095%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.86	−0.017%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.90	−0.009%	$55	—	10x	as long as short
Lighter MSFT	+0.0128%	1h	504.07	+0.024%	$1.2M	$514K	20x	as long as short
Injective MSFT/USDC PERPshort	+0.0220%	1h	504.21	+0.052%	$115K	$45K	30x