Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0035%/8h= −3.8% APRpaid last 24h −0.001%

Price spread now: Nado against Variational Omni−0.010%7-day average −0.028% · you buy dearer than you sell

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

Long on Variational Omni Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.042%−$4 on $10k

Price spread, last 3 days (all we have)−0.048%−$5 · spread now −0.010%, 7d avg −0.028%

Together, before fees−0.090%+ Points / potential airdropVariational Omni: Active · Nado: Active · farm board−$9 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.028%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni MSFT	502.05	0	get 0.0000% / 8h	50m 42s	$1.3M	$702K	—
Short	Nado MSFT-PERP	502.00	−0.0035	pay 0.0004% / 1h	50m 42s	$414K	$64K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now −0.010%Rate

Funding earned: −$7.3
Price spread: −0.010% → −0.028%: $1.79
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$12.52
Costs to cover: 0.070%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 3 min ago; Nado: live order book, 27 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	3.37 bp	doesn't fit	14.3 bp −$143	doesn't fit	doesn't fit
Sell Nado live order book, 27 min ago	0.60 bp	11.9 bp −$12	25.7 bp −$257	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-PERPshort	−0.0035%	1h	502.00	−0.010%	$414K	$64K	20x
Coinbase International MSFT-PERP-INTX	−0.0016%	1h	501.76	−0.058%	$687K	$450K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	502.11	+0.012%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	502.19	+0.028%	$337K	$392K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	502.29	+0.047%	$15.7M	$19.1M	20x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	502.31	+0.051%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.99	−0.012%	$3.2M	$1.6M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	502.32	+0.053%	$3.8M	$2.3M	100x	as long as short
Variational Omni MSFTlong	0.0000%	8h	502.05	long leg	$1.3M	$702K	—
GRVT MSFT_USDT_Perp	0.0000%	8h	502.12	+0.013%	$19K	$307K	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	503.05	+0.199%	$6K	$4.3M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.99	−0.012%	$27K	$101K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	502.16	+0.021%	$59K	$227K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.30	+0.049%	$2.2M	$754K	10x	as long as short
BloFin MSFT-USDT	+0.0007%	8h	502.23	+0.035%	$188K	$210K	20x	as long as short
Bybit MSFTUSDT	+0.0023%	8h	502.34	+0.057%	$7.4M	$1.7M	100x	as long as short
Lighter RH MSFT	+0.0032%	1h	502.12	+0.013%	$643K	$2.1M	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	502.11	+0.012%	—	$1K	25x	as long as short
QFEX MSFT-USD	+0.0049%	1h	502.18	+0.025%	$1.1M	$5.8M	10x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.83	−0.044%	$22.3M	$9.6M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.78	−0.054%	$303K	$678K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	502.22	+0.033%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.87	−0.036%	$529K	$494K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0055%	8h	502.17	+0.024%	$221	—	5x	as long as short
Hotstuff MSFT-PERP	+0.0072%	1h	501.87	−0.036%	$32K	$8K	20x	as long as short
Phoenix MSFT	+0.0080%	1h	501.91	−0.028%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.63	−0.084%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.90	−0.030%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	502.09	+0.008%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	502.13	+0.015%	$55	—	10x	as long as short
Lighter MSFT	+0.0152%	1h	502.32	+0.053%	$1.1M	$585K	20x	as long as short
edgeX MSFTUSDC	+0.0216%	4h	502.16	+0.021%	$102K	$242K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.36	+0.061%	$115K	$45K	30x	as long as short
Arcus MSFT-USD	+0.0286%	1h	502.08	+0.006%	$97K	$109K	10x	as long as short