Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h +0.026%

Price spread now: Ondo Perps against Variational Omni−0.078%7-day average −0.095% · you buy dearer than you sell

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

Long on Variational Omni Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.056%+$6 on $10k

Price spread, last 4 days (all we have)−0.070%−$7 · spread now −0.078%, 7d avg −0.095%

Together, before fees−0.014%+ Points / potential airdropVariational Omni: Active · Ondo Perps: Active · farm board−$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.095%, so right now this pair is about funding alone: +$2 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	501.99	0	get 0.0000% / 8h	1h 33m	$1.3M	$708K	—
Short	Ondo Perps MSFT-USD.P	501.60	0.0050	get 0.0006% / 1h	33m 19s	$529K	$493K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps 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 Ondo PerpsbpOrdersPrice spread, now −0.078%Rate

Funding earned: $10.58
Price spread: −0.078% → −0.095%: $1.66
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: $7.24
Costs to cover: 0.050%
Break-even: 2.2 days

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; Ondo Perps: 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	2.53 bp	doesn't fit	13.2 bp −$132	doesn't fit	doesn't fit
Sell Ondo Perps no order-book sample	—	—	—	—	—

Ondo Perps: 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	−0.0036%	4h	501.87	−0.024%	$102K	$243K	10x	as long as short
BloFin MSFT-USDT	−0.0011%	8h	502.05	+0.011%	$188K	$210K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	502.04	+0.009%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.94	−0.009%	$337K	$407K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	502.03	+0.008%	$15.7M	$19.3M	20x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.96	−0.006%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.75	−0.048%	$3.1M	$1.6M	100x	as long as short
Variational Omni MSFTlong	0.0000%	8h	501.99	long leg	$1.3M	$708K	—
GRVT MSFT_USDT_Perp	0.0000%	8h	502.01	+0.004%	$18K	$318K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.80	+0.161%	$6K	$4.4M	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.69	−0.060%	$27K	$104K	10x	as long as short
Coinbase International MSFT-PERP-INTX	0.0000%	1h	501.58	−0.082%	$688K	$449K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.87	−0.024%	$59K	$229K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	502.11	+0.023%	$2.2M	$763K	10x	as long as short
Bitget MSFTUSDT	+0.0006%	8h	502.03	+0.008%	$3.8M	$2.2M	100x	as long as short
Bybit MSFTUSDT	+0.0024%	8h	501.98	−0.002%	$7.4M	$1.7M	100x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.88	−0.022%	$654K	$2.1M	20x	as long as short
QFEX MSFT-USD	+0.0040%	1h	501.97	−0.004%	$1.2M	$5.8M	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.80	−0.038%	—	—	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.58	−0.082%	$22.3M	$9.9M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.56	−0.086%	$305K	$681K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.94	−0.010%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.Pshort	+0.0050%	1h	501.60	−0.078%	$529K	$493K	15x
Nado MSFT-PERP	+0.0051%	1h	501.56	−0.087%	$414K	$64K	20x	as long as short
Paradex MSFT-USD-PERP	+0.0063%	8h	501.77	−0.044%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.69	−0.060%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.47	−0.104%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.71	−0.056%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.91	−0.016%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.96	−0.007%	$55	—	10x	as long as short
Hotstuff MSFT-PERP	+0.0120%	1h	501.60	−0.078%	$32K	$8K	20x	as long as short
Lighter MSFT	+0.0176%	1h	502.03	+0.008%	$1.1M	$590K	20x	as long as short
Arcus MSFT-USD	+0.0200%	1h	501.91	−0.016%	$96K	$108K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	502.34	+0.069%	$115K	$45K	30x	as long as short