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% APRnext payment +$0.00 per $10,000 · paid last 24h −0.003%

Price spread now: Phemex against Variational Omni+0.020%7-day average +0.049% · you sell dearer than you buy

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

Long on Variational Omni Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.006%−$1 on $10k

Price spread, last 3 days (all we have)+0.046%+$5 · spread now +0.020%, 7d avg +0.049%

Together, before fees+0.040%+ Points / potential airdropVariational Omni: Active · farm board+$4 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: Phemex is 0.028% cheaper against Variational Omni than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of +0.049%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni MSFT	501.54	0	get 0.0000% / 8h	6h 25m	$1.3M	$682K	—
Short	Phemex MSFTUSDT	501.64	0	get 0.0000% / 8h	6h 25m	$2.2M	$765K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.020%Rate

Funding earned: $0
Price spread: +0.020% → +0.049%: −$2.81
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$14.81
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 4 min ago; Phemex: live order book, 3 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, 4 min ago	2.53 bp	doesn't fit	21.0 bp −$210	doesn't fit	doesn't fit
Sell Phemex live order book, 3 min ago	2.29 bp	29.4 bp −$29	doesn't fit	doesn't fit	doesn't fit

MSFT on 33 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
Coinbase International MSFT-PERP-INTX	−0.0016%	1h	500.87	−0.133%	$684K	$451K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.48	−0.011%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.48	−0.011%	$337K	$899K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.63	+0.018%	$15.6M	$18.8M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.49	−0.009%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.68	+0.028%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.38	−0.031%	$3.1M	$1.6M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.44	−0.019%	$4.5M	$2.5M	100x	as long as short
Variational Omni MSFTlong	0.0000%	8h	501.54	long leg	$1.3M	$682K	—
GRVT MSFT_USDT_Perp	0.0000%	8h	501.52	−0.003%	$18K	$295K	10x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX MSFT-USDT	0.0000%	8h	502.39	+0.170%	$6K	$4.1M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.45	−0.017%	$59K	$226K	20x	as long as short
Phemex MSFTUSDTshort	0.0000%	8h	501.64	+0.020%	$2.2M	$765K	10x
Nado MSFT-PERP	+0.0008%	1h	501.26	−0.056%	$414K	$64K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.42	−0.023%	$618K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0038%	1h	501.46	−0.015%	$1.1M	$5.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.35	−0.037%	$97K	$109K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.34	−0.039%	—	$1K	25x	as long as short
Hotstuff MSFT-PERP	+0.0048%	1h	501.14	−0.079%	$32K	$8K	20x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.13	−0.081%	$22.1M	$9.2M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.23	−0.061%	$303K	$671K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.49	−0.009%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.15	−0.077%	$521K	$518K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0055%	8h	501.47	−0.014%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.33	−0.041%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.15	−0.077%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.07	−0.093%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.43	−0.021%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.48	−0.012%	$55	—	10x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0129%	1h	501.39	−0.029%	$27K	$41K	10x	as long as short
Lighter MSFT	+0.0176%	1h	501.69	+0.030%	$1.1M	$489K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.62	+0.016%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0992%	4h	501.51	−0.006%	$102K	$242K	10x	as long as short