Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0096%/8h= +10.5% APRpaid last 24h +0.011%

Price spread now: Phoenix against Variational Omni−0.044%99s7-day average — · you buy dearer than you sell

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

Long on Variational Omni Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

Funding pays, the price is against you. Phoenix is 0.044% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.044% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 37 hours of funding at the current rate (+$3 a day). The two prices were read 99 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	501.64	0	get 0.0000% / 8h	2h 33m	$1.3M	$726K	—
Short	Phoenix MSFT	501.42	0.0096	get 0.0012% / 1h	33m 50s	$10K	$15K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.044%Rate

Funding earned: $20.1
Price spread: −0.044% → 0.000%: −$4.43
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $8.66
Costs to cover: 0.070%
Break-even: 4.0 days

Slippage unknown: Variational Omni: RFQ quote, just now; Phoenix: 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, just now	2.74 bp	doesn't fit	17.5 bp −$175	doesn't fit	doesn't fit
Sell Phoenix no order-book sample	—	—	—	—	—

Phoenix: 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	−0.0982%	4h	501.67	+0.005%	$102K	$243K	10x	as long as short
Nado MSFT-PERP	−0.0044%	1h	501.50	−0.028%	$414K	$64K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0040%	1h	501.71	+0.013%	$689K	$431K	10x	as long as short
Hotstuff MSFT-PERP	−0.0016%	1h	501.43	−0.042%	$32K	$8K	20x	as long as short
BloFin MSFT-USDT	−0.0004%	8h	501.78	+0.027%	$189K	$209K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	502.01	+0.073%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.60	−0.008%	$372K	$369K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.77	+0.026%	$15.7M	$19.2M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.79	+0.029%	$7.4M	$1.7M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.61	−0.006%	$3.0M	$2.3M	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate MSFT_USDT	0.0000%	8h	501.41	−0.046%	$3.1M	$1.5M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.76	+0.023%	$3.8M	$2.2M	100x	as long as short
Variational Omni MSFTlong	0.0000%	8h	501.64	long leg	$1.3M	$726K	—
GRVT MSFT_USDT_Perp	0.0000%	8h	501.60	−0.008%	$18K	$330K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.52	+0.175%	$6K	$4.4M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.65	+0.002%	$27K	$104K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.62	−0.004%	$58K	$230K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.84	+0.039%	$2.2M	$759K	10x	as long as short
Lighter MSFT	+0.0032%	1h	501.70	+0.011%	$1.1M	$653K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.60	−0.008%	$661K	$2.2M	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.68	+0.007%	—	—	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	501.41	−0.046%	$22.2M	$10.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.25	−0.078%	$309K	$683K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.68	+0.007%	$60K	$3K	10x	as long as short
Paradex MSFT-USD-PERP	+0.0050%	8h	501.64	0.000%	$221	—	5x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	501.25	−0.078%	$515K	$479K	15x	as long as short
QFEX MSFT-USD	+0.0050%	1h	501.69	+0.009%	$1.2M	$5.7M	10x	as long as short
Phoenix MSFTshort	+0.0096%	1h	501.42	−0.044%	$10K	$15K	20x
KuCoin MSFTUSDTM	+0.0100%	8h	501.52	−0.024%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	501.25	−0.078%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.62	−0.004%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.70	+0.012%	$55	—	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.96	+0.063%	$115K	$45K	30x	as long as short
Arcus MSFT-USD	+0.0531%	1h	501.57	−0.014%	$109K	$90K	10x	as long as short