Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h +0.013%

Price spread now: tradeXYZ against Variational Omni−0.119%7-day average −0.117% · you buy dearer than you sell

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

Long on Variational Omni Short on tradeXYZ

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.044%+$4 on $10k

Price spread, last 7 days+0.028%+$3 · spread now −0.119%, 7d avg −0.117%

Together, before fees+0.071%+ Points / potential airdropVariational Omni: Active · tradeXYZ: Active · farm board+$7 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.117%, 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	504.21	0	get 0.0000% / 8h	7h 42m	$1.3M	$401K	—
Short	tradeXYZ xyz:MSFT	503.61	0.0050	get 0.0006% / 1h	42m 48s	$22.4M	$9.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

tradeXYZ 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 tradeXYZbpOrdersPrice spread, now −0.119%Rate

Funding earned: $10.5
Price spread: −0.119% → −0.117%: −$0.26
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee tradeXYZ: 9 bp × 2 orders: −$18
Net: −$7.76
Costs to cover: 0.180%
Break-even: 12.2 days

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; tradeXYZ: 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, 1 min ago	2.53 bp	doesn't fit	17.3 bp −$173	doesn't fit	doesn't fit
Sell tradeXYZ live order book, 6 min ago	0.40 bp	9.8 bp −$10	12.0 bp −$120	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-PERP	−0.0071%	1h	503.85	−0.071%	$415K	$67K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0056%	1h	503.83	−0.076%	$682K	$494K	10x	as long as short
BloFin MSFT-USDT	−0.0003%	8h	503.97	−0.048%	$191K	$205K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	504.33	+0.023%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.90	−0.061%	$338K	$1.9M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	504.07	−0.029%	$15.9M	$19.0M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.89	−0.064%	$7.2M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	504.20	−0.002%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.76	−0.090%	$3.2M	$1.8M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	503.90	−0.062%	$3.9M	$2.9M	100x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni MSFTlong	0.0000%	8h	504.21	long leg	$1.3M	$401K	—
GRVT MSFT_USDT_Perp	0.0000%	8h	504.19	−0.005%	$19K	$316K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	504.74	+0.105%	$6K	$3.6M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	503.64	−0.113%	$27K	$44K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.91	−0.060%	$59K	$224K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	504.31	+0.019%	$2.2M	$829K	10x	as long as short
Phoenix MSFT	+0.0016%	1h	504.00	−0.042%	$11K	$15K	20x	as long as short
QFEX MSFT-USD	+0.0023%	1h	503.81	−0.080%	$1.1M	$4.6M	10x	as long as short
Lighter MSFT	+0.0032%	1h	504.01	−0.040%	$1.2M	$510K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.96	−0.050%	$697K	$1.9M	20x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.72	−0.098%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.98	−0.046%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFTshort	+0.0050%	1h	503.61	−0.119%	$22.4M	$9.0M	20x
Polymarket Perps MSFT-USD	+0.0050%	1h	503.45	−0.151%	$303K	$654K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.86	−0.070%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	504.00	−0.042%	$514K	$411K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0052%	8h	503.82	−0.077%	$222	—	5x	as long as short
edgeX MSFTUSDC	+0.0079%	4h	504.22	+0.001%	$103K	$244K	10x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.78	−0.086%	$1.6M	$100K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.66	−0.109%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.99	−0.044%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.92	−0.057%	$55	—	10x	as long as short
Hotstuff MSFT-PERP	+0.0112%	1h	503.84	−0.074%	$33K	$8K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	505.94	+0.343%	$116K	$45K	30x	as long as short