Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0046%/8h= −5.0% APRpaid last 24h −0.010%

Price spread now: Variational Omni against Vest−0.040%7-day average — · you buy dearer than you sell

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

Long on Vest Short on Variational Omni

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 airdropVest: Active · Variational Omni: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Variational Omni is 0.040% cheaper against Vest than usual: you would sell low and buy high (−$4 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Vest MSFT-USD-PERP	503.60	0.0046	pay 0.0006% / 1h	2m 46s	—	$1K	25x
Short	Variational Omni MSFT	503.40	0	get 0.0000% / 8h	3h 02m	$1.3M	$493K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Vest. 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 VestbpFee Variational OmnibpOrdersPrice spread, now −0.040%Rate

Funding earned: −$9.59
Price spread: −0.040% → 0.000%: −$4.03
Slippage, 4 orders: no order book: not counted
Fee Vest: 1 bp × 2 orders: −$2
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$15.63
Costs to cover: 0.020%
Break-even: never at this rate

Slippage unknown: Vest: no order-book sample; Variational Omni: RFQ quote, 1 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 Vest no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 1 min ago	2.52 bp	doesn't fit	16.1 bp −$161	doesn't fit	doesn't fit

Vest: 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
Nado MSFT-PERP	−0.0099%	1h	503.36	−0.047%	$414K	$65K	20x	as long as short
Hotstuff MSFT-PERP	−0.0048%	1h	503.13	−0.093%	$32K	$8K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0032%	1h	503.33	−0.054%	$685K	$460K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.46	−0.027%	$162K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.68	+0.016%	$337K	$1.0M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	503.82	+0.044%	$15.8M	$19.2M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.46	−0.028%	$7.2M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	503.68	+0.016%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.55	−0.010%	$3.1M	$1.8M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	503.61	+0.002%	$4.4M	$2.6M	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 MSFTshort	0.0000%	8h	503.40	−0.040%	$1.3M	$493K	—
GRVT MSFT_USDT_Perp	0.0000%	8h	503.55	−0.009%	$18K	$303K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	504.60	+0.199%	$6K	$4.0M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.94	+0.068%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	504.14	+0.107%	$2.2M	$786K	10x	as long as short
BloFin MSFT-USDT	+0.0013%	8h	503.82	+0.044%	$190K	$205K	20x	as long as short
tradeXYZ xyz:MSFT	+0.0017%	1h	503.26	−0.068%	$22.3M	$8.8M	20x	as long as short
Lighter MSFT	+0.0032%	1h	503.72	+0.024%	$1.1M	$514K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.41	−0.038%	$680K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0035%	1h	503.62	+0.004%	$1.2M	$4.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.29	−0.062%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERPlong	+0.0046%	1h	503.60	long leg	—	$1K	25x
Phoenix MSFT	+0.0048%	1h	503.27	−0.066%	$11K	$15K	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.33	−0.054%	$303K	$713K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.63	+0.006%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.08	−0.103%	$512K	$458K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0051%	8h	503.56	−0.007%	$222	—	5x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.08	−0.103%	$1.6M	$56K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.52	−0.016%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.56	−0.008%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.57	−0.007%	$55	—	10x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0108%	1h	503.51	−0.018%	$27K	$42K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	503.84	+0.048%	$115K	$45K	30x	as long as short
edgeX MSFTUSDC	+0.0954%	4h	503.42	−0.035%	$102K	$243K	10x	as long as short