Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0025%/8h= −2.7% APRpaid last 24h +0.007%

Price spread now: Variational Omni against Nado+0.068%7-day average +0.028% · you sell dearer than you buy

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

Long on Nado Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.045%+$4 on $10k

Price spread, last 4 days (all we have)−0.012%−$1 · spread now +0.068%, 7d avg +0.028%

Together, before fees+0.033%+ Points / potential airdropNado: Active · Variational Omni: Active · farm board+$3 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.040% dearer against Nado than usual: you sell high and buy low (spread +0.068% now, against its 7-day average of +0.028%): +$4 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 5.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado MSFT-PERP	503.40	0.0025	pay 0.0003% / 1h	16m 10s	$414K	$67K	20x
Short	Variational Omni MSFT	503.75	0	get 0.0000% / 8h	1h 16m	$1.3M	$499K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Nado. 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 NadobpFee Variational OmnibpOrdersPrice spread, now +0.068%Rate

Funding earned: −$5.25
Price spread: +0.068% → +0.028%: $4.02
Slippage, 4 orders: no order book: not counted
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$8.24
Costs to cover: 0.070%
Break-even: never at this rate

Slippage unknown: Nado: live order book, 27 min ago; Variational Omni: RFQ quote, 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 Nado live order book, 27 min ago	1.19 bp	12.3 bp −$12	26.5 bp −$265	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 3 min ago	2.52 bp	doesn't fit	20.4 bp −$204	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
edgeX MSFTUSDC	−0.0427%	4h	503.50	+0.018%	$102K	$244K	10x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0048%	1h	503.66	+0.051%	$682K	$500K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.41	+0.002%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.56	+0.031%	$338K	$1.2M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	503.70	+0.059%	$15.8M	$19.7M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.44	+0.008%	$7.3M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	503.76	+0.071%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.50	+0.019%	$3.1M	$1.8M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	503.65	+0.049%	$3.8M	$3.0M	100x	as long as short
Variational Omni MSFTshort	0.0000%	8h	503.75	+0.068%	$1.3M	$499K	—

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT MSFT_USDT_Perp	0.0000%	8h	503.61	+0.041%	$19K	$328K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	504.48	+0.214%	$6K	$3.9M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	503.36	−0.008%	$27K	$44K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.60	+0.039%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	503.72	+0.063%	$2.2M	$822K	10x	as long as short
BloFin MSFT-USDT	+0.0013%	8h	503.68	+0.055%	$190K	$207K	20x	as long as short
Nado MSFT-PERPlong	+0.0025%	1h	503.40	long leg	$414K	$67K	20x
Lighter RH MSFT	+0.0032%	1h	503.48	+0.015%	$700K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0039%	1h	503.61	+0.041%	$1.2M	$4.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.40	0.000%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.70	+0.059%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	503.17	−0.046%	$22.4M	$9.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.27	−0.026%	$303K	$718K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.56	+0.031%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.13	−0.054%	$522K	$476K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0059%	8h	503.52	+0.024%	$222	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	503.43	+0.006%	$11K	$15K	20x	as long as short
Hotstuff MSFT-PERP	+0.0088%	1h	503.18	−0.044%	$32K	$8K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.10	−0.060%	$1.6M	$60K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.21	−0.038%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.50	+0.019%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.54	+0.028%	$55	—	10x	as long as short
Lighter MSFT	+0.0152%	1h	503.71	+0.061%	$1.2M	$517K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	504.04	+0.127%	$115K	$45K	30x	as long as short