Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0036%/8h= −3.9% APRpaid last 24h −0.009%

Price spread now: Variational Omni against QFEX−0.011%47s7-day average +0.041% · you buy dearer than you sell

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

Long on QFEX Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.013%−$1 on $10k

Price spread, last 7 days+0.030%+$3 · spread now −0.011%, 7d avg +0.041%

Together, before fees+0.017%+ Points / potential airdropVariational Omni: Active · farm board+$2 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Variational Omni is 0.051% cheaper against QFEX than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.041%). Swap the legs. The two prices were read 47 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	QFEX MSFT-USD	504.15	0.0036	pay 0.0004% / 1h	5m 45s	$1.1M	$4.8M	10x
Short	Variational Omni MSFT	504.10	0	get 0.0000% / 8h	2h 05m	$1.3M	$499K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against QFEX. 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 QFEXbpFee Variational OmnibpOrdersPrice spread, now −0.011%Rate

Funding earned: −$7.54
Price spread: −0.011% → +0.041%: −$5.11
Slippage, 4 orders: no order book: not counted
Fee QFEX: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$22.66
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: QFEX: live order book, 8 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 QFEX live order book, 8 min ago	1.09 bp	6.1 bp −$6	7.1 bp −$71	13.1 bp −$1,306	doesn't fit
Sell Variational Omni RFQ quote, 3 min ago	3.57 bp	doesn't fit	15.3 bp −$153	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	−0.0903%	4h	504.37	+0.043%	$103K	$242K	10x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0064%	1h	503.75	−0.079%	$683K	$494K	10x	as long as short
Nado MSFT-PERP	−0.0017%	1h	503.94	−0.042%	$415K	$68K	20x	as long as short
Hotstuff MSFT-PERP	−0.0008%	1h	503.81	−0.067%	$33K	$8K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.90	−0.050%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	504.05	−0.020%	$338K	$1.2M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	504.19	+0.008%	$15.8M	$19.6M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.96	−0.038%	$7.2M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	504.29	+0.028%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	504.02	−0.026%	$3.1M	$1.8M	100x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MSFTUSDT	0.0000%	8h	504.17	+0.004%	$3.8M	$3.0M	100x	as long as short
Variational Omni MSFTshort	0.0000%	8h	504.10	−0.011%	$1.3M	$499K	—
GRVT MSFT_USDT_Perp	0.0000%	8h	504.28	+0.026%	$19K	$323K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	504.94	+0.157%	$6K	$3.9M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	504.09	−0.012%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	504.33	+0.036%	$2.2M	$815K	10x	as long as short
Phoenix MSFT	+0.0016%	1h	503.87	−0.056%	$11K	$15K	20x	as long as short
BloFin MSFT-USDT	+0.0021%	8h	504.36	+0.042%	$189K	$207K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.88	−0.054%	$711K	$2.0M	20x	as long as short
QFEX MSFT-USDlong	+0.0036%	1h	504.15	long leg	$1.1M	$4.8M	10x
Arcus MSFT-USD	+0.0040%	1h	503.99	−0.032%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	504.08	−0.014%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	503.66	−0.097%	$22.4M	$9.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.80	−0.069%	$303K	$717K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	504.03	−0.024%	$61K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.83	−0.063%	$522K	$476K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0059%	8h	504.06	−0.017%	$222	—	5x	as long as short
Lighter MSFT	+0.0088%	1h	504.09	−0.012%	$1.2M	$516K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.58	−0.113%	$1.6M	$57K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.79	−0.071%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	504.04	−0.022%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	504.10	−0.011%	$55	—	10x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0107%	1h	503.92	−0.046%	$27K	$43K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	504.48	+0.065%	$116K	$45K	30x	as long as short