Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0220%/8h= +24.1% APRpaid last 24h +0.066%

Price spread now: Injective against Variational Omni+0.024%106s7-day average −0.030% · you sell dearer than you buy

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

Long on Variational Omni Short on Injective

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.241%+$24 on $10k

Price spread, last 4 days (all we have)+0.031%+$3 · spread now +0.024%, 7d avg −0.030%

Together, before fees+0.272%+ Points / potential airdropVariational Omni: Active · farm board+$27 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Injective is 0.054% dearer against Variational Omni than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.030%. The two prices were read 106 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	504.57	0	get 0.0000% / 8h	5h 07m	$1.3M	$408K	—
Short	Injective MSFT/USDC PERP	504.69	0.0220	get 0.0028% / 1h	7m 28s	$116K	$45K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now +0.024%Rate

Funding earned: $46.2
Price spread: +0.024% → −0.030%: $5.4
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $51.58
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 5 min ago; Injective: live order book, 39 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, 5 min ago	2.53 bp	doesn't fit	18.1 bp −$181	doesn't fit	doesn't fit
Sell Injective live order book, 39 min ago	10.05 bp	10.1 bp −$10	10.1 bp −$101	doesn't fit	doesn't fit

MSFT on 34 exchanges

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
Hotstuff MSFT-PERP	−0.1600%	1h	504.52	−0.010%	$33K	$8K	20x	as long as short
edgeX MSFTUSDC	−0.0722%	4h	504.77	+0.039%	$103K	$243K	10x	as long as short
Nado MSFT-PERP	−0.0035%	1h	504.67	+0.020%	$412K	$72K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	505.07	+0.098%	$166K	$118K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	504.84	+0.053%	$328K	$1.9M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	505.00	+0.085%	$16.3M	$21.8M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	504.72	+0.029%	$7.3M	$2.4M	100x	as long as short
Gate MSFT_USDT	0.0000%	8h	504.63	+0.012%	$3.1M	$2.0M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	504.67	+0.020%	$4.0M	$3.1M	100x	as long as short
Variational Omni MSFTlong	0.0000%	8h	504.57	long leg	$1.3M	$408K	—

Show all 34 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT MSFT_USDT_Perp	0.0000%	8h	504.77	+0.039%	$19K	$326K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	505.69	+0.222%	$6K	$3.5M	20x	as long as short
Coinbase International MSFT-PERP-INTX	0.0000%	1h	504.00	−0.113%	$712K	$662K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	504.76	+0.037%	$49K	$247K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	505.10	+0.105%	$2.3M	$943K	10x	as long as short
BloFin MSFT-USDT	+0.0014%	8h	504.84	+0.053%	$202K	$222K	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0027%	1h	504.67	+0.020%	$30K	$47K	10x	as long as short
Lighter MSFT	+0.0032%	1h	504.77	+0.039%	$1.2M	$526K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	504.81	+0.047%	$730K	$1.9M	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	504.91	+0.067%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	504.56	−0.002%	$22.4M	$9.4M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	504.62	+0.010%	$319K	$675K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	504.65	+0.016%	$61K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	504.35	−0.044%	$530K	$408K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0054%	8h	504.76	+0.037%	$222	—	5x	as long as short
OKX MSFT-USDT-SWAP	+0.0056%	8h	505.08	+0.101%	$3.2M	$2.8M	20x	as long as short
QFEX MSFT-USD	+0.0058%	1h	504.81	+0.047%	$1.2M	$4.7M	10x	as long as short
Phoenix MSFT	+0.0079%	1h	504.29	−0.056%	$11K	$5K	20x	as long as short
KuCoin MSFTUSDTM	+0.0088%	8h	504.36	−0.042%	$1.6M	$269K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	504.43	−0.028%	$161K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	504.70	+0.025%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	504.65	+0.015%	$56	—	10x	as long as short
Arcus MSFT-USD	+0.0190%	1h	504.67	+0.020%	$94K	$83K	10x	as long as short
Injective MSFT/USDC PERPshort	+0.0220%	1h	504.69	+0.024%	$116K	$45K	30x