Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0117%/8h= +12.8% APRpaid last 24h +0.005%

Price spread now: Variational Omni against Nado−0.005%7-day average +0.028% · you buy dearer than you sell

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)+0.043%+$4 on $10k

Price spread, last 4 days (all we have)+0.058%+$6 · spread now −0.005%, 7d avg +0.028%

Together, before fees+0.102%+ Points / potential airdropNado: Active · Variational Omni: Active · farm board+$10 on $10k · with fees, hour by hour

Funding pays, the price is against you. Variational Omni is 0.033% cheaper against Nado than usual: you would sell low and buy high (spread −0.005% now, against its 7-day average of +0.028%). If the spread goes back, that is −$3 on $10k: about 22 hours of funding at the current rate (+$4 a day). At the pace of the last 3 days (+0.043% in total) that is about 2.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado MSFT-PERP	501.29	−0.0117	get 0.0015% / 1h	46m 15s	$414K	$64K	20x
Short	Variational Omni MSFT	501.27	0	get 0.0000% / 8h	3h 46m	$1.3M	$607K	—

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 −0.005%Rate

Funding earned: $24.56
Price spread: −0.005% → +0.028%: −$3.28
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: $14.28
Costs to cover: 0.070%
Break-even: 2.9 days

Slippage unknown: Nado: live order book, 7 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, 7 min ago	0.70 bp	12.0 bp −$12	26.0 bp −$260	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 3 min ago	2.52 bp	doesn't fit	7.7 bp −$77	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-PERPlong	−0.0117%	1h	501.29	long leg	$414K	$64K	20x
Coinbase International MSFT-PERP-INTX	−0.0032%	1h	500.97	−0.064%	$677K	$450K	10x	as long as short
BloFin MSFT-USDT	−0.0027%	8h	501.46	+0.033%	$189K	$204K	20x	as long as short
tradeXYZ xyz:MSFT	−0.0023%	1h	500.97	−0.064%	$22.1M	$8.7M	20x	as long as short
Hotstuff MSFT-PERP	−0.0016%	1h	500.90	−0.078%	$32K	$8K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.25	−0.008%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.28	−0.002%	$337K	$883K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.43	+0.027%	$15.8M	$19.0M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.17	−0.025%	$7.2M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.54	+0.049%	$3.0M	$2.3M	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate MSFT_USDT	0.0000%	8h	501.21	−0.017%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.30	+0.001%	$4.5M	$2.5M	100x	as long as short
Variational Omni MSFTshort	0.0000%	8h	501.27	−0.005%	$1.3M	$607K	—
GRVT MSFT_USDT_Perp	0.0000%	8h	501.14	−0.031%	$19K	$300K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.17	+0.175%	$6K	$4.0M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.19	−0.021%	$27K	$42K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.34	+0.009%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.44	+0.029%	$2.2M	$770K	10x	as long as short
Lighter MSFT	+0.0032%	1h	501.40	+0.021%	$1.1M	$503K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.18	−0.023%	$676K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0035%	1h	501.27	−0.005%	$1.2M	$4.9M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.08	−0.042%	$96K	$111K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.28	−0.003%	—	$1K	25x	as long as short
Phoenix MSFT	+0.0048%	1h	500.98	−0.062%	$10K	$15K	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	500.99	−0.060%	$302K	$697K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.20	−0.019%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	500.89	−0.080%	$518K	$451K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0054%	8h	501.31	+0.004%	$221	—	5x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	500.75	−0.108%	$1.6M	$52K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	500.78	−0.102%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.28	−0.003%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.30	+0.001%	$55	—	10x	as long as short
edgeX MSFTUSDC	+0.0213%	4h	501.28	−0.002%	$102K	$244K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.54	+0.049%	$115K	$45K	30x	as long as short