Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.012%

Price spread now: Variational Omni against Ondo Perps+0.075%7-day average +0.094% · you sell dearer than you buy

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

Long on Ondo Perps Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.060%−$6 on $10k

Price spread, last 4 days (all we have)+0.073%+$7 · spread now +0.075%, 7d avg +0.094%

Together, before fees+0.013%+ Points / potential airdropOndo Perps: Active · Variational Omni: Active · farm board+$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.094%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps MSFT-USD.P	500.89	0.0050	pay 0.0006% / 1h	46m 38s	$518K	$451K	15x
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 Ondo Perps. 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 Ondo PerpsbpFee Variational OmnibpOrdersPrice spread, now +0.075%Rate

Funding earned: −$10.58
Price spread: +0.075% → +0.094%: −$1.9
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$17.48
Costs to cover: 0.050%
Break-even: never at this rate

Slippage unknown: Ondo Perps: no order-book sample; Variational Omni: RFQ quote, 2 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 Ondo Perps no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 2 min ago	2.52 bp	doesn't fit	7.7 bp −$77	doesn't fit	doesn't fit

Ondo Perps: 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	−0.0117%	1h	501.29	+0.080%	$414K	$64K	20x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0032%	1h	500.97	+0.016%	$677K	$450K	10x	as long as short
BloFin MSFT-USDT	−0.0027%	8h	501.46	+0.114%	$189K	$204K	20x	as long as short
tradeXYZ xyz:MSFT	−0.0025%	1h	500.90	+0.002%	$22.1M	$8.7M	20x	as long as short
Hotstuff MSFT-PERP	−0.0016%	1h	500.90	+0.002%	$32K	$8K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.24	+0.069%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.27	+0.076%	$337K	$883K	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	501.43	+0.108%	$15.8M	$19.0M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	501.17	+0.056%	$7.2M	$2.2M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.54	+0.130%	$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	+0.064%	$3.1M	$1.7M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	501.30	+0.082%	$4.5M	$2.5M	100x	as long as short
Variational Omni MSFTshort	0.0000%	8h	501.27	+0.075%	$1.3M	$607K	—
GRVT MSFT_USDT_Perp	0.0000%	8h	501.14	+0.050%	$19K	$300K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.18	+0.258%	$6K	$4.0M	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	501.23	+0.068%	$27K	$42K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.33	+0.088%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.42	+0.106%	$2.2M	$770K	10x	as long as short
Lighter MSFT	+0.0032%	1h	501.39	+0.100%	$1.1M	$503K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.18	+0.058%	$676K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0035%	1h	501.27	+0.076%	$1.2M	$4.9M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	501.08	+0.038%	$96K	$111K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.29	+0.080%	—	$1K	25x	as long as short
Phoenix MSFT	+0.0048%	1h	500.98	+0.018%	$10K	$15K	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	501.00	+0.022%	$302K	$697K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.20	+0.062%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.Plong	+0.0050%	1h	500.89	long leg	$518K	$451K	15x
Paradex MSFT-USD-PERP	+0.0054%	8h	501.31	+0.084%	$221	—	5x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	500.74	−0.030%	$1.6M	$52K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	500.78	−0.022%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.30	+0.082%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.31	+0.084%	$55	—	10x	as long as short
edgeX MSFTUSDC	+0.0213%	4h	501.28	+0.078%	$102K	$244K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.54	+0.130%	$115K	$45K	30x	as long as short