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+0.120%7-day average −0.032% · 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)+0.238%+$24 on $10k

Price spread, last 4 days (all we have)+0.037%+$4 · spread now +0.120%, 7d avg −0.032%

Together, before fees+0.275%+ Points / potential airdropVariational Omni: Active · farm board+$28 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 0.152% dearer against Variational Omni than usual: you sell high and buy low: +$15 more if the spread goes back to its 7-day average of −0.032%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni MSFT	503.47	0	get 0.0000% / 8h	5h 54m	$1.3M	$396K	—
Short	Injective MSFT/USDC PERP	504.07	0.0220	get 0.0028% / 1h	54m 49s	$115K	$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 +0.120%Rate

Funding earned: $46.2
Price spread: +0.120% → −0.032%: $15.17
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: $61.35
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 2 min ago; Injective: live order book, 56 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, 2 min ago	2.54 bp	doesn't fit	25.4 bp −$254	doesn't fit	doesn't fit
Sell Injective live order book, 56 min ago	9.92 bp	9.9 bp −$10	9.9 bp −$99	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	503.33	−0.027%	$32K	$8K	20x	as long as short
Nado MSFT-PERP	−0.0009%	1h	503.39	−0.015%	$411K	$72K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	504.19	+0.143%	$166K	$118K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.48	+0.002%	$326K	$1.9M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	503.66	+0.039%	$16.3M	$20.9M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.41	−0.011%	$7.3M	$2.3M	100x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.35	−0.023%	$3.1M	$1.9M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	503.60	+0.026%	$3.9M	$3.0M	100x	as long as short
Variational Omni MSFTlong	0.0000%	8h	503.47	long leg	$1.3M	$396K	—
SunX MSFT-USDT	0.0000%	8h	504.48	+0.201%	$6K	$3.5M	20x	as long as short

Show all 34 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit MSFT_USDC-PERPETUAL	0.0000%	1h	503.33	−0.027%	$30K	$47K	10x	as long as short
Coinbase International MSFT-PERP-INTX	0.0000%	1h	502.80	−0.132%	$702K	$523K	10x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.43	−0.007%	$48K	$246K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	503.79	+0.064%	$2.3M	$908K	10x	as long as short
BloFin MSFT-USDT	+0.0012%	8h	503.56	+0.019%	$202K	$212K	20x	as long as short
Lighter MSFT	+0.0032%	1h	503.46	−0.001%	$1.2M	$480K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.43	−0.007%	$692K	$1.8M	20x	as long as short
tradeXYZ xyz:MSFT	+0.0040%	1h	503.06	−0.081%	$22.5M	$9.2M	20x	as long as short
GRVT MSFT_USDT_Perp	+0.0044%	8h	503.34	−0.026%	$19K	$317K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.53	+0.013%	—	$1K	25x	as long as short
Phoenix MSFT	+0.0048%	1h	502.47	−0.198%	$11K	$5K	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.22	−0.049%	$318K	$677K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.42	−0.009%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.08	−0.077%	$532K	$382K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0057%	8h	503.44	−0.004%	$222	—	5x	as long as short
QFEX MSFT-USD	+0.0058%	1h	503.65	+0.036%	$1.2M	$4.7M	10x	as long as short
OKX MSFT-USDT-SWAP	+0.0064%	8h	503.74	+0.054%	$3.2M	$2.7M	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.14	−0.065%	$1.6M	$215K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.07	−0.079%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.42	−0.009%	$8K	—	10x	as long as short
edgeX MSFTUSDC	+0.0101%	4h	503.12	−0.069%	$102K	$242K	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.52	+0.011%	$55	—	10x	as long as short
Arcus MSFT-USD	+0.0190%	1h	503.39	−0.015%	$93K	$83K	10x	as long as short
Injective MSFT/USDC PERPshort	+0.0220%	1h	504.07	+0.120%	$115K	$45K	30x