Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0024%/8h= +2.6% APRpaid last 24h −0.006%

Price spread now: Nado against Variational Omni−0.068%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 Variational Omni Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.045%−$4 on $10k

Price spread, last 4 days (all we have)+0.010%+$1 · spread now −0.068%, 7d avg −0.028%

Together, before fees−0.034%+ Points / potential airdropVariational Omni: Active · Nado: Active · farm board−$3 on $10k · with fees, hour by hour

Funding pays, the price is against you. Nado is 0.040% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.068% now, against its 7-day average of −0.028%). If the spread goes back, that is −$4 on $10k: about 5.6 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni MSFT	504.28	0	get 0.0000% / 8h	1h 54m	$1.3M	$499K	—
Short	Nado MSFT-PERP	503.93	0.0024	get 0.0003% / 1h	54m 28s	$415K	$67K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado against Variational Omni. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 NadobpOrdersPrice spread, now −0.068%Rate

Funding earned: $5.05
Price spread: −0.068% → −0.028%: −$4.01
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$5.96
Costs to cover: 0.070%
Break-even: 15.3 days

Slippage unknown: Variational Omni: RFQ quote, 5 min ago; Nado: live order book, 53 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	20.5 bp −$205	doesn't fit	doesn't fit
Sell Nado live order book, 53 min ago	0.80 bp	14.5 bp −$14	26.0 bp −$260	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	−0.0521%	4h	503.90	−0.074%	$103K	$242K	10x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0048%	1h	503.66	−0.122%	$682K	$500K	10x	as long as short
BloFin MSFT-USDT	−0.0009%	8h	504.39	+0.022%	$190K	$207K	20x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.96	−0.063%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	504.18	−0.020%	$341K	$1.2M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	504.32	+0.009%	$15.9M	$19.6M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	504.03	−0.049%	$7.3M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	504.40	+0.024%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	504.12	−0.031%	$3.1M	$1.8M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	504.04	−0.047%	$3.8M	$3.0M	100x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni MSFTlong	0.0000%	8h	504.28	long leg	$1.3M	$499K	—
GRVT MSFT_USDT_Perp	0.0000%	8h	503.96	−0.063%	$19K	$326K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	505.14	+0.171%	$6K	$3.9M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	504.22	−0.011%	$59K	$226K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	504.32	+0.009%	$2.2M	$817K	10x	as long as short
Phoenix MSFT	+0.0016%	1h	503.52	−0.150%	$11K	$15K	20x	as long as short
Hotstuff MSFT-PERP	+0.0016%	1h	503.91	−0.073%	$33K	$8K	20x	as long as short
Nado MSFT-PERPshort	+0.0024%	1h	503.93	−0.068%	$415K	$67K	20x
Lighter RH MSFT	+0.0032%	1h	504.08	−0.039%	$716K	$1.9M	20x	as long as short
QFEX MSFT-USD	+0.0039%	1h	504.24	−0.007%	$1.1M	$4.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.92	−0.071%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	504.28	+0.001%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	503.90	−0.075%	$22.4M	$9.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.93	−0.069%	$303K	$718K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	504.22	−0.011%	$61K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.52	−0.150%	$522K	$476K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0060%	8h	504.19	−0.017%	$222	—	5x	as long as short
Lighter MSFT	+0.0080%	1h	504.37	+0.018%	$1.2M	$514K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.72	−0.110%	$1.6M	$58K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.48	−0.158%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	504.15	−0.025%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	504.25	−0.005%	$55	—	10x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0127%	1h	504.16	−0.023%	$27K	$43K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	504.13	−0.029%	$115K	$45K	30x	as long as short