Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h +0.013%

Price spread now: tradeXYZ against Variational Omni−0.085%7-day average −0.117% · you buy dearer than you sell

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

Long on Variational Omni Short on tradeXYZ

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.044%+$4 on $10k

Price spread, last 7 days+0.001%$0 · spread now −0.085%, 7d avg −0.117%

Together, before fees+0.045%+ Points / potential airdropVariational Omni: Active · tradeXYZ: Active · farm board+$5 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and tradeXYZ is 0.032% dearer against Variational Omni than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.117%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni MSFT	504.21	0	get 0.0000% / 8h	6h 14m	$1.3M	$393K	—
Short	tradeXYZ xyz:MSFT	503.78	0.0050	get 0.0006% / 1h	14m 52s	$22.5M	$9.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

tradeXYZ 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 tradeXYZbpOrdersPrice spread, now −0.085%Rate

Funding earned: $10.5
Price spread: −0.085% → −0.117%: $3.2
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee tradeXYZ: 9 bp × 2 orders: −$18
Net: −$4.3
Costs to cover: 0.180%
Break-even: 9.9 days

Slippage unknown: Variational Omni: RFQ quote, 2 min ago; tradeXYZ: live order book, 7 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	2.53 bp	doesn't fit	19.6 bp −$196	doesn't fit	doesn't fit
Sell tradeXYZ live order book, 7 min ago	0.30 bp	9.6 bp −$10	11.8 bp −$118	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
Coinbase International MSFT-PERP-INTX	−0.0032%	1h	503.50	−0.140%	$691K	$471K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	504.09	−0.023%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	504.15	−0.011%	$325K	$1.9M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	504.31	+0.020%	$16.3M	$19.9M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	504.00	−0.041%	$7.3M	$2.3M	100x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.98	−0.045%	$3.1M	$1.9M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	504.13	−0.015%	$3.9M	$2.8M	100x	as long as short
Variational Omni MSFTlong	0.0000%	8h	504.21	long leg	$1.3M	$393K	—
SunX MSFT-USDT	0.0000%	8h	505.05	+0.167%	$6K	$3.5M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	504.19	−0.003%	$52K	$240K	20x	as long as short

Show all 34 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex MSFTUSDT	0.0000%	8h	504.44	+0.046%	$2.3M	$887K	10x	as long as short
BloFin MSFT-USDT	+0.0028%	8h	504.29	+0.017%	$202K	$208K	20x	as long as short
Lighter MSFT	+0.0032%	1h	503.95	−0.051%	$1.2M	$482K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	503.99	−0.043%	$691K	$1.8M	20x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	504.16	−0.009%	—	$1K	25x	as long as short
Phoenix MSFT	+0.0048%	1h	503.97	−0.047%	$11K	$5K	20x	as long as short
tradeXYZ xyz:MSFTshort	+0.0050%	1h	503.78	−0.085%	$22.5M	$9.0M	20x
Polymarket Perps MSFT-USD	+0.0050%	1h	503.86	−0.069%	$318K	$667K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	504.02	−0.037%	$61K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.91	−0.059%	$533K	$380K	15x	as long as short
OKX MSFT-USDT-SWAP	+0.0051%	8h	504.34	+0.026%	$3.2M	$2.7M	20x	as long as short
Arcus MSFT-USD	+0.0052%	1h	503.97	−0.047%	$93K	$83K	10x	as long as short
Paradex MSFT-USD-PERP	+0.0057%	8h	503.99	−0.043%	$222	—	5x	as long as short
QFEX MSFT-USD	+0.0061%	1h	504.31	+0.021%	$1.2M	$4.7M	10x	as long as short
Nado MSFT-PERP	+0.0064%	1h	503.81	−0.078%	$412K	$70K	20x	as long as short
edgeX MSFTUSDC	+0.0067%	4h	504.35	+0.028%	$103K	$244K	10x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.67	−0.106%	$1.6M	$192K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.93	−0.055%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	504.19	−0.003%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	504.17	−0.006%	$55	—	10x	as long as short
GRVT MSFT_USDT_Perp	+0.0118%	8h	504.37	+0.032%	$18K	$315K	10x	as long as short
Hotstuff MSFT-PERP	+0.0128%	1h	503.77	−0.087%	$32K	$8K	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0207%	1h	503.94	−0.053%	$27K	$45K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	504.37	+0.032%	$115K	$45K	30x	as long as short