Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0040%/8h= −4.4% APRpaid last 24h −0.071%

Price spread now: Variational Omni against Arcus−0.125%7-day average +0.055% · you buy dearer than you sell

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

Long on Arcus Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.077%−$8 on $10k

Price spread, last 4 days (all we have)+0.947%+$95 · spread now −0.125%, 7d avg +0.055%

Together, before fees+0.870%+ Points / potential airdropVariational Omni: Active · farm board+$87 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Variational Omni is 0.180% cheaper against Arcus than usual: you would sell low and buy high (−$18 if the spread goes back to its 7-day average of +0.055%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Arcus MSTR-USD	168.95	0.0040	pay 0.0005% / 1h	39m 55s	$27K	$118K	10x
Short	Variational Omni MSTR	168.74	0	get 0.0000% / 8h	7h 39m	$1.2M	$2.1M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Arcus. 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 ArcusbpFee Variational OmnibpOrdersPrice spread, now −0.125%Rate

Funding earned: −$8.46
Price spread: −0.125% → +0.055%: −$18.02
Slippage, 4 orders: no order book: not counted
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$30.98
Costs to cover: 0.045%
Break-even: never at this rate

Slippage unknown: Arcus: live order book, 33 min ago; Variational Omni: RFQ quote, 4 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 Arcus live order book, 33 min ago	6.51 bp	12.8 bp −$13	40.0 bp −$400	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 4 min ago	2.95 bp	doesn't fit	7.7 bp −$77	doesn't fit	doesn't fit

MSTR on 32 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 MSTR-PERP	−0.0084%	1h	168.54	−0.245%	$139K	$97K	3x	as long as short
Aster MSTRUSDT	0.0000%	8h	168.85	−0.058%	$1.2M	$6.1M	50x	as long as short
Bybit MSTRUSDT	0.0000%	8h	168.83	−0.071%	$15.2M	$39.4M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	168.82	−0.077%	$21.7M	$102.3M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	168.92	−0.018%	$4.7M	$18.9M	50x	as long as short
Bitget MSTRUSDT	0.0000%	8h	168.90	−0.030%	$28.5M	$114.2M	25x	as long as short
Variational Omni MSTRshort	0.0000%	8h	168.74	−0.125%	$1.2M	$2.1M	—
GRVT MSTR_USDT_Perp	0.0000%	8h	168.93	−0.009%	$85K	$860K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	168.86	−0.053%	$2.9M	$66K	10x	as long as short
Lighter MSTR	+0.0032%	1h	168.86	−0.053%	$3.6M	$2.0M	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended MSTR_24_5-USD	+0.0032%	1h	168.70	−0.148%	$581K	$1.8M	10x	as long as short
QFEX MSTR-USD	+0.0035%	1h	168.65	−0.178%	$1.4M	$9.6M	10x	as long as short
BloFin MSTR-USDT	+0.0036%	8h	168.71	−0.142%	$1.1M	$1.9M	20x	as long as short
Arcus MSTR-USDlong	+0.0040%	1h	168.95	long leg	$27K	$118K	10x
Vest MSTR-USD-PERP	+0.0046%	1h	168.71	−0.142%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	168.65	−0.178%	$396K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	168.67	−0.166%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	168.93	−0.012%	$743K	$5.0M	10x	as long as short
Binance MSTRUSDT	+0.0062%	8h	168.83	−0.068%	$89.0M	$617.7M	50x	as long as short
Paradex MSTR-USD-PERP	+0.0088%	8h	168.60	−0.209%	$67	—	5x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0088%	1h	168.46	−0.290%	$1.4M	$1.1M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	168.62	−0.194%	$104K	$85K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	168.85	−0.059%	$2.5M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.08	+0.077%	$4K	$204K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	168.80	−0.089%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	168.77	−0.104%	$140	—	10x	as long as short
tradeXYZ xyz:MSTR	+0.0190%	1h	168.85	−0.059%	$57.0M	$35.5M	10x	as long as short
Injective MSTR/USDC PERP	+0.0235%	1h	169.34	+0.231%	$8K	$26K	30x	as long as short
Phoenix MSTR	+0.0259%	1h	169.03	+0.046%	$57K	$384K	10x	as long as short
RISEx MSTR/USDC	+0.0349%	1h	168.77	−0.109%	$275K	$434K	10x	as long as short
edgeX MSTRUSDC	+0.0574%	4h	169.07	+0.072%	$47K	$5.5M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0699%	1h	168.80	−0.089%	$287K	$438K	10x	as long as short