Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h +0.023%

Price spread now: Variational Omni against Extended+0.183%7-day average +0.110% · you sell dearer than you buy

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

Long on Extended Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.097%−$10 on $10k

Price spread, last 7 days−0.154%−$15 · spread now +0.183%, 7d avg +0.110%

Together, before fees−0.251%+ Points / potential airdropExtended: Active · Variational Omni: Active · farm board−$25 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.073% dearer against Extended than usual: you sell high and buy low (spread +0.183% now, against its 7-day average of +0.110%): +$7 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 7.6 days. At the pace of the last 3 days (−0.097% in total) that is about 2.5 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended MSTR_24_5-USD	168.43	0.0032	pay 0.0004% / 1h	38m 53s	$583K	$1.8M	10x
Short	Variational Omni MSTR	168.74	0	get 0.0000% / 8h	7h 38m	$1.2M	$2.1M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Extended. 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 ExtendedbpFee Variational OmnibpOrdersPrice spread, now +0.183%Rate

Funding earned: −$6.72
Price spread: +0.183% → +0.110%: $7.29
Slippage, 4 orders: no order book: not counted
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$4.43
Costs to cover: 0.050%
Break-even: from the start

Slippage unknown: Extended: live order book, 5 min ago; Variational Omni: RFQ quote, just now. 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 Extended live order book, 5 min ago	2.96 bp	7.4 bp −$7	34.3 bp −$343	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, just now	2.96 bp	doesn't fit	10.1 bp −$101	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	−0.0077%	1h	168.68	+0.151%	$139K	$97K	3x	as long as short
Aster MSTRUSDT	0.0000%	8h	168.68	+0.150%	$1.2M	$6.1M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	168.59	+0.095%	$21.7M	$102.1M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	168.67	+0.142%	$4.7M	$18.9M	50x	as long as short
Bitget MSTRUSDT	0.0000%	8h	168.72	+0.172%	$28.5M	$114.2M	25x	as long as short
Variational Omni MSTRshort	0.0000%	8h	168.74	+0.183%	$1.2M	$2.1M	—
GRVT MSTR_USDT_Perp	0.0000%	8h	168.93	+0.299%	$85K	$860K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	168.78	+0.208%	$2.8M	$66K	10x	as long as short
Bybit MSTRUSDT	+0.0004%	8h	168.64	+0.125%	$15.1M	$39.4M	50x	as long as short
Lighter MSTR	+0.0032%	1h	168.64	+0.125%	$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-USDlong	+0.0032%	1h	168.43	long leg	$583K	$1.8M	10x
QFEX MSTR-USD	+0.0035%	1h	168.80	+0.220%	$1.4M	$9.6M	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	168.93	+0.297%	$27K	$118K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	168.78	+0.208%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	168.72	+0.172%	$396K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	168.67	+0.142%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	168.67	+0.142%	$743K	$5.0M	10x	as long as short
Binance MSTRUSDT	+0.0059%	8h	168.65	+0.130%	$88.9M	$617.5M	50x	as long as short
BloFin MSTR-USDT	+0.0085%	8h	168.71	+0.166%	$1.1M	$1.9M	20x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0088%	1h	168.46	+0.018%	$1.4M	$1.1M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0088%	8h	168.82	+0.231%	$68	—	5x	as long as short
Pacifica MSTR	+0.0100%	1h	168.83	+0.238%	$105K	$85K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	168.68	+0.148%	$2.5M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	168.63	+0.119%	$4K	$204K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	168.79	+0.214%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	168.76	+0.195%	$140	—	10x	as long as short
tradeXYZ xyz:MSTR	+0.0190%	1h	168.61	+0.107%	$56.9M	$35.2M	10x	as long as short
Injective MSTR/USDC PERP	+0.0235%	1h	169.34	+0.540%	$8K	$26K	30x	as long as short
Phoenix MSTR	+0.0259%	1h	168.69	+0.154%	$56K	$384K	10x	as long as short
RISEx MSTR/USDC	+0.0349%	1h	168.84	+0.243%	$275K	$434K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0699%	1h	168.70	+0.160%	$287K	$438K	10x	as long as short
edgeX MSTRUSDC	+0.0894%	4h	168.75	+0.190%	$47K	$5.5M	10x	as long as short