Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0235%/8h= −25.8% APRpaid last 24h −0.014%

Price spread now: Variational Omni against Injective−0.355%91s7-day average — · you buy dearer than you sell

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

Long on Injective Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Variational Omni is 0.355% cheaper against Injective than usual: you would sell low and buy high (−$35 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 91 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective MSTR/USDC PERP	169.34	0.0235	pay 0.0029% / 1h	39m 45s	$8K	$26K	30x
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 Injective. 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 InjectivebpFee Variational OmnibpOrdersPrice spread, now −0.355%Rate

Funding earned: −$49.43
Price spread: −0.355% → 0.000%: −$35.5
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$84.95
Costs to cover: 0.000%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; 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 Injective no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 4 min ago	2.95 bp	doesn't fit	7.7 bp −$77	doesn't fit	doesn't fit

Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.475%	$139K	$97K	3x	as long as short
Aster MSTRUSDT	0.0000%	8h	168.84	−0.293%	$1.2M	$6.1M	50x	as long as short
Bybit MSTRUSDT	0.0000%	8h	168.83	−0.301%	$15.2M	$39.4M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	168.83	−0.301%	$21.7M	$102.3M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	168.87	−0.278%	$4.7M	$18.9M	50x	as long as short
Bitget MSTRUSDT	0.0000%	8h	168.88	−0.272%	$28.5M	$114.2M	25x	as long as short
Variational Omni MSTRshort	0.0000%	8h	168.74	−0.355%	$1.2M	$2.1M	—
GRVT MSTR_USDT_Perp	0.0000%	8h	168.93	−0.240%	$85K	$860K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	168.86	−0.283%	$2.9M	$66K	10x	as long as short
Lighter MSTR	+0.0032%	1h	168.86	−0.283%	$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	−0.378%	$581K	$1.8M	10x	as long as short
QFEX MSTR-USD	+0.0035%	1h	168.65	−0.407%	$1.4M	$9.6M	10x	as long as short
BloFin MSTR-USDT	+0.0036%	8h	168.71	−0.372%	$1.1M	$1.9M	20x	as long as short
Arcus MSTR-USD	+0.0040%	1h	168.95	−0.230%	$27K	$118K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	168.71	−0.372%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	168.65	−0.407%	$396K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	168.67	−0.396%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	168.93	−0.242%	$743K	$5.0M	10x	as long as short
Binance MSTRUSDT	+0.0062%	8h	168.84	−0.295%	$89.0M	$617.7M	50x	as long as short
Paradex MSTR-USD-PERP	+0.0088%	8h	168.60	−0.439%	$67	—	5x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0088%	1h	168.46	−0.520%	$1.4M	$1.1M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	168.62	−0.424%	$104K	$85K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	168.85	−0.289%	$2.5M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.08	−0.154%	$4K	$204K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	168.80	−0.319%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	168.77	−0.334%	$140	—	10x	as long as short
tradeXYZ xyz:MSTR	+0.0191%	1h	168.83	−0.301%	$57.0M	$35.2M	10x	as long as short
Injective MSTR/USDC PERPlong	+0.0235%	1h	169.34	long leg	$8K	$26K	30x
Phoenix MSTR	+0.0259%	1h	169.03	−0.185%	$57K	$384K	10x	as long as short
RISEx MSTR/USDC	+0.0349%	1h	168.77	−0.339%	$275K	$434K	10x	as long as short
edgeX MSTRUSDC	+0.0574%	4h	169.07	−0.159%	$47K	$5.5M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0699%	1h	168.80	−0.319%	$287K	$438K	10x	as long as short