Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0239%/8h= −26.2% APRpaid last 24h +0.007%

Price spread now: Variational Omni against Nado+0.122%57s7-day average +0.029% · you sell dearer than you buy

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

Long on Nado Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.069%+$7 on $10k

Price spread, last 4 days (all we have)−0.172%−$17 · spread now +0.122%, 7d avg +0.029%

Together, before fees−0.103%+ Points / potential airdropNado: Active · Variational Omni: Active · farm board−$10 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.093% dearer against Nado than usual: you sell high and buy low (spread +0.122% now, against its 7-day average of +0.029%): +$9 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 31 hours. Mind the row above: over the last 3 days funding on this pair paid +0.069%, so the current rate has only just turned against you. The two prices were read 57 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.069% in total (about 7.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado MSTR-PERP	164.49	0.0302	pay 0.0038% / 1h	45m 37s	$121K	$148K	3x
Short	Variational Omni MSTR	164.69	0.0063	get 0.0063% / 8h	4h 45m	$1.2M	$2.1M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Nado. 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 NadobpFee Variational OmnibpOrdersPrice spread, now +0.122%Rate

Funding earned: −$50.24
Price spread: +0.122% → +0.029%: $9.33
Slippage, 4 orders: no order book: not counted
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$47.91
Costs to cover: 0.070%
Break-even: from the start

Slippage unknown: Nado: live order book, 12 min ago; Variational Omni: RFQ quote, 3 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 Nado live order book, 12 min ago	6.66 bp	25.6 bp −$26	73.8 bp −$738	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 3 min ago	3.00 bp	doesn't fit	8.0 bp −$80	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
Bitget MSTRUSDT	−0.0829%	8h	164.79	+0.180%	$27.7M	$115.0M	25x	as long as short
Gate MSTR_USDT	−0.0044%	8h	164.70	+0.125%	$4.6M	$18.4M	50x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.62	+0.074%	$1.8M	$8.5M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.74	+0.150%	$2.8M	$71K	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0009%	8h	164.68	+0.113%	$20.6M	$99.7M	50x	as long as short
Lighter MSTR	+0.0032%	1h	164.60	+0.065%	$3.5M	$1.9M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	164.49	−0.002%	$595K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+2.946%	$8K	$26K	30x	as long as short
RISEx MSTR/USDC	+0.0034%	1h	164.67	+0.106%	$267K	$449K	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.81	+0.192%	$27K	$109K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest MSTR-USD-PERP	+0.0046%	1h	164.62	+0.077%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	164.58	+0.053%	$381K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	164.62	+0.077%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.54	+0.028%	$866K	$4.1M	10x	as long as short
QFEX MSTR-USD	+0.0054%	1h	164.66	+0.101%	$1.4M	$7.5M	10x	as long as short
Variational Omni MSTRshort	+0.0063%	8h	164.69	+0.122%	$1.2M	$2.1M	—
Pacifica MSTR	+0.0100%	1h	164.66	+0.099%	$101K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.54	+0.028%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.58	+0.053%	$6K	$185K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.69	+0.119%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.69	+0.121%	$137	—	10x	as long as short
Binance MSTRUSDT	+0.0124%	8h	164.71	+0.130%	$88.0M	$617.6M	50x	as long as short
Paradex MSTR-USD-PERP	+0.0143%	8h	164.61	+0.069%	$66	—	5x	as long as short
GRVT MSTR_USDT_Perp	+0.0159%	8h	164.81	+0.192%	$78K	$770K	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	164.77	+0.168%	$1.4M	$1.1M	10x	as long as short
Phoenix MSTR	+0.0213%	1h	164.75	+0.157%	$56K	$226K	10x	as long as short
BloFin MSTR-USDT	+0.0243%	8h	164.62	+0.077%	$1.0M	$2.0M	20x	as long as short
tradeXYZ xyz:MSTR	+0.0252%	1h	164.61	+0.071%	$54.9M	$36.9M	10x	as long as short
Nado MSTR-PERPlong	+0.0302%	1h	164.49	long leg	$121K	$148K	3x
Bybit MSTRUSDT	+0.0367%	8h	164.71	+0.132%	$17.1M	$40.7M	50x	as long as short
edgeX MSTRUSDC	+0.0537%	4h	164.68	+0.110%	$49K	$5.4M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0844%	1h	164.75	+0.156%	$280K	$438K	10x	as long as short