Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0335%/8h= +36.6% APRpaid last 24h +0.045%

Price spread now: Variational Omni against Phemex+0.142%7-day average −0.021% · you sell dearer than you buy

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

Long on Phemex Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.083%+$8 on $10k

Price spread, last 4 days (all we have)−0.118%−$12 · spread now +0.142%, 7d avg −0.021%

Together, before fees−0.035%+ Points / potential airdropVariational Omni: Active · farm board−$3 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Variational Omni is 0.163% dearer against Phemex than usual: you sell high and buy low: +$16 more if the spread goes back to its 7-day average of −0.021%.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.083% in total (about 7.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex MSTRUSDT	167.07	0	get 0.0000% / 4h	11m 05s	$2.8M	$86K	10x
Short	Variational Omni MSTR	167.31	0.0335	get 0.0335% / 8h	4h 11m	$1.2M	$1.6M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Phemex. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 PhemexbpFee Variational OmnibpOrdersPrice spread, now +0.142%Rate

Funding earned: $70.25
Price spread: +0.142% → −0.021%: $16.27
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $74.52
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Phemex: live order book, 6 min ago; Variational Omni: RFQ quote, 1 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 Phemex live order book, 6 min ago	1.79 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 1 min ago	2.99 bp	doesn't fit	8.3 bp −$83	doesn't fit	doesn't fit

MSTR on 32 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
Extended MSTR_24_5-USD	−0.0288%	1h	166.89	−0.107%	$1.4M	$2.8M	10x	as long as short
Gate MSTR_USDT	0.0000%	8h	167.11	+0.024%	$4.8M	$17.6M	50x	as long as short
Phemex MSTRUSDTlong	0.0000%	4h	167.07	long leg	$2.8M	$86K	10x
Lighter MSTR	+0.0032%	1h	167.04	−0.018%	$3.6M	$1.7M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	165.22	−1.107%	$7K	$28K	30x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	167.07	0.000%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	166.81	−0.156%	$387K	$2.4M	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	166.68	−0.233%	$822K	$3.3M	10x	as long as short
QFEX MSTR-USD	+0.0054%	1h	166.88	−0.114%	$1.3M	$5.5M	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0056%	1h	166.14	−0.557%	$1.4M	$354K	10x	as long as short

Show all 32 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex MSTR-USD-PERP	+0.0080%	8h	166.79	−0.165%	$67	—	5x	as long as short
SoDEX MSTR-USD	+0.0091%	1h	167.02	−0.030%	$44K	$3K	10x	as long as short
Nado MSTR-PERP	+0.0093%	1h	166.73	−0.202%	$144K	$135K	3x	as long as short
Bitget MSTRUSDT	+0.0098%	8h	167.12	+0.030%	$32.1M	$101.8M	25x	as long as short
Pacifica MSTR	+0.0100%	1h	166.89	−0.108%	$103K	$65K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	167.00	−0.042%	$2.4M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	167.62	+0.329%	$6K	$151K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	167.04	−0.018%	$2K	$11K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	167.08	+0.004%	$139	$100	10x	as long as short
Bybit MSTRUSDT	+0.0142%	8h	167.07	0.000%	$16.0M	$38.0M	50x	as long as short
tradeXYZ xyz:MSTR	+0.0169%	1h	166.99	−0.048%	$55.1M	$33.3M	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0238%	8h	167.12	+0.030%	$22.1M	$78.8M	50x	as long as short
Aster MSTRUSDT	+0.0248%	8h	167.03	−0.025%	$1.8M	$6.0M	50x	as long as short
Phoenix MSTR	+0.0308%	1h	167.02	−0.031%	$56K	$213K	10x	as long as short
Variational Omni MSTRshort	+0.0335%	8h	167.31	+0.142%	$1.2M	$1.6M	—
GRVT MSTR_USDT_Perp	+0.0359%	8h	167.06	−0.006%	$87K	$980K	10x	as long as short
Binance MSTRUSDT	+0.0421%	8h	167.05	−0.011%	$87.2M	$510.2M	50x	as long as short
edgeX MSTRUSDC	+0.0430%	4h	167.36	+0.174%	$49K	$4.4M	10x	as long as short
RISEx MSTR/USDC	+0.0459%	1h	166.93	−0.087%	$301K	$353K	10x	as long as short
BloFin MSTR-USDT	+0.0555%	8h	167.11	+0.024%	$1.1M	$1.9M	20x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0768%	1h	167.14	+0.042%	$284K	$173K	10x	as long as short
Arcus MSTR-USD	+0.0803%	1h	166.97	−0.060%	$26K	$67K	10x	as long as short