Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0259%/8h= −28.4% APRpaid last 24h −0.045%

Price spread now: Variational Omni against Phoenix−0.170%99s7-day average +0.008% · you buy dearer than you sell

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

Long on Phoenix Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.086%−$9 on $10k

Price spread, last 3 days (all we have)+0.074%+$7 · spread now −0.170%, 7d avg +0.008%

Together, before fees−0.012%+ Points / potential airdropVariational Omni: Active · farm board−$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Variational Omni is 0.178% cheaper against Phoenix than usual: you would sell low and buy high (−$18 if the spread goes back to its 7-day average of +0.008%). Swap the legs. The two prices were read 99 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 -0.086% in total (about -9.4% 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	Phoenix MSTR	169.03	0.0259	pay 0.0032% / 1h	39m 48s	$57K	$384K	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 Phoenix. 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 PhoenixbpFee Variational OmnibpOrdersPrice spread, now −0.170%Rate

Funding earned: −$54.48
Price spread: −0.170% → +0.008%: −$17.83
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$79.31
Costs to cover: 0.070%
Break-even: never at this rate

Slippage unknown: Phoenix: live order book, 32 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 Phoenix live order book, 32 min ago	3.91 bp	12.0 bp −$12	25.2 bp −$252	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	−0.291%	$139K	$97K	3x	as long as short
Aster MSTRUSDT	0.0000%	8h	168.84	−0.109%	$1.2M	$6.1M	50x	as long as short
Bybit MSTRUSDT	0.0000%	8h	168.83	−0.117%	$15.2M	$39.4M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	168.83	−0.117%	$21.7M	$102.3M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	168.87	−0.093%	$4.7M	$18.9M	50x	as long as short
Bitget MSTRUSDT	0.0000%	8h	168.88	−0.087%	$28.5M	$114.2M	25x	as long as short
Variational Omni MSTRshort	0.0000%	8h	168.74	−0.170%	$1.2M	$2.1M	—
GRVT MSTR_USDT_Perp	0.0000%	8h	168.93	−0.055%	$85K	$860K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	168.86	−0.099%	$2.9M	$66K	10x	as long as short
Lighter MSTR	+0.0032%	1h	168.86	−0.099%	$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	−0.193%	$581K	$1.8M	10x	as long as short
QFEX MSTR-USD	+0.0035%	1h	168.65	−0.223%	$1.4M	$9.6M	10x	as long as short
BloFin MSTR-USDT	+0.0036%	8h	168.71	−0.188%	$1.1M	$1.9M	20x	as long as short
Arcus MSTR-USD	+0.0040%	1h	168.95	−0.046%	$27K	$118K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	168.71	−0.188%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	168.65	−0.223%	$396K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	168.67	−0.211%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	168.93	−0.057%	$743K	$5.0M	10x	as long as short
Binance MSTRUSDT	+0.0062%	8h	168.84	−0.111%	$89.0M	$617.7M	50x	as long as short
Paradex MSTR-USD-PERP	+0.0088%	8h	168.60	−0.254%	$67	—	5x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0088%	1h	168.46	−0.335%	$1.4M	$1.1M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	168.62	−0.240%	$104K	$85K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	168.85	−0.105%	$2.5M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.08	+0.031%	$4K	$204K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	168.80	−0.134%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	168.77	−0.150%	$140	—	10x	as long as short
tradeXYZ xyz:MSTR	+0.0191%	1h	168.83	−0.117%	$57.0M	$35.2M	10x	as long as short
Injective MSTR/USDC PERP	+0.0235%	1h	169.34	+0.185%	$8K	$26K	30x	as long as short
Phoenix MSTRlong	+0.0259%	1h	169.03	long leg	$57K	$384K	10x
RISEx MSTR/USDC	+0.0349%	1h	168.77	−0.154%	$275K	$434K	10x	as long as short
edgeX MSTRUSDC	+0.0574%	4h	169.07	+0.026%	$47K	$5.5M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0699%	1h	168.80	−0.134%	$287K	$438K	10x	as long as short