Funding arb · Price arb / RWA

MSTR

RWAAll MSTR markets →

LONGPopdex▾Coinbase International −0.1096%Bybit 0.0000%Phemex 0.0000%KuCoin +0.0008%GRVT +0.0040%Vest Markets +0.0046%Polymarket Perps +0.0050%Ondo Perps +0.0050%Aster +0.0055%Binance +0.0055%QFEX +0.0070%OKX +0.0084%Pacifica +0.0100%ApeX Omni +0.0100%Orderly +0.0100%Aevo +0.0104%SoDEX +0.0118%Gate +0.0156%Paradex +0.0163%BloFin +0.0170%Arcus +0.0176%tradeXYZ +0.0223%Popdex +0.0232%Avantis +0.0258%Phoenix +0.0297%BingX +0.0316%Bitget +0.0336%Nado +0.0386%Lighter +0.0416%Injective +0.0440%Deribit +0.0465%edgeX +0.0477%Extended +0.0568%RISEx +0.1266%

⇄⇅

SHORTVariational Omni▾RISEx +0.1266%Extended +0.0568%edgeX +0.0477%Deribit +0.0465%Injective +0.0440%Lighter +0.0416%Nado +0.0386%Bitget +0.0336%BingX +0.0316%Phoenix +0.0297%tradeXYZ +0.0223%Avantis −0.0221%Arcus +0.0176%BloFin +0.0170%Paradex +0.0163%Gate +0.0156%SoDEX +0.0118%Aevo +0.0104%Pacifica +0.0100%ApeX Omni +0.0100%Orderly +0.0100%OKX +0.0084%QFEX +0.0070%Binance +0.0055%Aster +0.0055%Ondo Perps +0.0050%Polymarket Perps +0.0050%Vest Markets +0.0046%GRVT +0.0040%KuCoin +0.0008%Bybit 0.0000%Variational Omni 0.0000%Phemex 0.0000%Coinbase International −0.1096%

Backtest 30d☆

Leg	Exchange	Price	Fund. /8h	Each payment	Next in	OI	Vol 24h	Lev
LONG	PopdexMSTRUSDT	154.22	+0.0232	pay 0.0029% / 1h	59m 30s	$21K	$318K	20x	Long Popdex
SHORT	Variational OmniMSTR	154.01	0	0.0000% / 8h	7h 59m	$1.9M	$2.4M	20x	Short Variational Omni+15% pts

Price gap−0.139%

Funding gap−0.0232% /8h

Both sides work against this direction now: funding costs $7 a day on $10k and the gap is 0.108% under its 7d average. Swap the legs.

The current funding rate is far below what this pair has been paying: over the last 6 days it paid +0.012% in total, about +0.0006%/8h on average.

Price and funding

Price spreadPricesFundingLeg ratesP&L

1m5m15m

1h · loading 5m…

24H3D7D14D30D90D

Price spread?

Prices?

Funding?per 8h

P&L?

PRICE SPREAD · 7D

Now−0.139%

Average—

Range—

Wider than now—

FUNDING SPREAD · 7D

Average /8h—

Highest—

Lowest—

Paid you—

Where the spread has been, last 7D▾

share of time at each level

Funding on every exchange

/8h

24H3D7D14D30D90D

PopdexVariational Omni

MSTR on 35 exchanges

lowest funding first

Before you open

2 ok · 4 to watch

• !
  Watch: Large against open interest6.3 / 5.6 bp

  $10k is over 10% of Popdex’s open interest.
• i
  Note: Margin at max leverage$500 + $500

  Popdex 20x, Variational Omni 20x. Keep about 2× this so a sharp move doesn’t liquidate one leg.
• !
  Watch: Payment intervals differ1h / 8h

  Payments land at different times. Close right after the slower leg pays.

  Long Popdex · 1h−$6.96

  Short Variational Omni · 8h$0.00

  now+6h+12h+18h+24h

  Next 24h at the current rates, on $10k a leg: −$6.96Long Popdex: 24 payments, −$6.96; short Variational Omni: 3 payments, $0.00.
• !
  Watch: Gap narrower than usual−0.139% vs −0.031%

  Less room for the price leg to pay you. If it goes back to average, the short loses.
• !
  Watch: Long leg is thinner$21K vs $1.9M OI

  Popdex sets your exit cost. Check its book before closing.
• ✓
  OK: Points on a legVariational Omni points

  Volume here counts toward the points program.
• ✓
  OK: No KYC on either legPopdex No · Variational Omni No

  Both exchanges let you trade without ID.

Profit calculator

both legs, in and out

Position, each leg

$10k$100k$1M

Hold for

1 day7 days30 days

Orders

takermaker

Price spread

to 7d avgclosesnot counted

Funding rate

range avgcurrent

Funding earned+0.0006%/8h × 21 periods+$1.33

Price spread−0.139% → −0.031% (7d avg)−$10.76

Slippage, 4 orderslive order books−$20.36

Fee Popdex bp × 2 orders−$6.40

Fee Variational Omni bp × 2 orders$0.00

Net · 7 days · $10k−$36.19

Costs to cover0.268%Break-even197.0 days

Slippage: Popdex: live order book, 57 min ago; Variational Omni: RFQ quote, 3 min ago

Cost to enter

taker + slippage from mid, one side

Leg½ spr$10k$100k$1M$5M

BUY · LONGPopdex1.306.3 bp−$627.1 bp−$271doesn’t fitdoesn’t fit

SELL · SHORTVariational Omni3.025.6 bp−$68.1 bp−$81doesn’t fitdoesn’t fit

Closing costs about the same again.

Alert

FundingSpread

Tell me when it goes above%/8hNot more often than everymin

Create alert

MSTR news

posts that mention MSTR or Strategy (MicroStrategy), from every exchangeSearch all news →

09-28 19:52	RISEx	Contest	RISEx did $769.5M last week, up 15% from $669.4M BTC volume alone grew 37%, from $192.6M to $263.8M MSTR just entered our RWA leaderboard for the first time at $10.4M; in the same week, BTC volume surged - not a coincidence at all. What are we trading this week? @risextrade on X ↗
09-25 00:50	Injective	Token	The Injective Stockdrop officially starts next week. Anyone who participated in the $INJ BuyBack yesterday will be eligible to earn a stock token on Robinhood Chain. Here are just a few of the tokenized stocks that you could get: $AMC $SNAP $GLXY $HIMS $SMCI $RKLB $CRCL $INTC $MSTR $SPCX $COIN $NVDA $AAPL $TSLA $META $MU $SNDK More ▇▇▇▇ and ▇▇ @injective on X ↗
09-24 04:00	Gate	Listing	Gate Futures Stocks Section & Forex Zone Initial Listing: $MSTU (2X Long MSTR Daily Target ETF), $OKLO (Oklo Inc.), $USDBRL (USD/BRL) and 9 futures in total. 🔹 Trading Pairs: $MSTU / $USDT, $OKLO / $USDT, $USDBRL / $USDT & 6 more 🔹 Trading Starts: September 24th, 2026 03:00AM (UTC) 🔹 Supports 1 – 20x Leverage, Bots, and Copy Trading 🔹 Gate currently supports trading of 459 stock futures More details: @Gate on X ↗
09-23 11:17	Bitget	Other	If you're already trading $S, $MSTR, $CRCL, $TSLA and other top stocks and commodities, why not check these campaigns to earn rewards too! ⤵️ @bitget on X ↗
09-22 08:29	Bitget	Other	New CandyBomb Alert on #Bitget! 🚨 Trade futures and claim your share of 120 $MSTR in rToken. Details. @bitget on X ↗
09-21 20:49	Backpack	Other	JUST IN: Michael Saylor’s Strategy now has nearly $10 billion in unrealized gains on its Bitcoin holdings as $BTC trades above $87,000. $MSTR +30.14% over the past week @Backpack on X ↗