Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0041%/8h= +4.5% APRpaid last 24h +0.024%

Price spread now: Variational Omni against QFEX+0.113%47s7-day average +0.069% · you sell dearer than you buy

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

Long on QFEX Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.041%+$4 on $10k

Price spread, last 7 days−0.090%−$9 · spread now +0.113%, 7d avg +0.069%

Together, before fees−0.049%+ Points / potential airdropVariational Omni: Active · farm board−$5 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Variational Omni is 0.044% dearer against QFEX than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.069%. The two prices were read 47 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	QFEX MSTR-USD	164.14	0.0067	pay 0.0008% / 1h	30m 49s	$1.4M	$7.3M	10x
Short	Variational Omni MSTR	164.33	0.0108	get 0.0108% / 8h	3h 30m	$1.2M	$2.1M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against QFEX. 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 QFEXbpFee Variational OmnibpOrdersPrice spread, now +0.113%Rate

Funding earned: $8.68
Price spread: +0.113% → +0.069%: $4.43
Slippage, 4 orders: no order book: not counted
Fee QFEX: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $3.11
Costs to cover: 0.100%
Break-even: 4.5 days

Slippage unknown: QFEX: live order book, 13 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 QFEX live order book, 13 min ago	1.52 bp	6.5 bp −$7	7.0 bp −$70	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 3 min ago	2.98 bp	doesn't fit	8.2 bp −$82	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	−0.0917%	8h	164.42	+0.171%	$27.9M	$115.4M	25x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.25	+0.067%	$1.8M	$8.6M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	164.36	+0.134%	$4.6M	$19.0M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.29	+0.091%	$2.8M	$77K	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	164.10	−0.021%	$589K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+3.168%	$8K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.23	+0.055%	$26K	$109K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	164.04	−0.061%	—	$1.7M	25x	as long as short
Lighter MSTR	+0.0048%	1h	164.18	+0.024%	$3.5M	$1.9M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	164.26	+0.073%	$380K	$2.7M	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX MSTR-USD	+0.0050%	1h	164.22	+0.049%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.12	−0.012%	$868K	$3.9M	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0050%	8h	164.26	+0.073%	$20.8M	$99.1M	50x	as long as short
QFEX MSTR-USDlong	+0.0067%	1h	164.14	long leg	$1.4M	$7.3M	10x
Pacifica MSTR	+0.0100%	1h	164.12	−0.014%	$100K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.23	+0.055%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.14	0.000%	$6K	$182K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.31	+0.104%	$4K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.33	+0.115%	$136	—	10x	as long as short
Variational Omni MSTRshort	+0.0108%	8h	164.33	+0.113%	$1.2M	$2.1M	—
Paradex MSTR-USD-PERP	+0.0141%	8h	164.07	−0.042%	$66	—	5x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	164.11	−0.018%	$1.4M	$1.1M	10x	as long as short
Binance MSTRUSDT	+0.0169%	8h	164.28	+0.085%	$86.7M	$616.5M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0171%	8h	164.30	+0.096%	$82K	$814K	10x	as long as short
RISEx MSTR/USDC	+0.0231%	1h	164.19	+0.028%	$266K	$445K	10x	as long as short
tradeXYZ xyz:MSTR	+0.0261%	1h	164.20	+0.037%	$54.7M	$37.0M	10x	as long as short
Nado MSTR-PERP	+0.0264%	1h	164.16	+0.013%	$121K	$148K	3x	as long as short
BloFin MSTR-USDT	+0.0289%	8h	164.32	+0.110%	$1.0M	$2.0M	20x	as long as short
Phoenix MSTR	+0.0340%	1h	164.14	−0.002%	$56K	$226K	10x	as long as short
Bybit MSTRUSDT	+0.0340%	8h	164.34	+0.122%	$16.7M	$41.0M	50x	as long as short
edgeX MSTRUSDC	+0.0660%	4h	164.11	−0.019%	$49K	$5.3M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.1090%	1h	164.38	+0.146%	$280K	$438K	10x	as long as short