Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0311%/8h= −34.0% APRpaid last 24h −0.050%

Price spread now: Variational Omni against RISEx−0.050%79s7-day average +0.036% · you buy dearer than you sell

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

Long on RISEx Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.287%−$29 on $10k

Price spread, last 4 days (all we have)+0.949%+$95 · spread now −0.050%, 7d avg +0.036%

Together, before fees+0.662%+ Points / potential airdropVariational Omni: Active · farm board+$66 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Variational Omni is 0.086% cheaper against RISEx than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of +0.036%). Swap the legs. The two prices were read 79 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	RISEx MSTR/USDC	166.12	0.0598	pay 0.0075% / 1h	19m 21s	$274K	$353K	10x
Short	Variational Omni MSTR	166.04	0.0287	get 0.0287% / 8h	6h 19m	$1.2M	$1.7M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against RISEx. 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 RISExbpFee Variational OmnibpOrdersPrice spread, now −0.050%Rate

Funding earned: −$65.26
Price spread: −0.050% → +0.036%: −$8.56
Slippage, 4 orders: no order book: not counted
Fee RISEx: 3 bp × 2 orders: −$6
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$79.82
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: RISEx: live order book, 32 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 RISEx live order book, 32 min ago	2.42 bp	5.4 bp −$5	7.7 bp −$77	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 3 min ago	2.98 bp	doesn't fit	8.9 bp −$89	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
Gate MSTR_USDT	0.0000%	8h	166.19	+0.040%	$4.9M	$18.4M	50x	as long as short
Bitget MSTRUSDT	0.0000%	8h	166.19	+0.040%	$31.9M	$107.7M	25x	as long as short
Phemex MSTRUSDT	0.0000%	4h	166.16	+0.022%	$2.8M	$85K	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	165.96	−0.102%	$511K	$1.8M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	166.27	+0.088%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	166.10	−0.015%	$383K	$2.4M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	166.12	−0.003%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	165.89	−0.141%	$883K	$3.4M	10x	as long as short
Lighter MSTR	+0.0056%	1h	166.03	−0.057%	$3.5M	$1.8M	10x	as long as short
QFEX MSTR-USD	+0.0076%	1h	166.07	−0.033%	$1.3M	$6.4M	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	+0.0096%	8h	166.10	−0.012%	$66	—	5x	as long as short
Pacifica MSTR	+0.0100%	1h	165.99	−0.081%	$101K	$74K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	165.99	−0.081%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	165.92	−0.123%	$6K	$162K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	166.17	+0.028%	$3K	$10K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	166.17	+0.027%	$138	—	10x	as long as short
Nado MSTR-PERP	+0.0107%	1h	166.01	−0.071%	$127K	$133K	3x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0112%	1h	165.78	−0.207%	$1.4M	$399K	10x	as long as short
Aster MSTRUSDT	+0.0195%	8h	165.96	−0.101%	$1.8M	$7.4M	50x	as long as short
tradeXYZ xyz:MSTR	+0.0256%	1h	166.14	+0.009%	$54.9M	$34.7M	10x	as long as short
Bybit MSTRUSDT	+0.0257%	8h	166.19	+0.040%	$17.2M	$38.8M	50x	as long as short
OKX MSTR-USDT-SWAP	+0.0266%	8h	166.16	+0.022%	$21.6M	$86.8M	50x	as long as short
Variational Omni MSTRshort	+0.0287%	8h	166.04	−0.050%	$1.2M	$1.7M	—
Phoenix MSTR	+0.0355%	1h	166.15	+0.014%	$56K	$217K	10x	as long as short
Binance MSTRUSDT	+0.0379%	8h	166.14	+0.009%	$87.0M	$554.5M	50x	as long as short
GRVT MSTR_USDT_Perp	+0.0397%	8h	166.07	−0.033%	$88K	$852K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0413%	1h	166.12	−0.003%	$283K	$224K	10x	as long as short
Injective MSTR/USDC PERP	+0.0440%	1h	165.22	−0.544%	$7K	$28K	30x	as long as short
BloFin MSTR-USDT	+0.0496%	8h	166.04	−0.051%	$1.1M	$2.0M	20x	as long as short
RISEx MSTR/USDClong	+0.0598%	1h	166.12	long leg	$274K	$353K	10x
edgeX MSTRUSDC	+0.0860%	4h	166.21	+0.053%	$50K	$5.1M	10x	as long as short
Arcus MSTR-USD	+0.0942%	1h	166.21	+0.052%	$26K	$77K	10x	as long as short