Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h −0.028%

Price spread now: Variational Omni against tradeXYZ+0.049%7-day average +0.091% · you sell dearer than you buy

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

Long on tradeXYZ Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.098%−$10 on $10k

Price spread, last 7 days−0.036%−$4 · spread now +0.049%, 7d avg +0.091%

Together, before fees−0.134%+ Points / potential airdroptradeXYZ: Active · Variational Omni: Active · farm board−$13 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Variational Omni is 0.042% cheaper against tradeXYZ than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.091%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	tradeXYZ xyz:MSTR	165.06	0.0065	pay 0.0008% / 1h	29m 09s	$55.0M	$36.8M	10x
Short	Variational Omni MSTR	165.14	0.0034	get 0.0034% / 8h	5h 29m	$1.2M	$2.1M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against tradeXYZ. 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 tradeXYZbpFee Variational OmnibpOrdersPrice spread, now +0.049%Rate

Funding earned: −$6.62
Price spread: +0.049% → +0.091%: −$4.2
Slippage, 4 orders: no order book: not counted
Fee tradeXYZ: 9 bp × 2 orders: −$18
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$28.83
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: tradeXYZ: live order book, 10 min ago; Variational Omni: RFQ quote, 5 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 tradeXYZ live order book, 10 min ago	0.61 bp	12.5 bp −$13	14.9 bp −$149	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 5 min ago	2.98 bp	doesn't fit	7.3 bp −$73	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	−0.1206%	8h	165.23	+0.103%	$27.8M	$114.5M	25x	as long as short
Aster MSTRUSDT	0.0000%	8h	165.08	+0.015%	$1.9M	$8.4M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	165.13	+0.042%	$20.7M	$100.0M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	165.19	+0.079%	$4.6M	$18.6M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	165.16	+0.061%	$2.8M	$71K	10x	as long as short
Lighter MSTR	+0.0032%	1h	165.08	+0.012%	$3.5M	$1.9M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	165.06	−0.003%	$595K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+2.593%	$8K	$26K	30x	as long as short
Variational Omni MSTRshort	+0.0034%	8h	165.14	+0.049%	$1.2M	$2.1M	—
Arcus MSTR-USD	+0.0040%	1h	165.00	−0.036%	$27K	$112K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest MSTR-USD-PERP	+0.0046%	1h	165.20	+0.085%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	165.12	+0.036%	$383K	$2.7M	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	165.00	−0.036%	$868K	$4.2M	10x	as long as short
QFEX MSTR-USD	+0.0060%	1h	165.13	+0.042%	$1.4M	$7.6M	10x	as long as short
tradeXYZ xyz:MSTRlong	+0.0065%	1h	165.06	long leg	$55.0M	$36.8M	10x
Pacifica MSTR	+0.0100%	1h	165.11	+0.032%	$101K	$84K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	165.11	+0.030%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	165.15	+0.055%	$4K	$184K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	165.23	+0.103%	$3K	$8K	10x	as long as short
Binance MSTRUSDT	+0.0100%	8h	165.15	+0.055%	$88.5M	$618.4M	50x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	165.16	+0.062%	$137	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0143%	8h	165.09	+0.018%	$66	—	5x	as long as short
SoDEX MSTR-USD	+0.0170%	1h	165.11	+0.030%	$43K	$3K	10x	as long as short
GRVT MSTR_USDT_Perp	+0.0173%	8h	165.30	+0.148%	$77K	$763K	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0200%	1h	164.09	−0.588%	$1.4M	$1.1M	10x	as long as short
Nado MSTR-PERP	+0.0219%	1h	165.04	−0.014%	$122K	$150K	3x	as long as short
BloFin MSTR-USDT	+0.0220%	8h	165.14	+0.048%	$1.0M	$2.0M	20x	as long as short
edgeX MSTRUSDC	+0.0277%	4h	164.71	−0.213%	$49K	$5.4M	10x	as long as short
RISEx MSTR/USDC	+0.0291%	1h	165.19	+0.079%	$270K	$447K	10x	as long as short
Phoenix MSTR	+0.0336%	1h	165.09	+0.019%	$56K	$227K	10x	as long as short
Bybit MSTRUSDT	+0.0345%	8h	165.20	+0.085%	$17.2M	$40.7M	50x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0719%	1h	165.26	+0.121%	$281K	$438K	10x	as long as short