Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0026%/8h= +2.8% APRpaid last 24h −0.011%

Price spread now: ApeX Omni against Variational Omni+0.070%103s7-day average −0.018% · you sell dearer than you buy

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

Long on Variational Omni Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.068%+$7 on $10k

Price spread, last 4 days (all we have)−0.096%−$10 · spread now +0.070%, 7d avg −0.018%

Together, before fees−0.028%+ Points / potential airdropVariational Omni: Active · farm board−$3 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 ApeX Omni is 0.088% dearer against Variational Omni than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of −0.018%. The two prices were read 103 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	Variational Omni MSTR	164.54	0.0074	pay 0.0074% / 8h	4h 25m	$1.2M	$2.1M	—
Short	ApeX Omni MSTRUSDT	164.66	0.0100	get 0.0013% / 1h	25m 36s	$6K	$185K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Variational Omni. 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 Variational OmnibpFee ApeX OmnibpOrdersPrice spread, now +0.070%Rate

Funding earned: $5.47
Price spread: +0.070% → −0.018%: $8.79
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: $4.25
Costs to cover: 0.100%
Break-even: 1.6 days

Slippage unknown: Variational Omni: RFQ quote, 4 min ago; ApeX Omni: live order book, 43 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 Variational Omni RFQ quote, 4 min ago	2.97 bp	doesn't fit	13.5 bp −$135	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 43 min ago	3.02 bp	51.9 bp −$52	doesn't fit	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	−0.0931%	8h	164.70	+0.094%	$27.8M	$115.1M	25x	as long as short
Gate MSTR_USDT	−0.0005%	8h	164.67	+0.076%	$4.6M	$18.6M	50x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.51	−0.023%	$1.8M	$8.5M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.58	+0.022%	$2.8M	$73K	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0001%	8h	164.53	−0.009%	$20.6M	$99.6M	50x	as long as short
Lighter MSTR	+0.0032%	1h	164.48	−0.039%	$3.5M	$1.9M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	164.41	−0.085%	$594K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+2.914%	$8K	$26K	30x	as long as short
RISEx MSTR/USDC	+0.0034%	1h	164.52	−0.012%	$267K	$449K	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.63	+0.052%	$26K	$109K	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	164.50	−0.027%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	164.46	−0.051%	$381K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	164.54	−0.003%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.33	−0.130%	$858K	$4.1M	10x	as long as short
QFEX MSTR-USD	+0.0054%	1h	164.52	−0.015%	$1.4M	$7.5M	10x	as long as short
Variational Omni MSTRlong	+0.0074%	8h	164.54	long leg	$1.2M	$2.1M	—
Pacifica MSTR	+0.0100%	1h	164.53	−0.009%	$101K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.41	−0.082%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDTshort	+0.0100%	1h	164.66	+0.070%	$6K	$185K	50x
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.49	−0.033%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.51	−0.024%	$137	—	10x	as long as short
Binance MSTRUSDT	+0.0132%	8h	164.52	−0.017%	$88.0M	$617.5M	50x	as long as short
Paradex MSTR-USD-PERP	+0.0136%	8h	164.48	−0.039%	$66	—	5x	as long as short
GRVT MSTR_USDT_Perp	+0.0158%	8h	164.83	+0.174%	$78K	$771K	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	164.12	−0.258%	$1.4M	$1.1M	10x	as long as short
Phoenix MSTR	+0.0213%	1h	164.98	+0.267%	$56K	$226K	10x	as long as short
edgeX MSTRUSDC	+0.0233%	4h	164.72	+0.107%	$49K	$5.4M	10x	as long as short
tradeXYZ xyz:MSTR	+0.0236%	1h	164.50	−0.027%	$54.8M	$37.0M	10x	as long as short
Nado MSTR-PERP	+0.0245%	1h	164.44	−0.062%	$121K	$148K	3x	as long as short
BloFin MSTR-USDT	+0.0251%	8h	164.59	+0.028%	$1.0M	$2.0M	20x	as long as short
Bybit MSTRUSDT	+0.0361%	8h	164.60	+0.034%	$17.0M	$40.7M	50x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0602%	1h	164.53	−0.009%	$280K	$438K	10x	as long as short