Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0738%/8h= +80.8% APRpaid last 24h +0.045%

Price spread now: Arcus against Variational Omni+0.265%7-day average −0.056% · you sell dearer than you buy

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

Long on Variational Omni Short on Arcus

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)−1.272%−$127 · spread now +0.265%, 7d avg −0.056%

Together, before fees−1.204%+ Points / potential airdropVariational Omni: Active · farm board−$120 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$22 a day on $10k at the current rate, and Arcus is 0.321% dearer against Variational Omni than usual: you sell high and buy low: +$32 more if the spread goes back to its 7-day average of −0.056%.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.068% in total (about 7.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni MSTR	169.00	0	get 0.0000% / 8h	3m 06s	$1.2M	$2.4M	—
Short	Arcus MSTR-USD	169.45	0.0738	get 0.0092% / 1h	3m 06s	$27K	$129K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus 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 ArcusbpOrdersPrice spread, now +0.265%Rate

Funding earned: $154.89
Price spread: +0.265% → −0.056%: $32.13
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: $182.52
Costs to cover: 0.045%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; Arcus: live order book, 10 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, 1 min ago	2.95 bp	doesn't fit	11.6 bp −$116	doesn't fit	doesn't fit
Sell Arcus live order book, 10 min ago	6.51 bp	10.3 bp −$10	35.4 bp −$354	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
Nado MSTR-PERP	−0.0043%	1h	169.25	+0.145%	$139K	$97K	3x	as long as short
Aster MSTRUSDT	0.0000%	8h	169.15	+0.090%	$1.3M	$6.1M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	169.39	+0.229%	$21.9M	$106.3M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	169.33	+0.194%	$4.7M	$19.6M	50x	as long as short
Variational Omni MSTRlong	0.0000%	8h	169.00	long leg	$1.2M	$2.4M	—
Phemex MSTRUSDT	0.0000%	4h	169.18	+0.105%	$2.9M	$66K	10x	as long as short
RISEx MSTR/USDC	+0.0001%	1h	169.44	+0.256%	$276K	$441K	10x	as long as short
Bitget MSTRUSDT	+0.0030%	8h	169.42	+0.247%	$28.8M	$119.8M	25x	as long as short
GRVT MSTR_USDT_Perp	+0.0030%	8h	169.13	+0.076%	$77K	$871K	10x	as long as short
Lighter MSTR	+0.0032%	1h	169.35	+0.206%	$3.6M	$2.4M	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended MSTR_24_5-USD	+0.0032%	1h	169.29	+0.170%	$581K	$1.8M	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	169.56	+0.330%	—	$2.1M	25x	as long as short
Binance MSTRUSDT	+0.0048%	8h	169.40	+0.235%	$89.3M	$628.5M	50x	as long as short
QFEX MSTR-USD	+0.0049%	1h	169.39	+0.229%	$1.5M	$10.2M	10x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	169.29	+0.170%	$399K	$2.8M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	169.38	+0.224%	$45K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	168.91	−0.055%	$773K	$5.2M	10x	as long as short
Bybit MSTRUSDT	+0.0063%	8h	169.41	+0.241%	$15.2M	$40.3M	50x	as long as short
BloFin MSTR-USDT	+0.0064%	8h	169.50	+0.295%	$1.1M	$1.9M	20x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0096%	1h	168.75	−0.149%	$1.4M	$1.2M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0096%	8h	169.35	+0.205%	$68	—	5x	as long as short
Pacifica MSTR	+0.0100%	1h	169.37	+0.218%	$105K	$87K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	169.22	+0.129%	$2.5M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.06	+0.034%	$4K	$244K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	169.36	+0.212%	$3K	$10K	10x	as long as short
Injective MSTR/USDC PERP	+0.0104%	1h	168.88	−0.072%	$13K	$21K	30x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.35	+0.208%	$141	—	10x	as long as short
tradeXYZ xyz:MSTR	+0.0126%	1h	169.37	+0.218%	$57.2M	$36.9M	10x	as long as short
Phoenix MSTR	+0.0260%	1h	169.09	+0.050%	$57K	$392K	10x	as long as short
edgeX MSTRUSDC	+0.0382%	4h	169.04	+0.025%	$47K	$5.5M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0636%	1h	169.49	+0.289%	$288K	$438K	10x	as long as short
Arcus MSTR-USDshort	+0.0738%	1h	169.45	+0.265%	$27K	$129K	10x