Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.005%

Price spread now: Bitget against Variational Omni−0.147%7-day average −0.012% · you buy dearer than you sell

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

Long on Variational Omni Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.008%−$1 on $10k

Price spread, last 7 days+0.178%+$18 · spread now −0.147%, 7d avg −0.012%

Together, before fees+0.170%+ Points / potential airdropVariational Omni: Active · farm board+$17 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bitget is 0.135% cheaper against Variational Omni than usual: you would sell low and buy high, −$14 on $10k if it goes back to its 7-day average of −0.012%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni MSTR	169.13	0	get 0.0000% / 8h	7h 42m	$1.2M	$2.3M	—
Short	Bitget MSTRUSDT	168.88	0	get 0.0000% / 8h	7h 42m	$28.6M	$114.3M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.147%Rate

Funding earned: $0
Price spread: −0.147% → −0.012%: −$13.52
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$25.52
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; Bitget: live order book, 1 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	16.4 bp −$164	doesn't fit	doesn't fit
Sell Bitget live order book, 1 min ago	0.30 bp	9.4 bp −$9	13.8 bp −$138	39.4 bp −$3,938	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	−0.0076%	1h	169.03	−0.056%	$139K	$97K	3x	as long as short
Aster MSTRUSDT	0.0000%	8h	168.94	−0.110%	$1.2M	$6.1M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	168.82	−0.183%	$21.8M	$102.4M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	168.84	−0.171%	$4.7M	$18.8M	50x	as long as short
Bitget MSTRUSDTshort	0.0000%	8h	168.88	−0.147%	$28.6M	$114.3M	25x
Variational Omni MSTRlong	0.0000%	8h	169.13	long leg	$1.2M	$2.3M	—
GRVT MSTR_USDT_Perp	0.0000%	8h	169.14	+0.005%	$85K	$860K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	169.04	−0.052%	$2.9M	$66K	10x	as long as short
Bybit MSTRUSDT	+0.0032%	8h	168.90	−0.135%	$15.2M	$39.4M	50x	as long as short
Lighter MSTR	+0.0032%	1h	168.82	−0.183%	$3.6M	$2.0M	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	168.74	−0.233%	$579K	$1.8M	10x	as long as short
QFEX MSTR-USD	+0.0035%	1h	169.03	−0.058%	$1.4M	$9.7M	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	169.13	+0.001%	$27K	$118K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	169.17	+0.024%	—	$1.8M	25x	as long as short
BloFin MSTR-USDT	+0.0050%	8h	168.94	−0.112%	$1.1M	$1.9M	20x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	169.00	−0.076%	$397K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	168.97	−0.094%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	168.93	−0.118%	$751K	$5.0M	10x	as long as short
Binance MSTRUSDT	+0.0068%	8h	168.84	−0.170%	$89.1M	$618.9M	50x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0088%	1h	168.75	−0.224%	$1.4M	$1.2M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0089%	8h	168.81	−0.190%	$68	—	5x	as long as short
Pacifica MSTR	+0.0100%	1h	168.83	−0.178%	$105K	$85K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	168.84	−0.171%	$2.5M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	169.08	−0.029%	$4K	$204K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	169.04	−0.052%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	169.01	−0.071%	$140	—	10x	as long as short
tradeXYZ xyz:MSTR	+0.0199%	1h	168.83	−0.177%	$57.0M	$35.5M	10x	as long as short
Injective MSTR/USDC PERP	+0.0235%	1h	169.34	+0.125%	$8K	$26K	30x	as long as short
Phoenix MSTR	+0.0259%	1h	169.03	−0.060%	$57K	$384K	10x	as long as short
RISEx MSTR/USDC	+0.0349%	1h	168.84	−0.169%	$275K	$434K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0638%	1h	169.07	−0.035%	$288K	$438K	10x	as long as short
edgeX MSTRUSDC	+0.0738%	4h	169.09	−0.024%	$47K	$5.5M	10x	as long as short