Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0019%/8h= −2.1% APRpaid last 24h −0.023%

Price spread now: Extended against Variational Omni−0.043%7-day average −0.111% · you buy dearer than you sell

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

Long on Variational Omni Short on Extended

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.099%+$10 on $10k

Price spread, last 7 days+0.001%$0 · spread now −0.043%, 7d avg −0.111%

Together, before fees+0.100%+ Points / potential airdropVariational Omni: Active · Extended: Active · farm board+$10 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Extended is 0.068% dearer against Variational Omni than usual: you sell high and buy low (spread −0.043% now, against its 7-day average of −0.111%): +$7 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 12 days. Mind the row above: over the last 3 days funding on this pair paid +0.099%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni MSTR	164.95	0.0051	pay 0.0051% / 8h	4h 50m	$1.2M	$2.1M	—
Short	Extended MSTR_24_5-USD	164.88	0.0032	get 0.0004% / 1h	50m 43s	$598K	$1.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against Variational Omni. 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 Variational OmnibpFee ExtendedbpOrdersPrice spread, now −0.043%Rate

Funding earned: −$3.98
Price spread: −0.043% → −0.111%: $6.8
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$2.19
Costs to cover: 0.050%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 3 min ago; Extended: live order book, 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 Variational Omni RFQ quote, 3 min ago	3.00 bp	doesn't fit	10.9 bp −$109	doesn't fit	doesn't fit
Sell Extended live order book, 3 min ago	3.03 bp	7.5 bp −$7	21.4 bp −$214	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	−0.0795%	8h	165.22	+0.166%	$27.8M	$114.8M	25x	as long as short
Gate MSTR_USDT	−0.0042%	8h	165.16	+0.130%	$4.6M	$18.4M	50x	as long as short
Aster MSTRUSDT	0.0000%	8h	165.03	+0.054%	$1.8M	$8.5M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.98	+0.021%	$2.8M	$71K	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0008%	8h	164.91	−0.022%	$20.7M	$99.8M	50x	as long as short
Lighter MSTR	+0.0032%	1h	164.84	−0.064%	$3.5M	$1.9M	10x	as long as short
Extended MSTR_24_5-USDshort	+0.0032%	1h	164.88	−0.043%	$598K	$1.9M	10x
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+2.664%	$8K	$26K	30x	as long as short
RISEx MSTR/USDC	+0.0034%	1h	164.89	−0.035%	$267K	$449K	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	165.20	+0.154%	$27K	$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	164.99	+0.027%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	164.85	−0.058%	$382K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	164.96	+0.008%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.99	+0.027%	$868K	$4.1M	10x	as long as short
Variational Omni MSTRlong	+0.0051%	8h	164.95	long leg	$1.2M	$2.1M	—
QFEX MSTR-USD	+0.0054%	1h	164.85	−0.058%	$1.4M	$7.5M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	164.81	−0.081%	$101K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.88	−0.040%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	165.02	+0.045%	$6K	$185K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.90	−0.028%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.92	−0.017%	$137	—	10x	as long as short
Binance MSTRUSDT	+0.0119%	8h	164.92	−0.016%	$88.1M	$617.2M	50x	as long as short
Paradex MSTR-USD-PERP	+0.0136%	8h	164.77	−0.105%	$66	—	5x	as long as short
GRVT MSTR_USDT_Perp	+0.0155%	8h	165.23	+0.170%	$79K	$758K	10x	as long as short
edgeX MSTRUSDC	+0.0167%	4h	165.21	+0.157%	$49K	$5.4M	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0168%	1h	164.73	−0.131%	$1.4M	$1.1M	10x	as long as short
Phoenix MSTR	+0.0213%	1h	165.22	+0.165%	$56K	$226K	10x	as long as short
tradeXYZ xyz:MSTR	+0.0231%	1h	165.00	+0.033%	$55.0M	$36.8M	10x	as long as short
BloFin MSTR-USDT	+0.0236%	8h	165.02	+0.045%	$1.0M	$2.0M	20x	as long as short
Nado MSTR-PERP	+0.0306%	1h	164.78	−0.099%	$122K	$148K	3x	as long as short
Bybit MSTRUSDT	+0.0357%	8h	165.00	+0.033%	$17.2M	$40.6M	50x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0843%	1h	164.92	−0.016%	$280K	$438K	10x	as long as short